The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1880-12-03

notes in 1879 was 1851, $40 and III 1873
$685. 1873, 1877. The law provides that after
specie payments are resumed national banks
shall not be furnished with notes of less do
domination than So, and in accordance with
this provision no notes of the denominations
of 81 and 81 have been issued since the LIST OF
January, 1879. The amount OF ones outstand-
ing that day was 81, 1887, and OF two5
Sd, 1924, $50 total, S7,71S,74S. Since that date
ones have been reduced 80. sol, $50 ana twos
$1,717, go making the total reduction of small
bank notes $4,2l9,025. The amount OF legal
tender notes Of the denomination of 81 out
standing at that date was $40, 257, l09 and OF
twos $50, O35, 525 total, SAC, 2O2, $751; and the
increase since that date to Nov. l, 1880,
has been $3.404,5 S4. Thus it will be seen
that while small notes of national banks have
been reduced more than 81, 900, 900 GA, 219,025)
in compliance with the law since the date OF
resumption, the legal-tender notes OF the same
denomination have been increased 50, 49l, 584.
The total amount of these denominations of
both kinds outstanding Nov. i, 1880, is S47,-
?S3, 940 total increase during the year, So
365,575 The decrease during the year previ-
GUS was S3,649, 451. OF the entire amount OF
national-bank and legal-tender notes now out
standing nearly per cent. consists of 81 and
- notes, more than 81 per cent. of 81, so, and
S5 notes, and more than SO per cent. is in
notes of less denomination than 500, and 80
per cent. is in notes of lower denomination thar
$50. OF entire issue about 20 per cent. Is III
denominations OF you ana upward.
The amount of circulation of the Bank OF
France Jan. 80, 1879, was S45S 194. 166, show
ing an increase between that time and Jan. 20
of Sc, 100, 707. The Imperial Bank Of Germany
issues no notes of less denomination than
$3.50, and the Bank of France issues but about
~, 600 900 III notes Of less denomination than
$5. The Bank of England issues no notes less
than $25 and the Banks of Ireland and Scot
land none less than S5. The amount OF circu-
laton in this country III denominations of So
and under was S2l4 1926, 83S on Nov. /, 1880.
In the foreign countries named large amount
of silver and gold coin of lower denominations
enters into general circulation. 1t will be i'm
possible to keep III circulation any large amount
of small gold coins or silver dollars unless COIN
age of the latter is restricted and small notes
withdrawn.
The total amount Of United States bonds
held rs security for circulating notes on the LIST
of November, 1880, was 1853, 74S, $50. On Oct.
/, 1865, the total amount OF bonds held for this
purpose was $276, $50, $780, OF which S199,397,-
$50 was in per cents. and SIS 852, 600 in per
cents On Oct. /, 1870, banks held S246, $751;
800 Of per cents. and sos, 942, $50 of per
cents Since that time there has been, to Nov.
/, 1879 decrease Of S1S5,211, $50 in 6-per-
cent bonds, and an increase of ISL, 1877, 200 in
per cents.
Banks now hold $50, 9SS, $50 Of Az per cents,
and S119,075. 100 of 4 per cents, which have
been deposited since July l, 1877. During the
year SIS, 243, 800 of per cents have been with
drawn, chiefly for the purpose of realizing large
premiums on these bonds, and 22,370, $50 OF
per cents. deposited, which will mature In q
few months. The banks still hold IS, 900 of6-per-
cent 500 bonds and $500, 900 5-per-cent. 10-40
bonds, upon which interest has ceased. They
also hold $l46, 552, $50 Of SIS of 1881 which are
redeemable the LIST OF next May, 81, Ole, 900 6's
of 1881, payable the 1st of January ext and
$50, 432, $50 6's Of 1881, which are rede enable
the lst Of July next.
The large number of 4-pcr-cent. bonds recent
ly withdrawn from the treasury by the national
banks shows that the banks are taking adyan-
tage of the present high rate of premium COM
mandod by those bonds to realize a profit equal
to three years accrued interest. On July l
there was on deposit in the treasury to secure
circulation of national-bank notes and Govern
ment deposits about S134 600, 600 of 4-per-cent.
bonds, and about $143000,000 Of 5-per-cent.
bonds. The amount OF 4-per-cent. bonds now
on deposit is about $11S, 1000, 900, and Of 5-per-
cent bonds over $3.50, 000, 900, thus showing G
decrease in per cents of about SIC, 1000.
and an increase III 8 per cents Of about like
amount In substituting the for the 4-per-
cent. bonds the banks realize the premium on
the latter, and can replace them with per
cents. at about par. The substitution has TAX
weeks, and at presnt the per cents. are be-
ing withdrawn atethe rate Of about 100000
per day.
All Of tho and 6-per-cent. bonds now held
! by national banks, with the exception OF Pa
ctc railway bonds, Will mature on or before
July ]. 1851. and Will probably be replaced 10y
bonds bearing interest at 4 or Az per cent,
only new bonds. hereafter to be issued by all-
J thority of Congress, bearing less rate OF IN
+ terest. The amount of bonds held by national
! banks Nov. 1, 1880. was $403, 369350, and the
amount held by other banks and bankers Of the
country In the above table is S22S .053, 104.
! The total amount held by all banks and bankers
! is shown, approximately, to be more than one
! third of the whole interest-bearing funded
debt of the United States, al follows
State banks and trust companies. ....s "a 49s 6o4
savings banks. loV,lsi olo
Private bankers. ls,5oooot
National banks. 4O5,joo,Soo
Total. .sG3l, 400, asa
The increase in net deposits of national
banks during the year was $1S7,335,075. OF
savings banks S34, 500. 295. of private bankers
| $40 749, 004 and of State banks and trust COM
panies sci III, 76l, making total increase In
! bank deposits OF the country Of 326356. SIS.
! The total number of national banks. state
banks, savings banks private bankers, ETC., in
the country june IL, 1880, was 6, 532, with total
| DdllhlllS ChIltui vi ahu to~i' W.
posts 81, 2l9, S53, 900.
The total estimated amount Of coin and
bullion in tho country Nov. was 1912, 2s3. 357,
of which :454,012.030 was gold and $685.
1927 silver. The amount of gold and silver, and
per cent. Of each held by the United States
treasury Nov. /, 1880, was as follows
Standard dollars Al, 0si, 459
Other coin and bullion ............... 3O,672, s57
Total silver 77,757 1916
God coin and bullion. ................ 14O,12o,9o5
Total coin and bullion ........... 2ls, 4S3,269
! Per cent of silver ACKNOWLEDGEMENTS. $3.50
| Per cent Of gold ACKNOWLEDGEMENTS. GA
The amount of bullion in the Bank Of En-
gland in October, 1880. was S141, 632, coo, and
in the Bank of France Oct. 20, 1880, was S116,-
10000. The percentage OF gold held was 3l.7,
and OF silver 6S.3 Statistics show rapid re-
duction during the last two years in the amount
of outstanding circulation OF banks which have
ceased to 90 business. and indicate that the
final loss upon notes of national banks will not
exceed or ~ per cent.
The Comptroller recommends that the law
now in force be so amended that the national