The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1880-12-02

Ing that day was "a, rs, Sl7, and Of twos, s.
VA $780, Total, $7,7lS,747. Since that date the
ones have been reduced 1850, SIS, and The
twOs, 81, II, SO, making a to.al reduction of
small bank notes of q, 219025. The amount of
lcgai-tender notes of the denomination OF one
dollar outstanding at that date was $a), 257, 100,
and of twos, $2OO5,535. TOTAL. so, ", 634. The
increase since that date TO November ], 1850.
has been 81, 4Sl, 5N.
notes of the National Banks have been re-
duced more than four millions ($4,sls,G.5), in
compliance with the Law, since the date of
resumption, the legaltender notes Of TIE same
denominations have been increased S. ,5S4.
The total amount OF these denominations Of
both kinds outstanding November l, 1850,
is $47,2S30l0. The total increase during the
year Is 81, 365 SIS The decrease during the
year previous was $3,649,45l. OF the entire
amount Of National Bank and legattender
notes now outstanding, nearly seven per cent.
consists of 81 and ~ notes, more than thirty.
one per cent. of ones, twOs and fivcs, a1d more
than tifty-eight per cent. is In notes of less
denomination than So. and eighty per cent.
Is in nOtis of q lower denomination than $50.
OF the entire issue, about twenty per cent.
is in denomi. lat ions Of 80 and upwards. The
amount of circulation OF the Bank of France
Januali 30. 1873, was $45S,lsi,lG8, show ing an
increase between that time and January - of
IL, 100, 7O7. The Imperial Bank of Germany is
sues no notes of q less denomination than
$40, and the Bank Of Esaqee issues but about
$2,OOO,0 900 n notesof a less denomination than
IS. The Bank of England issues no notes less
than So, II I'D the Banks Of Ireland and Scot
land none less than IS. The amount of cjrcu-
lation in this country in denominations of IS
r3opx
In the foreign countries named a large amount
of silver and gold coin of the lower dcnomina.
tons enters into general circulation. 1t will
be impossible to keep in circulation any large
amount of small gold coins or silver dollars
unless the coinage Of the latter IL restricted
and the small notes withdrawn.
The total amount Of United States bonds
held as security for circulating notes on the
LIST of November, 1880, was $}59, $50. On
October l, 1885, the total am cunt of bonds held
for this purpose was $2I6, 259. $50 Of which $780,
So. $50 was in six per cents and SIC esq 800 in I've
per cents. On October l, 1870, the banks held
sac, 1911 800 six per cents AMI $5,94s,5j0 five
per cents. Since that time there has been to
November l, 1870, decrease of $rS5, I'll, $50 in
six per cent. bonds and an increase of Isl, 49,
zoo in five per cents.
The banks now hold $36, 81, $50 of four and q
half per cents which have been deposited since
September !, 1876, and $lls,075, 100 four per
cents which have been deposited since July
l. 1877.
During the year, "a, 800 four per cents
have been withdrawn. chiefly for the purpose
of realizing the large premiums on these
bonds and $s2,370, $50 five per cents deposited,
which will mature in a few months. The hanks
still hold $500 six per cent. $50 bonds aud
&5a6, 800 five per cent. 1910 bonds, upon which
interest has cca ,cd. They also hold $l46,55s,-
$50 of fives Of 1881, which are redecmable the
LIST of next May. and $2,048000 skies of 1881,
payable the LIST of January next, and $50, 49,
150 skies of 1881, which are redeemable the LIST
of July next.
All Of the five and six-per-cent. bonds now
held by the National Banks, with the excep-
tion of the Pacific Railway bonds, will ma
ture on or before July I, 1881, and viii prob
ably be replaced by bonds bearing interest ut
four or AZ per cent, Or by new bonds hcreaft-
or to be issued by authority of Congress bear
ing less rate of interest.
The amount of bonds held by the National
Banks November !, 1880, was SOB 369, $50 and
the amount held by other banks and bankers
of the country IN the above table IL SIS O53 104
The total amount held by all the banks ard
bankers is shown approximately to be moro
than One-third of the whole Understanding
funded debt Of the United States, as follows:
Statc Banks and Trust Companies. 81, Az, 604
Savings Banks. .................. le9, ~, ZIG
Private Banks :..... ................ ~
national BaNke...... 4U5sa0JssoU
Total. sesl. AZ As.
The increase in the net deposits Of National
Banks during the year was $l87, So, 075; OF
savings banks. 81, b0s, rs: of private bankers,
$i2, T49,6N: and of State banks and trust COM
panies, $s1, ,7S1, making total increase in
the bank deposits of the country Of $ae6, 49,
SIS, The total number Of National Banks,
State banks, savings banks, private bankers.
etc., in the country June II, 1880, was sig,
with a total banking capital of t650, 0i9,1 40,
and total deposits of s., I'll, $50, go.
The Comptroller recommends that the laws
now in force be 20 amended that National
Bank circulation shall be redeemed upon q
percentage of notes outstanding; that banks
in operation shall pay their proportion OF the
expense, and the remainder be borne by the
Government, which alone receives the benefit,
and should therefore pay its just share. The
Government has for the past fifteen years an
nually received an average Of more then $3,-
0O0,O00 Of taxes upon deposits upon a system
unknown elsewhere in any country, and It
il certainly but just that It shorld bsar
the expenses of the redemption Of those notes
from circulation of which It receives the en-
tire benefit. The total amount of National
Bsnk notes received for redemption by tho
Comptroller Of the Currency and at the no
demption agencies of the Treasury during the
year 1880 is shown to have been $6O,0s6, $40.
The number of bank notes which have been
Issued since the organization OF the system is
l37,s77,2l9, valued at $3.50 0;S, sSS OF these g.
G6,5B, valued at $st7,0Gy53k, have been re-
deemed, and 3S740.853, valued at $34:.0 45l.
were SIN outstanding on November l, 1880.
The amount OF National-Bank currency de-
stroycd during the year ending October u,
1880, was $J5, $50. f..s.s..,.y-
The total losses charged on BY the banks
during the current year were ia. 706. 400 and
for the four years previous, $s6, 81, 069. The
total losses charged on during the last five
years are more than Is per cent. Of the entire
capital Of the banks. During the last nve
years the average number Of banks annually
passing dividends on account OF losses have
been 259; the average amount OF capital upon
which no dividends have been paid during
that time was 81, ses Pa, from which It follows
that f0E q continuous period Of I'VE years
about oneseventh Of the whole number Of
banks In operation have paid no dividends,
and that nearly onc-tcnth Of the total capital
has been mremunerative. 5 a3-s
Total estimated amount Of coin and bullion
IN the country November I, e6l2. sS7, OF
which SAS4,0ls,ooo was gold and $lSS,sn,&H
silver. .sE .aft SA sf1 Ht-{
The amount of gold and silver and per cent.
OF each held by the United States Treasury
November ], 1850, IL - follows: gil4AH ~
standard dollars. .................. $47,Op4,4 49,
Other coin and bullion ....... ........ 0,672,S67
Total silver; sM7s7, SO
-.
Per cent. of silver. .35.6
Per cent. OF gold. ...... GA
AT Quebec q priest named De Gaspe
has fallen heir to $1,000. 900 through
thu dooth ~ ~, os,s.< IN Eurvl~nA