The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1880-12-03

The aggregate amount Of both kinds of
notes in 1879 was 1851, 815, $40 and in 1878
$500, 1873, 1877. The law provides that after
specie payments are resumed national banks
shall not be furni-hed with notes of less de
domination tuan SIS, and i'll accordance with
this provision no notes of the denominations
of 81 and 80 have been issued since the 1st of
January, 1879. The amount of ones outstand-
ing that day was $4,793,8l7, and of twos
s., 924, $50; total, SITS, 74S. Since that date
ones have been reduced SO. sol, 355 and twos
$1,717670, making the total reduction of small
bank notes "a, 219,025. The amount of legal
tender notes Of the denomination of 81 out
standing at that date was $50 1857, 109, and of
twos $40, 035, 525 total, $40 202, 634, and the
has been SO, 404. 584. Thus it will be seen
that while small notes of national banks have
been reduced more than "a 900, 900 ($4, 219, 025)
in compliance with the law since the date Of
resumption, the legal-tender notes of the same
denomination have been increased $3,49I, 5S4.
The total amount of these denominations Of
both kinds outstanding Nov l, 1880, is SAT-
2S3,94O; total increase during the year, So
365,575 The decrease during the year llrevi-
GUS was $3,649,45 Of the entire amount of
national-bank and legaltender notes now out
standing nearly per cent. consists of 81 and
50 notes, more than 81 per cent. Of 81, 50, and
So notes. and more than 81 per cent is in
potes of less denomination than $40, and 80
per cent. is in notes of lower denomination than
$50. Of entire issue about 20 per cent. is in
denominations of $50 and upward.
The amount of circulation of the Bank of
France Jan. 80, 1879, was $458, 1914, 166, show
ing an lncI ease between that time and Jan 90
of sc, 100,70 The Imperial Bank of Germany
issues no notes of less denomination than
$3.50, and the Bank of France issues but about
$4,000 600 in notes of less denomination than
IS. The Bank of England issues no notes less
than $25 and the Banks Of Ireland and Scot
land none less than SIS. The amount of circu-
lation in this country in denominations of So
and under was $2l4, 326, 1888 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 inn
possible to keep In 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 as security for circulating notes on the LIST
of November, 1880, was $3.50, 74S,959. On Oct.
l, 1865, the total amount of bonds held for this
purpose was $276, 250, 550 OF which $199, 397,-
$50 was in 6 per cents. and $40 1852, 600 in per
cents. On Oct l, 1870, banks held $246, $751;
300 of per cents. and $95, 942, $50 of per
cents. Since that time there has been. to Nov.
|, 1879, decreaseSof $185, oil $50 in 6-per-
cent. bonds, and an increase of $51, 49,, 200 in
Per cents.
Banks now hold 1886, 1913, $50 Of "A per CENTS,
which have been deposited since Sept. l, 1875,
and $l19,Q75, leo Of 4 per cents, which have
been deposited since July l, 1877 During the
year SIS, 243 800 of 4 per cents. have been with
drawn, chiefly for the purpose of realizing large
premiums on these bonds, and 1922 $40, $50 of
per cents. deposited, which will mature in
few months. The banks still hold IS, 600 of 6-per-
cent $40 bonds and $526, 900 5-ptr-cent. 1910
bonds, upon which interest has ceased. They
also hold $146, $50, $50 of SIS of 1881. which are
redeemable the LIST of next May. 5000 600 6's
of 1884, payable the LIST of January next, and
$50, 432, $50 6's OF 1881, which are rede enable
the Isl of July next.
The large number of 4-per-cent. bonds recent
ly withdrawn from the treasury by the national
banks shows that the banks are taking advan-
tage OF the present high rate of premium COM
manded by those bonds to realize profit equal
to three years accrued interest. On July /
there was on deposit in the treasury to secure
circulation of natlonal-bank notes and Govern
ment deposits about 1854, 900 of 4-per-cent
bonds, and about $143, 100000 of 5-per-cent
bonds. The amount of 4-per-cent. bonds now
on deposit is about $l18 000, 600, and of 5-per-
cent. bonds over $159, 200, 900, thus showing a
decrease in per cents. of about $4,000, 600,
and an increase IN 5 per cents. Of about like
amount. In substituting the 5 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
Ell place for the most part during the past six
weeks, and at presnt the per cents. are be-
ing withdrawn atethe rate Of about 100000
per day.
All Of the and 6-pef-cent. bonds now held
by national banks, with the exception of Pa
cifc railway bonds, will mature on or before
July ], 1881, and VIII probably be replaced by
bonds bearing interest at or AZ per cent,
only new bonds. hereafter to be issued by au-
thority of Congress, bearing less rate of in
terest. The amount of bonds held by national
banks Nov. 1, 1880, was S403, 360,350, and the
amount held by other banks and bankers of the
country IN the above table is 1928 G53, 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, as follows
State banks and trust companies. "a, 6O4
Savings banks 189, 49, 16
National banks. 403369,35O
TotaL.... .$63l, 422,494