Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-11-25

I upu any iaiSo dLnouuI Oh snhl SOlt
coins or silver dollars unles
the coinage of the latter is restricted ant
small notes withdrawn.
The total amount of United States bond
held as security for circulating notes on th'
1st of November, 1880, was $359, ,959
On October 1, 1865, the total amount O.
bonds held for this purpose was S276,250,
800, of which $199, ,307 $3.50 was in six pei
cents and $76,s52, 600 in five per cents. o.
October 1st, 1870, the banks held $246,891,
300 six per cents, and $95,942,550 five PEI
l cents. Since that time there has been Il
| November 1st, 1879, a decrease of $185, ,211,
| $50 In six per cent. bonds
| and an increase of $57,l37,2o in five
per cents. The banks now hole
$50, $685. four and half per cents, which
have been deposited since Sept. 1, 1875, and
$1le, 100 four per CENTS, which have
been deposited since July 1, 1877. During
the year SIS. 300 four per cents. have
been withdrawn, chiefly for the purpose oi
realizing the large premiums on these bonds
and $22,370,750 five per cents. deposited
which will mature in a few months. The
banks still hold $4,000 six per cent. five-
twenty bonds, and $526,900 five per cent.
ten-forty bonds, upon which interest has
ceased. They also hold $146,552.550 OF
fives of 1881, which are redeemable tie
1st of next May, and $2,-
046,000 skies of 1881, payable the first
of January next, and $50,432,150 6 per
cents which are redeemable the 1st of July
next. All the 5 and per cent bonds now
held by national banks, with the exception
Of the Pacific railway bonds, will mature on
or before July 1, 1880, and will probably be
replaced by bonds bearing interest at 4 or
~ per cent, or by new bonds hereafter to
be issued by authority of Congress bearing q
less rate of interest.
The amount of bonds held by national
banks Nov. 1, 1880, was $4O2, 1865, $50, and
the amount held by other banks and bankers
of the country in the above table is $685.
053, 104. The total amount held by all
banks and bankers Is shown approximately
to be more than one-third of the whole in
terest bearing funded debt of the United
States, as follows: State banks and trust
companies $24498. .604; savings banks $780,
1916; private bankers $14, ,366, 1884, nation
al banks $403, 1865, 300; total S634,422,454.
The total estimated amount of coin and
bullion in the county November 1, was
$612,2s3,a57, of which $454, ,O12, ,O30 was
gold and $158,271 1929 silver. The amount
of gold and silver and the per cent. of each
held by the United States treasury November
1, 1880, was as follows: Standard dollars,
$47,0s4, ,459; other coin and bullion, $780,
672,857; total silver, $77,757,316; gold coin
and bullion, $40, ,725, ,953; total coin and
bullion, $21S, 1863. Per cent. of silver,
35. 6: gold, GA. The amount of bullion in
tho Bank of England in October, 1880, was
$141, ,637 900, and in the Bank of France
October 20, 1880, $116,14O,0OO. The per-
centage gold held was 31.7, and silver 6S.3.
The statistics show rapid reduction dur
ing the last two years in the amount of out
standing circulation of banks which have
ceased to do business and indicate that the
final loss upon notes of national banks will
not exceed one or one and half per cent.
The increase in net deposits of national
banks during the year was $167 1886, ,O75;
of savings banks $34, 4,5O8, ,295; of private
bankers $42,245,6S4; and of State banks and
trust companies $61, 713, ,7e1; making total
increase in the bank deposits of the country
of $326, 6,356,S15.
The total number of national banks. State
banks, savings banks, private banks, etc., in
the country in June, 1880, was 6,532, with a
total banking capital of $3.50. O.049, 800, and
total of deposits Of $2,219,S33, ,29O.
The comptroller recommends that the law
now in force be SO 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 it's just
share.
The government has for the past ten
years annually received averages of more
than $13,000,000 of taxes upon deposits
upon a system unknown elsewhere in any
country, and it is certainly but just that ii
should bear the expenses of redemption of
those notes, from the circulation Of which
it receives the entire benefit.
The total amount of national bank notes
received for redemption by the comp
troller of the currency and at the
redemption agencies of the treasury
during the year 1880 is shown to have been
$500, 1886, $40. The number of bank notes
which have been issued since the organiza.
ton of the system is 137,67S.229, valued al
$9S9,0sS,9S5. Of these 9S,936, ,566, valued
at $647, ,005, ,534, have been redeemed, and
SS,740,34S, valued at $342, 2,063, 451, were
still outstanding on November 1. 1880. The
| amount OF national bank currency destroyed
during the year ending October 81, 1880,
was $35, 5,539,66O.
The comptroller says: The total losses
| charged off by the banks during current
year were $14, FOG, ,4O6 and for four years pre-
vious $S5, ,06S. The total losses charged
off during the last five years are more than
70 per cent. of the entire capital of banks.
During the last five years the average mum.
Der of banks gannually emitting dividends
on account of losses has beer
81 per cent. The average amount of capi
tai upon which no dividends have been paiG
during that time is $42,266,244. From
which it follows that for continuous perioG
OF five years about 1-72 per cent. of tn,
whole number of banks in operation hav,
paid no dividends and nearly one-tenth o
the total capital has been unremunerative.
Take Our Advice,
And look over the tplendid stock of Pianos