The sun., 1883-12-05

organized during any year aimee 1865. They
;1s sss mCn every @ aTSTy
banks bar is s9sG5i $50, and the crculatlon
canital, showing that the banks have taken nd
vantage Of section 81 ths aet .6 Of 1 July r. 1882
Under 10 be organized uron tho deposit Of
bonds TO the amount Of one,io9rh OF tho capi-
tal Returns main on pft, o, i ms year W SLOW
800 ISL. an increase Of t26; 500. .5I4 during the
Year c5Suaion Si fSl4 S1h sstp'Ss M !. Of
SaS % which nnS srsco srs de .s
both of which are IN increase.
@ &S 5 d 9ph hssd s dsssSSt sistes SSnas for cir
reduction Of 80 6l3 $50 during the year. They |
SSS SSnas sSSa as basis Of SrsnSios R's G The
revenue Of tho country is diminished. There |
,e a 2r pS pSr Son hs
miums therefor e3ntinusSd ,,I payment OF the
ton Of the bank circulation. unless somo
counter stimulus is applied.
HOW SHALL BANK NOTE CIRCULATION DE INsUREDn
The public mind is naturally turned to the
inquiry Hoy shall the nt mn'i1naI m 6ank m notes be
price as that tho banks, can afford to buy and
give TO tho banks safeguard against loss in
taking and issuing circulating notes? | am
ins %. on obIIsatons Of tho United states Govern
ment irecommsnd that the internal revenue
tax upon circulation be taken of in whole or in
part. This is one per cent per annu,n. and
amounts TO about throe millions and quarter
The expense OF. carrying on the Bureau Of
the Comprolier 9d the Currency was last year
The Sa,onai banks All other expenses @ such
printing g ana s m Mhs Nets &c S and the like o
Ihe not SSp sSSpense to = the M government was sl7t.-
Il. Il nnfna Ia Mt n IpW q
per year. Then the tax may be taken on en-
'Ss may I be taken OF in part and md the R Govern sl
ment receive, more by reason Of this circu-
authorized to allow to the banks % eirculation to
market ma value for The The Twelve mo months prior TO
the deposit of the United States bonds depos-
abled 70 obtain, circulation upon the premium
Paid for eonds Hs VOL s, as upon Ea the par ynius value
above par. no ono would have doubted but that
anote circulation based upon them ut ratio
Why ~ Should n any one doubt that the same ratio
on their market value viii be sale; the ratio Of
s5s M saay hu tG rano %ns
think that a retrospect Of the twenty three
years last past will descry two things First. that
The civil war could not have been carried on
foundfacceptation with moneyed mon. Second
that they would not have found thnt ncceptation
the national banks Now. it has always been
held prime quality Of value in those bonds
nicipality. Such is the law Of the creation Of
the hands OF individuals and of many corpora
tons and there they Tsn are inYmlner9b!o n by
tional banks the law fails Of it's pur-
pose. Though owned by tue banks as 4
by them their business. In their rpln-
tions with the Government. state legislation
s and % S IS le
holder OF q national bank is made TO pay u tax
on the value Of his share the e@pa and
of the United States. submit that this is not
equal taxation; and that it is especiaily unjust
and unGrateful in view of the two statements
islation by Congress could forbid such cxer-
holding of United States bonds. and the use Of
them for basis of circulation. more desirable
There are collateral measures which will
give aid to the banks wit hout detrimsnt else
or in "a aid Of ssant profit on on eirculaton on" They
may not now loan on real estate, or take Sc
@ Sity iso Ths restrleton St might " be removad
has been suggested that the requirement. for 4
amount. This is Of doubtful eXpediency. The
injunction for reserve is meant as a restraint
safeguard against forced suspension or til,
mood OF sharp contractons.
ovERCERTIFIcATIoN OF CHECKS
The further legislation by Congress- at il
s to p M tho cSssE
them. has not been kindly acuuiesced in an,
observed. Directly or indirectly. it has beci
dlsobeycd or evasion OF 1t sought.
PUBLIC MONEYS.
The monetary transactions OF the Govern
ment have been CONDUCTED through tho office
OF tho United States Treasurer those OF min
assistant treasurers. and through 139 nationa
hank lenOsitOripS.
lille gross receipts Of tho Government
to durBs ,S aS Iis yea s. so%4
which were on account OF loansl. were deposited
as follows:
il, nationai bank depoores I44U3O 7oJ
Anamount of United states gold coin is re
cHyed every year In the sub-TreaSury offices
which, by abrasion in use has reached the lens
tolerated weight, and therefore cannot b
again paid out ,rhorc is no limit OF tolerqnc
fdr silver CONS. but u large number OF then
arc redeemed each year under the pro
yTi9Fs Of Tho Act aoGrovcd June l31; 81,
being more or less muta,sd or dcfnceC
These coins gold and silver. arc carried in IN
bio unit, rocoincd They canont be recone
%ihG@ @ IS som" ess: In order that this amour
that sufficient sum bo appropriated each yea
10 pay ior tho cost of the recoinagc OF sue
1t often harpens that counterfeits Of or nj
tcrei or lweaicd. United states coins. nto OF
f.rrd TO the otilcgrs charged with t lie receipt o
n"nIed that mn act be passed akin 10 that {
1876. which shall give power TO those officer
over fraudulent coins or tokens to break G
Stamp iHiSr coin or token offered to them. 6
otherwise make known by mark upon II that
tsn"tg genuine.
That there is likely TO be n continuing sur
plus IN the Treasury over the ordinary OK
prnses oi the Government SO long as tho pres
en- revenue laws remain is seen by those q
tentve 70 fiscal affairs. This has called o,
propositions for the disposal Of surplus Of publ
MONEYS two pi which may he noticed. One i
Sna, r the surplus he parcelled ont among I'll
S@lMIaS @ oi we u mon. This though it has bee
hEehiously argued has not so approved itse
10 ne common sense of the peolrie as now
chll lnr elaborate statement Of reasons why
should not ho adopted
,,ha hho,her prorosliion is Of payment froi
VI. surplus to cartan of the States which hay
,i,t no. heu Their full proportion of money und
d,ni,r AZ Ii,strinn'ion act Of 1886. This comes vii
alehily OF presentation inasmuch as tv
ttpwSernl States of tho Union. Virginia al
Arkails-,. nave seriously asked for such pa
niunt. making formal demand therefor. FC
lowing IA the practice of this department. pa
Meht TO those States from tho existing surpll
mas been withheld. and will continue 10 b
until Congress Directs another course.