The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1880-12-16

i,.n.e soonf,s,; n,,,;I,v IL n.Jr mn.ns, Il.
manual labor and for market purposes or for
change. The amount needed for these pur.
posss i already in excess Of the probable
2. It is known to contain quantity Of silver
OF less market value than the gold in aOld
coin, This fact would not impair the circular
s siSn e e such Ss %tssd G
prevent its being held or hoArded as reserves,
or exported, and pushesM ONctiveOircuios
tton 0ntil Il returns to the Treasury, as the
least valuable and desirable none y in use.
For these reasons the Secretary respectfully
but earnestly recommends that the further
compulsory coinage Of the silver dollar be sus-
pended, or. as An alternative, that the number
of grains Of silver in the dollar bejncreased go
as to make 1t equal in market value tOthe god
dollar. and that its coinage be len g oteor
the Director of the Mint, to depend upon the
demand for 1t by the public for convenient
The average cost Of the silver in a standard
dollar, as shown by the purchases for the Gov.
ernment from the date of the Resumption act
g tnss tine measured BY the Eoid stands,d t y
ratio silver dollar. in order to be OF
it j grains. As the expense Of coming
five grains of standard silver bullion, it is con-
f1dently believed that silver dollar containing
40 grains, based upon ratio of one OF gold to
demanded for use or expectation, without de-
monetiZing gold or disturbing contracts or
business. and with great advantage to the
the facts stated, it would seem to be wise pol
icy now, in the spirit of the Constitution, to
regulate by law the coin-value Of the two
metals so as TO conform to the market ratio.
l. y as~ NATIONAL BANKS. - s. q
The capital stock Of the National Banks On
October !, 1880, was $457, 1850; surplus, $50
5ls,5s3: and the total circulation outstanding,
National Banks are organized in every State
of the Union except Mississippi, and in every
Territory except Arizona; and the total num-
number that has been in operation at any one
time. r- 80 ..res4- ~ -s-~.-
date in 1875. The loans of the banks
ct oi the eoo date lat Of their last returns were
OLOOO. the highest pOints- reached since the
organization of the system. the loans being
Is agq than fns q oetoe
while the capital and surplus Ct the. previous
date were q, ooo,0 900 in excess Of their present
The Individual deposits and the public, pri-
vate and bank deposits, not deducting the
amount due from banks and the amount OF
the Clearinghouse exchanges. have increased
precedented SUM of $1,l55, oUhOOO.
The National Banks hold nearly $2O0,01O,OO0
of United stat es b. nds, which will mature ON
The whole amount of United States bonds
held by the National Banks as security for cir.
culatiOn and for other purposes is $4U3, 36y, $50
and the average amount of capital invested by
the State banks, savlngs-banks, and private
bankers for the six months ending May 81. 1870,
as shown by the retu, MS to this Department for
purposes of taxation is $22s 053, lO4, making
total Of 1851. 422245i.
The profit upon circulation, to the National
Banks ut the present price of bonds in the
market is estimated not to exceed ~ per
cent. upon the capital invested, and the
amount of State and National taxes Is more
than 4per cent. upon the amount of circular
ton. FA "a
/ The National Banking system. has fully re-
allied all the expectations of its founders. 1t
has furnished a safe cure ncy, of uniform cir
culatiOn, carefully guarded against counter.
feiting, protected by ample reserves, I'd
promptly redeemed both at the banks and he
Treasury. No other legislation in respect to
these important corpora; ions seems to be re-
quired at the present session.