The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-11-26
40 InterpstinE Iseport-Our Vast VOlurne
Of Money.

40 interesting Report t-OuF Vast Volume
Of Money.
Wclre Indebted to Mr.. John Jay Knox,
!le Comptroller Of the Currency, for
.Iganrc sheets OF his forthcoming report
iarglri TO the government finances, 50
ara4 they apper!ain to his department.
rae preseat report is the seventeenth
,lco the office OF Comptroller was created
daring The war luthis period OF II years
lbco haze been 2,i3s national banks
oYaniled in all, OF which 307 have volun.
ur.Iy .luideted and 81 put in the hands
,,teeetyers, leaving 1850 in actual opera.
sioI on November /, 1879. Since the last
report 3S banks have been organized, with
elpitaI OF 1896 600, to which s2,3sO, 40
rgr.ncY ha, been issued. In the same
tins IS banks have been discounted
.apjial SI,i5OG00, Rnd have failed
upitGI Of :! 030 COO. The number OF banks
.!al kials has fallen from COLL in 1876
o63G0 in 1879, the capital having fallen
lrm .1Ig 10000 in The former year to
!jj6 j0Oo0J in 1879. the deposits decreas.
IN. 10 the same period from - ,O75 200 900
m;l, ,s93,5OOOOO.
TIE war debt OF the United States was
contracted in less than four aud hall
years. January !, 1851, the total debt
vas 500 2+3 III; August 81, 1865, it was
!. !.sijgl7,G ,G26 Then began the system.
s.jc reduction of principal and interest,
he Understanding debt on November
!;ry having been diminished 1858, $50, ,j94,
aud the annual interest charge having
been reduced from Sl5O9 ,697 to $50, 10.
03, 4 iot. reduction in interest per annum
u $G72G3 9lJ. The reduction OF interest
aacs March, 1877, hes been Sl4,907, III. |
The comptroller compares these vast and
successful isnding operations with the
parable! operations Of Great Britain and
France, aad shows how superior our
irinrj4ring has heen to theirs. He says
that ii! 4certain that ii .he national bank
.ogsysIem had not existed, and United
Ssles notes had been issued in place Of
oank notes, the reiunding operations here
described and the consequent large re-
Inctiou Of interest upon TIE public debt
s9a'd no. have been possible"
The comptroller further states that "the |
Goyernment has still outstanding S27S,.
a'L,3jO in six per cents, all OF which will
mature in 1851. The refnnding OF these
bonds into four per cents. will save $lO,.
4@000 in interest annually. The credit
e!ihe Government is now such that it is
&c improbable that long before its ma.
si'iiy the present debt may be refunded
into three and ahalf per cent. bonds,
which, is One.half per cent. more than the
rate Oi the English consols. thus saving to
IL 'he Government a large additional
amount OF interest
The comptroller gives succinct and in
yelIisent history Of resumption and the
,auses which promoted it.
The circulation on November /, 1879, is
t''imated to have been rs follows: Treas
arynotes outstanding, $$46,6sl ,Ol6; Ma
toual bank notes outstanding, 1881, ,lSl,-
7l3; gold in the treasury, less certificates
held by the banks, sl57 $50. 1893; silver in
tie treasury, $50O7s GEO; coin in the
Danta, October q S42,l7S,Til; estimated
amoun, Of coin held by The people, $751;
rs jl5-total, 81, ,l05, ,553,5O4 The comp
roller thinks that the volume OF business
a7w calls for more currency than at any
other period in our history since suspen-
sion. He urges the National banks to take
advantage Of the present influx OF gold to
convert al their reserves iuto coin.
Look Ont fOr The Failing Stars To.NIRht