New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-29

TIE NATIONAL BANKS.


The report OF the Controller of the Currency gives
complete statistics relative to tie National banking
system from its organization until the present time.
The number OF banks in operation October 9 OF the
present year. the date of their last reports.
2Ois aud the aegre gate capital Si54 surplus,
Sll4 52s individual deposits. 19737, 56s spccc'
including United States certificates, S42173731 %
notes. including United States certificates
S95.973,4i6 loans, $500 0l3.107. The total cir
culaton outstanding November was 1887, AS.
Among the subjects discussed in the report are the
relations which have existed between the National
banks and the Government IN the resumption of specie
payments and in the funding OF the public debt.
In both Of these important financial operations the
cooperation OF the National banks has been OF
essential service 10 the Government. The banks.
in the Aggregate have constantly kept on hand
reserves nearly onethrd Of the entire amount OF legal
tender notes outstanding. which, together with the
CON- is much In of the OF the
required by law. They have constantly held
as security for their circulating notes. and foi
Government deposits and other purposes.
than oneffth OF the interest bearing debt OF
the United States They have maintained their
legal in the Treasury for the redemption of
their circulating notes, and such redemption has
been made without failure delay at their
pense In this mode exchanges have been made
between all parts OF the country at the low
est possible rates. The effect the business
depression prevalent from 1873 until the
sumption of specie payments, upon the National
banks Is shown III the losses which they have sustained
and the dividends which many have been compelled to
pass; also by the noticeable diminution, from
year to year. the aggregate surplus. The
aggregate capital and deposits Of banks,
other than National, Is also given, and such
other information in reference TO these banks
as could obtained from the officers who have charge
OF the execution Of the Banking laws In different
states The very large paid bv National banks TO
the National State ana municipal Authorities have been
GRE A, I'D In relieving other property from the burden Of
taxati.n and IN the aggregate. more than the
per cent their entire circulation. Thus
he LARGE of nontaxable UniiedStaes bonds held
Nv them heca.ne taxable these taxes effect
aId the franchise they enjoy of issuing circulating
notes The cost OF liquidatlng the affairs Of National
banks which have been placed III the hands OF receivers
since the establishment OF sthe system is for
The first given In The report, ana VIII serve to
the impression. which has TO some extent prevailed
that great portion OF the assets OF such
banks has ben expended In the settlement OF their
affairs Tables also gwen showing the loss 10 depOs
ors and also other creditors through the insolvency OF
National DanKs, ana These losses are compared
win similar losses incurred by the creditors
o. insolvent banks than National and the
parisOn Is exceedingly favorable 10 the Ma iOnal
len circulation OF the banks, which, since the pas
sage of the act Of January Ia, 1873. ias largely
decreased, Is increasing Ia Its aggregate amount,
showing tnat the system Responds promptly to the
varying requirements OF business The advantages OF
this - TIM over any system Oh Othhs hher'O devised
that heir circulating notes are secured beyond per
adventure of loss, they are OF universal credit IN tie
country wherever Issued. tney are more per
fccuy protected from counterieiling. they equal
iZp exchanges between distant paris OF the
count v they are promptly redeemed demand at
one common place. the bank, subject strict
AMI VI lgut surveillance by independent officers the
Gov.rum,n Iher cundt on frequently made known To
the plh aud they contribute avery large cIceniageOf
then profits tlc WY nf lax a tyatem of banking
after existence II sixteen yeats. through
and periods OF great n ItOu and great depression has
produced results may .airly appeal Tor Tie cOl
den,o aud support oi Congress.
RECEIPT AND DISBURSEMENTS
Tie monetary irInstctiols of tle Government
have been conducted through the offices Of the
United states Treasurer. nine Assistant Trcasur
ELS. 5lO dcposiiaros. AMI 90 National b'nk
deposit 4Iius. The receipts OF tn Government
from al sources have amounted during
tle last year, shown b. warrants. a.
II .O6G C3i.s@7 As. oil winch SOP .sC7.Gl3 nave
bst, T. cclve0 from loans Sl37 go Oi7 20 ON cue
lns slI3.5CI go IS from internal revenue. and
3.uiJ.J-O l. nom sales Oh ahd ana r1i al 4ue
uu- spnfrts.
These 4, crirts were Deposited follow: Ia inc
pradtLt Treasury oiDces joS 10; ia NuiluAai
p4u1 dcpu,stes, S0JJ27l $40 ~ T4tfe tIal-aciions
have been nducied lOsa. aud u be stated
ala OH rra engaged ~ the collection or suc-Acrpmg
o InC al the Government lave collected and
held moneys without iO-s until properly Transferred
paid OUT. and that far accounts have been All
jusIed there appear to be- losses ny defaults ds
DuFsemeus. Tile trnlng balances adjusted being
s.ls % nded manly Tor Information iuyesLgA- |
lion. In this connection attention 10 III !