Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1879-11-29

From the Post and Tribune.
The annual report of the Comptroller
of the Currency is an interesting docu-
ment for business men to study. 1t
shows that the total number of nation
al banks in the country is 2,O48, having
a capital of 455 millions, a circulation
of 337 millions, and deposits to the
amount of 713 millions, in round num-
bers. ALI other banks and bankers. state,
private, and savings, trust companies,
ETC., number 4.3l2, with capital of POI
millions, and deposits to the amount Of
1,18O millions. Since 1876 the aggre-
gate capital of all sorts engaged in
banking has diminished 63 millions, and
deposits have diminished 1872 millions.
The national banking capital has dimin-
ished in the same time 45 millions: but
the national bank deposits have not di-
minished. This shows that, during the
hard times, the confidence of depOsit0rs
in the safety of the national banks, has
not decreased, while it has largely de-
creased in the safety of all other banks
and bankers.
Since 1871 the United States treasury
has sold, under the acts to refund the
national debt at lower rate of interest,
500 millions of five per cent, bonds; $50
millions of four and half per cents;
and 40 millions of four per
cents, in round numbers-in all
1 1895 millions. The reduction of inter
est on the national debt from its highest
point to now amounts to saving of sixty
seven millions of dollars i'm gold annual
ly. The reduction of the interest bear
m Iobf off tho TInifaI Cfofoo osnoo An
gust, 1864, is 584 millions, of which 1O5
millions has been paid off since refund
ing operations began, May l, 1871. The
annual interest saved by refunding Oper-
atiOnS amounts to twenty millions a
year. All these figures in round num-
bers.
The national banks hold about one
fifth of the United States bonds, large
part of which are four and four and a
half per cent. If it were not for the
national banks, and if the paper circu-
latiOn had consisted of greenbacks only,
the United States could not have refund
ed its debts at the present low rates of
interest. The national banking system
has created and maintained not only a
steady market for the United States bonds
for bank uses, but also agencies through
which the people have been supplied.
There are still outstanding 773milliOns
in five and six per cents which will fall
due in 1881. These may probably be re-
funded, except such as are paid, in three
and half per cents certainly in four
per cents-thus saving over 10
millions additional in annual interest
A considerable part of the report is de-
voted to resumption and its effects. Re
sumption has not produced cOntrac-
tiOn of the currency, but considerable
imitation, by adding large amounts OF
coin to our paper. The estimated total
amount of currency of coin, greenbacks
and bank notes in the country NOvem-
Der first is 1,165 milliOns-Or $50 mil
lions more than any time before re.
sumption. This $50 millions is mostly
i'm solid coin. 1t is estimated that the
treasury holds $50 millions i'm gold, and
so millions in silver; that the banks hold
AZ millions in gold and silver; and that
there are 231 millions in gold and silver
held by the people all told, 473 millions
in coin. The currency i'm actual circu.
latiOn, however, is much less than the
total amount in the country. From the
total amount in the country has to be
deducted the paper held in reserve OF
else lying idle in the banks and other
places of deposit, and all the gold and
silver coin lying idle in the treasury and
banks. The amount in actual circula-
tiOn has been increased by resumption
somewhat; and our present free banking
system gives every opportunity to all
sections to have all the paper currency
demanded by business all that business
will pay any profit on.