The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1880-12-02
Totals So. 451 $50. 6sl ,Ol6 S6SS, al, 46'

333, 137. The law provides that after specie
payments are resumed the National Banks
shall not be furnished with notes of less de-
nomination than So, and in accordance with
this provision no notes of denominations of
81 and 81 bave been issued since the LIST dav OF
January, 1879. The amount of ones out stand
lag that day was S4,7g3, ST., and of twos, 81
924 $50. Total, S7,7IS,747. Since that date the
ones have been reduced S250l,3 and the
twos, 81, III, so, making total reduction OF
small bank notes of S4,2l9,025. The amount OF
legai-tender notes of the demon nation OF one
dollar outstanding at that date was S2O,251, 100,
and of twOs S2O,O35,5 5. TOTAL, SAG, 292 654. The
increase since that date TO November l, 1850,
has been 50, 49l, 5S4.
Thus it will be seen that while the small
notes of the National Banks have been re-
duced more than four millions (S4,2l9,G'5D, in
compliance with the law, since the date OF
resumption, the legal-tender notes of ire same
denominations have been increased 3,49l.5S4.
The total amount of these denominations of
both kinds outstanding November l, 1850,
is $47;2S3,OiO. The total increase during the
year is S3,3G5,575. The decrease during the
year previous was S3,649,45l. OF the entire
amount of National Bank and lega-tender
notes now outstanding, nearly seven per cent.
consists of 81 and 81 notes, more than tn rsy-
one per cent. of ones, twos and tives, AID more
than fifty-eight per cent. is in notes of less
denomination than SO, and eighty per cent.
is in notes of a lower denomination than $50.
OF the entire issue, about twenty per cent.
is in denomi.. ations of $50 and upwards. The
amount of crcu,a alton of the Bank of France
JanuaI; 30, 1879, was S45S, 1874, lG6, showing an
increase between that time and January 20 of
Sc, 100, 7O7. The Imperial Bank of Germany is
sues no notes of a less denomination than
$50. and the Bank of France issues but about
S2,OOO,0O0 81 notes of less denomination than
IS. The Bank of England issues no notes less
than S25, nd the Banks of Ireland and Scot
land none less than S.. The amount of cirCu-
lation in this country in denominations of s.
and under was $2l4, 326,S3S November l, 1880.
In the foreign countries named alarge amount
of silver and gold coin of the lower denomina-
tons enters into general circulation. 1t will
be impossible 10 keep in circulation any large
amount of small sold coins or silver dollars
unless the coinage of the latter is 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 S359,74s,959. On
October /, 1865, the total amount of bonds held
for this purpose was $2I6, 30, $50 of which $780,
&c., $50 was in six per cents and $50 800 in five
per cents. On October l, 1870, the banks held
1916, 800 six per cents and S95,942,5jO five
per cents Since that time there has been to
November l, 1870, decrease of SlS5,2ll,5 so in
six per cent. bonds and an increase of SOL, 49,
zoo in five per cents.
The banks now hold $50, 1888 $50 of four and a
half per cents which have been deposited since
September l, 1876, and Sll9075, 100 four per
cents which have been deposited since July
1, 1877.
During the year, Sl9,243 800 four per cents
have been withdrawn, chiefly for the purpose
of realizing the large premiums on these
bonds, and 81, $40, $50 five per cents deposited
which will mature in a few months The banks
still hold 5000 six per cent. $50 bonds and
S526, 800 five per cent. 1910 bonds, upon which
interest has ceased. They alse hold Sl46,552,-
$50 of fives of 1881, which are redeemable the
LIST of next May, and S2,0i6,01O skies of 1881,
payable the LIST of January next, and $50, 49,
$50 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-
ton of the Pacific Railway bonds, will ma
ture on or before July !, 1881, and will prob
ably be replaced by bonds bearing interest at
four or AZ per cent, or by new bonds heraaft-
er 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 500, 36q, $50 and
the amount held by other banks and bankers
of the country in the above table is S2S, O53 l04.
The total amount held by all the banks ard
bankers is shown approximately to be more
than one-thrd of the whole Understanding
funded debt of the United States, as follows:
State Banks and Trust Companies. S2i,4gS, 604
Savings Banks ISJ, lot,sl6
Private Banks..... ..---........... I9,Soo,oot
National Banks. 4Uo,36J,500
Total 1851. 422 454
The increase in the net deposits of National
Banks during the year was SIS7, 1856, O75; OF
savings banks. $}i,503, 29j; OF private bankers,
S42. 1854; and of State banks and trust COM
panies, $751; 7l3 75l, making total increase in
the bank deposits of the country of 1926, $780,
sl5. The total number of National Banks,
State banks, savings banks, private bankers.
ETC., in the country June IL, 1850, was 6,52
with a total bnking capital of S6jO,0i9,39O,
and total deposits of S2,219, SS3,29
The Comptroller recommends that the laws
now in force be so amended that National
Bank circulation shall be redeemed upon
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
nuaIly received an average of more thPn 3d.
OOO,OOO of taxes upon deposits upon system
unknown elsewhere in any country, and it
is certainly but just that it should bear
the expenses of the redemption of those notes
| from circulation of which it receives the en-
tire benefit. The total amount of National
! Bank notes received for redemption by the
| Comptroller of the Currency and at the re-
| demption agencies of the Treasury during the
year 1880 is shown to have been S60,0S,9i0.
The number of bank notes which have been
| issued since the organization OF the system is
I37 ST. 2l9 valued at S9S9O6S 1856. OF these 9S,-
s36556, valued at S6l7 ,0J5,53f, have been re-
deemed, and IS, 7iO6 $50. valued at S342,O63, AL,
were still outstanding on November /. $50.
| The amount of National-Bank currency de-
stroyed during the year ending October 81,
1880. was 49, $50, $50.
The total losses charged off by the banks
during the current year were Sl4, 400, and
for the four years previous, Ss5,S45,OG9. The
TO, al losses charged of during the last five
years are more than p per cent. Of the entire
capital of the banks. During the last nve
wears :he average number of banks annually
| passing dividends on account Of losses nave
| been 219: the average amount OF capital upon
which no dividends have been paid during
that time was 81, z6j PA, from which il follows
| that for a continuous period of five years
| about one-seyenth of the whole number OF
| banks in operation have paid no DIVIDENDS,