Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1881-12-15
BANKING AND CURRENCY.
Report OF oomptroIicr Knox,

ANp0kA va n.
Comptroller Knox, in his annual report,
says Eighty-six national banks were organ
ICED during the year ending Nov. l last, with an
aggregate authorized capital Of 1861. $50. to
which IS 253, $50 in circulating notes have been
issued. I his is the largest number OF banks or
ganized il any year since 1872. Twenty-six
banks, with an aggregate capital of 5000. 600
and circulation OF Il, 245 $50, nave voluntarily
discontinued business during the year Nation-
al banks are located in every State of the Uuiop
except Mississippi and in every Territory ex-
cept Arizona, The total number ia OF Grafton on
Oct. last being 2,l32. This is the greatest
number OF banks that has ever been in opera
ton at any one time. The total number OF
national banks organized from the establish
ment of the misunderstanding system, Feb.
1868, TO NOV. OF tho assent year. Is q 5Sl.25,
From the establishment of the system tc
Nov. ] last, $40 banks have gone into voluntary
liquidation by the vote Of shareholders owning
two-thirds of their respective capitals, aud
eighty-six have been placed il tkchands of re.
eelvers for the purpose of closing up their af-
fairs. The total amount of claims proved by
the creditors OF these insolvent banks is sos
800, SOP, and the amount of dividends paid to
creditors is sis, SCI 693. The losses to creditors
from the failures of national banks during the
eighteen years since tho passage of the act is
S0240,00O, and the average annual loss has
therefore been about S346 600 IL the business
OF corporations having an average capital of
about S450.0 600 and deposits averaging
about l,009 900. Iwenty-one Of these in
solvent banks have paid their creditors in full,
and forty OF them have paid more than rs per
cent. each.
The following table exhibits the resources
and liabilities of the 2, 14S national banks at
the close of business on the 1st day of October,
1851
Loans ana discounts 81, i69, 022 303
s,ita 49," ga .,. ~
The period of existence of a national bank
as body corporate commences from the date
OF its organization certificate, ami not from
that OF the certificate of the Comptroller author
lzlng the association to commence business
The corporate existence OF the national bank
first organized viii, under this limitation Of
law, expire on Jan. /, 1882, and that Of the
second bank on April II following. From the
date last named TO Feb. %, 1888 the number
of banks whose corporate existence viii ter
inmate Is 1913, having capital of nearly S92,-
100000, and circulation OF nearly $6S, 900. 900.
The number of national banks organized I'M
der the act of June 3, 1864, the term of whose
corporate existence Will cease during each year
prior to 1891, is $50, with capital and circula-
ton Of $3.50, 37l 800 and 1892, 5S1 ,0S5
Bills viii undoubtedly be brought before
Congress during its present session foS the ex-
tension OF the charters of those banks whose
corporate existence Is soon to expire.
The Comptroller makes an earnest plea for
the national banks and conlbats the claim that
the profit upon then circulation is excessive
lie says The proportion of taxation na-
tonal and State, imposed upon the banks has
been shown to be much greater than that upon
any other moneyed capital, being in the aggre-
gate equal TO an average rate of per cent
upon the amount of their issues. The amount
1T inf.
United States bonds held by them has in late
years gradually decreased, and the profit upon
circulation has thgrely been reduced almost to
the minimum. Such profit cannot now ut
least, be said to be excessive"
The Comptroller recommends that an act be
passed during the present session authorizing
any national bank, with tho approval of the
Comptroller. at any time within two years prior
to the date of the expiration of its corporate
existence, to extend its period of succession for
twenty years by amending its articles of asso-
citation.
The imports Of gold in excess of exports,
from tie date of resumption to Nov. /, 1881,
have been $l97, 434, Ill.,, and the estimated gold
production of the mines Is Sl04 $50, 600. The
amount received from these two sources dur
ing the year ending Nov. l, 1881, has been
STA 749,3 800.
The stock Of standard silver dollars is also in
creasing at the rate of about g. 800, 900 month
~, tho l"ouit SOiAiou uiIlAS thS year having
been @27, ga, $50. Tables are again given here
with showing the amount OF com and CURRENCY
in the country Nov. l, 1879, 1880 and 1881:
Nor. l, 1879. Nou. l. 1885, Nor /. 1881.
Gold coins 355,6s 1852 453 ss2 692 562 56S 97i
Silver coin 126,009,537 15s,320,91 IS6, U37, 565
Legal-en
der notes 3i6,6sl,Ols 346,6Sl ,o16 s46,6s1, Ols
NATIONAL
Blk notes S37,ls1,4ls 343,s ,107 500, s44, $50
Totals 81, 1875, SOB 1892, 7ls72o 45s e3 ,eo2
Estimate of Director Of Mint
The amount of logal-tender notes has re-
NAMED the same since May 81, 1873, ia accord