Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-11-27

the coin and currency, the Comptroller
says the production Of gold by United
States mines from November l, 1881, 10
November l. 1888, was $32, 100000, and
the amount of gold imported in excess Of
the export was slS,6l8,992, making an in
crease in our stock Of Si56lS,992 The
estimate is that Sll, 10000 was consumed
in the arts within the year. Since the
date Of resumption we have gained in
gold by imports $156, l95,5l0, and by our
mines Sl67e000O0, or the total gain is
1858, 795, ,5le The gold in the treasury in
creased during the last year S8.9ls,2 ,2S7; in
the banks, $S,sO5,5S3. The total amount
of silver dollars coined up 10 November
l, 1888, was sl56, 10. 9i9, Of which $ll6,.
0S6, $50 was in the treasury, $S5, ,3Sl
represented by certificates in the hands Of
the people and the banks. There has
been no change in the aggregate of legal
tender notes outstanding, which still re-
mains as fixed by the act of May 81, 1878.
National bank notes have decreased sl0,-
1890 during the year; the amounts of
gold and silver have increased S84,6l9, 1892
and SSS, 957, sos, respectively, making the
total increase during the year in gold,
silver and currency, s67,s5I54O.
The increase of gold and silver coin and
and paper currency, exclusive Of silver
certificates, outside Of the Treasury and
the banks since the date Of resumption, Isl
thus estimated to have been $270' 1888
and the increase during the year ending
November /, 1888, $3,6220i9, To these
sums, the amounts OF silver certificates
in the hands OF the people may be added.
Sixteen years ago the banks had on de-
posit as security for circulation 1927 ,000,- =
900 in United States bonds, Of which
amount S24l, 900, 600 bore interest at six
per cent, and $4,000 coo at five per cent
and on July l, 1882, they held S227 600, :
600 of az per cent bonds. These bonds
have now entirely disappeared from the
list Of securities held BY the national
banks, with the exception Of $632 600.
which have been called, The average
rate Of interest now paid by the United
States on the bonds deposited as security
for circulating notes is about 3H per cent
upon their par value; but is equal 10
about g. 10 per cent only of the current
market value Of the bonds. The banks
now hold Al, ,C00,000 of AIS, Sl06,O 600
of 4s, so, 100000 Of per cents, which
have been refunded from 81 per cents.
Since the commencement Of the nation
al banking system SO banks have been
placed in the hands Of receivers, and AGO
banks have voluntarily closed their busi-
ness by the vote of shareholders owning
two~thirds Of their stock, under the pro-
visions Of sections 5220 and b22l Of the re-
yised statutes Of the United States. Oi
the banks In the hands of re-
oeivers, seven had been previously
placed in voluntary liquidation by
their stockholders, but failing
TO pay their depositors, receivers were
afterwards appointed by the Comptroller
to wind up their affairs. OF the eighty.
nine banks placed in the hands of receiy-
ers, 6fty-eight have been finally closed,
leaving thirty>one still in process of set
tlement, thirteen of which, as has been
seen, are awaiting the results. Of pending
litigation, leaving about twenty receiver
ships only in active operation. E
The loss TO creditors Of national banks
which have been placed in the hands OF
receivers during the twenty years that
have elapsed since the passage of the act
of February %, 1868, as near as can be es-
timated, including dividends which will
probably be hereafter paid, has been about
100000, The annual average loss has
haar, skaraf,ua oh ptnl Oln s.,N L..
iness OF corporations having an average
capital Of about S450, 900, and which have
been responsible for the safe keeping Of
deposits in their hands, averaging con-
stantly over $4,000, or about one
twentieth Of per cent Of annual LOIS 10
depos tors.
The only United States taxes now to be
paid by barks are the per cent annual
tax upon the circulation outstanding of
national anks and the prOhibitory tax OF
10 per cent upon the State bank circula-
tion paid out, as provided by Section 34l2
of the Revised Statutes.
The whole cost of the national banking
system TO the Government, from the date
of its establishment in 1868 to the present
time, has been S5,6l0669, Up to January
!, 1888, the date upon which the tax on
capital and deposits ceased, there had been
collected on these two items alone from
national banks the sum Of SOS, 796, ,9lS So
In addition the amount collected up tC
July /, 1888, from the tax on circulation,
which is still in force, amounted to $50,
1886, ,6N 81, making an aggregate Of 1924.
l8l ,479 81 paid in taxes on capital, deposit.
and circulation by the national banks
during the year ending July |, 1888.
The amount Of one and two dollar note.
outstanding is slightly over one-fourth oi
] per cent. of the whole circulation OF The
banks; the hves constitute 16-1 per cent
and the flities and larger notes 1872 per
cent. Of the entire circulation.
Ofthe entire amount of national bank
and legal tender notes outstanding, about
A per cent. consists Of one and two dol
lar notes; more than 81 per cent, ones
twos, and fves; So per cent. is in notes Of
a less denomination than twenty dollars
and about 80 per cent. is in notes of
lower denomination than fifty dollars. 0i
the entire issue, about 20 per cent is II
denominations of flfties, one hundreds
five hundreds, and one thousands. Ther,
are outstanding ffty.one legal tendeI
notes Of the denomination Of i've thou
sand, and twelve notes Of the denomina
ton of ten thousand