American citizen. [volume] (Canton, Miss.) 1864-1890, 1880-12-04
.iBgo;ult -Amo,Hlt


| seuIct! or
| destroyed 15,Ia9 I5.I.s
Totals S342,o63,i5l s347,es1 ,OI6 s6s9 IA. 46.
Deduct for
legal-ten-
der notes
destroyed
| in CniCa-
! go fire. .......... 1,o00,0c0 ,O00, 600
Totals. s:fa ISL $3t6.6sI,oie ssSs, IA, 467
The aggregate amount of both kinds OF
notes in 1879 WAS $751; AZ, and in ISIS, $685.
800, EI. Tie law provides that after spec
payments are resumed the National Banks
shall not be furnished with notes of less de-
nomination than 50, and in accordance with
this provision no notes OF denominations of
81 and 81 bavc been issued since the LIST day of
January, 1879. The amount of ones Out stand
| ing that day was S4,.95S1', and of twos, Sa,-
| i,9jO- Total, SI,.l5.I7. Since that date the
ones have been reduced S2,5)l, $50, and The
twos, S1,.1i,6.0, making total reduction of
| small bank notes of s4,219025. The amount of
| lcgaitcndcr notes of the denomination OF one
dollar outstanding at that date S20,2257, 100,
AID of twos, saooS5,525. Toial. .io,e c,,6 4. The
4 increase since hat date TO November /, 1880,
has been 81, 49,, 5St.
thus it will be seen that while the small
notes of the National Banks have been re-
duced more than four millions 2i3,025), in
| compliance with the law, since the date of
resumption, the legaltender notes of ire same
denominations have been increased SJ,49l 5S4.
| The total amount of these denominations of
| both kinds outstanding November l, 1880,
| is $4.,2s50i0. The total increase during the
| year is S3,SG5,5s5. The decrease during the
| year previous was S36f9,4j1 OF the entire
amount of National Bank and legaltender
notes now outstanding, nearly seven per cent.
consists or 81 and 81 notes, more than thirty
one per cent. CT ones, twos and fivcs, ana more
than tifty-cight per cent. is in notes of hess
denomination than $40, and eighty per cent.
d IL
OF the entire issue, about twenty per cent.
is in denominations of $50 and upwards. he
amount of circU ION of the Bank of France
JanuaI! 80, 1879 was $4js, 1874, lG6, showing
increase between that time and January % of
ST, 1l0,7O7. The Imperial Bank of Germany is
sues no notes of a less denomination than
So and the Bank of France issues but about
S.,00O,0J0 IL notes of "a less denomination than
So The Bank of England issues no notes less
than S25, Il Id the Banks of Ireland and Scot
land none less than 50. The amount of circu-
lation in this country in denominations of So
and under was S.l4, 1885, SIS November !, 1885,
In the foreign countries named Il large amount
of silver and gold coin of the lower denomina-
tons enters into general circulation. Ii will
be impossible TO keep i'll circulation any large
amount of small gold coins silver dollars
unless the coina@c 81 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, 80, rs, $50. On |
October l. 1856, the total amount of bonds held |
for this purpose WAS .i6,25J.55), of which $780,.
$3.50 was in six per cents and SO, S5s SO in five
per cents. On October l, 1870, the banks held |
S!iGi 1850 six per cents and S15942,55O five |
per cents. Since tina. time there has been to
November |, 1870, 4 decrease of SIS, so in
six per cent. bonds and an increase of 81, 49,
800 in five per cents.
The banks now hold $685., $50 of four and a
September !, 1875, and sll9,0I5, 100 four per
cents which have been deposited since July
1, 1877.
During the year, sIo,els, 800 four per cents
have been withdrawn. chiefly for the purpose
of realizing the large premiums on these
bonds, and S.2,37o, 759 Ave per cents deposited,
which Will mature in few months. The banks
still hold 5000 six per cent. SEQ bonds and
S5si,g0l live per cent. 10 40 bonds, upon which
interest has ceased They alse hold SI48,552,-
$50 OF fves Of ISL, which are redeenable the
1st of next May, and S2,0i6,OJO skies of 1881,
payable the LIST of January next, and so. 49,
10 skies of 1881, which are redcemable the LIST
OF July next.
All of the five and siX-per-cent, bonds now
held by the National Banks. with the cxccp-
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 ~ per cent, o. by new bonds hereaft- I
er to be issued by authority of Congress bear
iny less rate of interest. !
The amount of bonds held by the National
Banks November |, 1850, was SfOj,36a, $50, and
the amount held b. other banks and bankers I
Of the country in the above table is S,s 05 IOi.
The total amount held by all the banks ard s
bankers is shown approximately 10 be more |
han one-third of the whole interest bearing I
funded debt of the United States as foIlows:- +
state Banks and Trust Companies. s2i.4gsdO4 /
say ings- Banks -.-...-....---. le9, IS, SIG 1
National Banks. 403, 90, 80 :,
1Otal SH}l. L., 45f T
The increase in the net deposits of National u
ianls during the year was S1S7,3S5,015 OF I
aviEgS banks 81 50S, :595; of private bankers, c
,l2149,6'i: and of State banks and trust COM
'anies, SOL zi3 76l, making a total increase in c
he bank deposits of the country of S325, S58,- 4
Is. The total number of National BaI.ks, q
tate banks, savings banks, private bankers. II
to-. in the country June ii, 1880, was 4, SIG, II
Nth total binking capital of S650,0I9, 800, II
nd total deposits of S2,2l9, ,2290. t.
The Comptroller recommends that the laws n
ow in force be so amended that National b.
bank circulation shall be redeemed upon a k
erceItage of notes outstanding; that banks Ii
4 operation shall pay their proportion OF the G
xpense, and the remainder be borne by the b.
government, which alone receives the benefit, al
nd should therefore pay its just share. The W
government has for the past fifteen years an la
ually received an average of more thin So W
)0,c0o of taxes upon deposits upon system b,
Unknown elsewhere in any country, and it
certainly but just that it shorh -bea-
ne expenses OF the redemption of those notes NJ
-oin circulation of which it receives the n,
re b ncfit. The total amount of National =.
ank notes received for redemption by the "
comptroller of the Gu rcncy and at the re- Pi
oniption agencies of the Treasury during the OF
ear 1850 is shown to have been S610Js,9f0 Ell
he number of bank notes which have been A
sued since the organization OF the system is liz
Z 81 ,;A9 valued ut slSa 0jS 1885, OF these gS- NJ
$50, valued ut S5i10lj,53f, have been re- r.
srmcd, and IS, 1853, valued at SA..065ist | du
ere Still outstanding November ~ lo'o. vi,
be- amount of NationalBank currency ue- al
roy ed during the year "-'d'nS octopcr 81, 80,
o, was S5j,5 1860 "
The total losses charged of by the banks
ring the current year were Sli, FOG. 400, and
= the four years previous, Ss5, Si5,U9. The NJ
al losses charged of during the last five re
airs are more than % per cent. of the entire Wi
pital of the banks. During the last five WI
ars the average number of banks annually Ike
ssng dividends on account OF losses nave
en- 219; the average amount of capital upon
lich no dividends have been paid during ho
ut time was ST., PA, from which it follows 81
ut for II continuous period OF I'VE wears ! VI