The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-12-11
~
yRT OF THE
~. THE CURE
= Over Eleven
sh Figures Ever
History. sr
H ai


notes ave been issued, Thifty-eight
banks, with an aggregate capitd.of 81
100000, have voluntarily Sig htinued
business within the same period, and
eight banks Ksve hifed, Ksting total
capital of Sl,O8O,OOO In jude last the
total number of banks and bankers in
the country were $3.50, with total
banking capital of 1855, ,485, ,699, and to-
tai deposits Of 81, 1925 ,474. This in
cludes National and State banks, private
and savings banks. The aggregate Capi-
tai of these various classes of banks has
diminished from $719,4OO,O 900 in 1873, to
$3.50, 100000 in 1879, and the aggregate
deposits have fallen off from $2,O75 300
900 in 1876, to 81 ,S93 100000 in lS79-a
i reduction of $62,9OO,OOO in capital, and
S1S1, 100000 in deposits during the last
four years. The national banking Capi'
tai has diminished $45, 100000, but the
deposits of the national banks are almost
precisely the same that they were in
1876. Savings banks with capital show
q reduction of about one million in CAPT.
tal, and the same amount in deposits.
The capital and deposits Of State banks
and private bankers are less by seven
teen millions and eighty.three millions
respectively. The greatest reduction,
however, is in the deposits of savings
banks without capital, which have di-
mihished $97, 100000.
MONEY IN THE COUNTRY.
The total amount of the circulating
medium cannot be hereafter accurately
given, such total being affected by esti-
mates of the amount of coin in the coun-
try. The latter amount is estimated by
Che Director of the Mint to have been
S427, 100000 on Nov. lst, 1879, of which
amount $l21 100000 was in silver coin.
If this estimate is correct, the circulating
medium on that date was composed as
follows:
National bank notes outstanding..." SY,lSl4lS
heldsby the l57 1860 1O3
Silver In the Treasury ....,............ 5OO1862l
Coin in the banks, (Oct 2).."......."... Rl734l
Estimated amount Of coin held by the
z3l4iooIo
W. -,--
Y .Total..... ,165 553 5O4
The estimated total currency of the
country on Nov. 1st, thus appears to
have been more than eleven hundred
and sixty-6ve millions, which amount is
atleast three hundred and eighty mil
lions in excess of the highest point ever
reached between the suspension and re-
sumption of specie payment.
1t has been generally supposed that
upon the day of resumption the amount
of available currency would be immedi
ately increased by the addition to it's
volume of the coin of the country; but
ltisnow evident that this expectation has
not been realized The Treasury owns
nearly one hundred and fifty eight mil
lions of gold and bullion, large portion
of which is basis for the redemption of
the treasury notes outstanding, and fif-
ty millions of standard silver dollars and
subsidiary coinage, which cannot prop
erly be included in the aggregate crcu
lation. The average gold coin held by
the national banks, as reserve during
the three years ending Jan. l, 1879, was
about thirty millions. The coin in cir
Culation upon the Pacific coast, in the
State of Texas, and in the mountain dis
tricts of the country, amounted to say
forty millions, as well as the Subsidiary |
silver coin outstanding, amounting to |
thirty millions, had been continually in |
circulation previous to the present year.
Deducting these amounts from the total, |
there. would remain but one hundred |
and twenty millions of currency in ex.
cess of previous years, Of this excess a |
large amount has undoubtedly been for |
many years boarded by the people, now
estimated to number forty.nine millions,
and does not enter into circulation to |
any greater extent than before resump. |
ton. The hoarders of coin and of little |
savings are timid class, who do not cas-. |
lily part with their treasure. The amount |
of coin and currency in actual circulation |
at the present time is therefore believed |
to be not greatly in excess of the aver
age amount during the FIVE preceding
years.
1t is manifest that at no time since the
date of suspension, so large an amount
Of currency has been needed for the le-
gitimate purposes of business as during
the present year. The harvests have
been unprecedentedly large, while the
value Of agricultural products, owing to
the short crops of other nations, and the
consequent demand for our products
abroad, has greatly increased. There
has also been continual rise in wages,
in the value of manufactured goods, in
provisi ons, and in the price of iron and
other commodities.
GOLD RESERVE FOR NATIONAL BANKS,
The Comptroller urgently recommends
that all the national banks shall take ad-
vantage Of the present influx of gold, to
accumulate in their vaults an amount
equal to the total cash reserve required
by law. He indulges the hope that the
reports of another year may show them
to be possessed Of at least 500 0,000,0 900 Of
gold coin. If this coin, which is still
flowing into the Treasury, shall also be
largely accumulated by the banks, it
will be more likely to be diffused among
the people. This would certainly be the
case if the smaller denominations Of
notes were Withdrawn from circulation,
which might perhaps be done without
Inconvenience if postal orders were is.
sued in small amounts, and at mini
mum cost at every post office.
RETIREMENT OF eREENBACKs.
The Comptroller in guarded way re.
commends the redemption and perma.
nent withdrawal of the greenback cur.
rency. OF the evil effects of too great
volume of currency, he says:
The effect of the nrasant iporaos;oc,I