The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-12-04

TWAS, tnt dNltits' ltilhlFt'f bi N"l, ~
expected % arrive NJ New York In
few days on an official visit IN tai,
country.
About fifteen senators and tN,u,y
representatives have rvturu.l % tho
city. Alost OF the others nro expected
10y Saturday might. IL ~ the opinion Of
a number OF tnnSe who have returned
that a majority oi tho nrem-
the exposition at Now Orleans. the"
are In doubt, however, Ms to whether
both houses viii take an early adjourn
mont, for the purpose OF making tho
visit.
The chini of tho bureau of statistics
~'has prepared statement of the imp ris
and exports of the United States inr tho
wear. The total value Of MERCHANDISE
exported during this period, was
S23f, 1929; total value at i'm
ports the same period. S20S'Sri,-
$50; excess valne of exports
over impur b S25, sa9,ulo. Total valu" uf
gold and silver coiu aud bullion i'm
ported into and exported FROM the
United States during the first four
months Of the fiscal year is rs follow;
ESpptolgod ...,.. .',..'... m.i "
EXlort si'ilVer, .-. .s..,.,.s-.,.s.. N,AN - -,
Import of g,lld ... .,,,.,,-r,... NJ III
Import OF silver. ,-...,,.,,..- .--.. h,iuOI1Ih
Excess of imports of gold and SILVER
above exports during four months end
ing the 3lst of October, SiOSn,1i!.
The annual report of the comptroller
of the currency shows thai during the
wear ended, November |, 1881, l0l banks
/ have been organized, with AN aggregate
capital of Sl6,0I2,23O. Circulating notes
have been issued therefor, amounting
TO S3,s6G,23O. These banks are located by
geographical divisions rs follows: East
crn states, 10 banks, with capital al
SSl0Wn; ,uiddle ates, - banks,
capital S2,sgl 100; western states,
l0g, capital, SS0G5,SS0; Pacific
states, ., capital, S3sO,0OO; ter
ritores 10 capital Sl,ll3,OOO. Since
the establishment of the national bank
system, ON February 18th, 1868, there has
been organized 1921 national banks. To-
tnl number i'm existence November !,
1881, 2,67i, the largest number in opera
ton at any one time, Eleven natiora Al
banks, with an aggregate capital of ST.
$4,000, have failed and been placed in
the bands of receivers during the year.
The different items of resources and liza
bilities as tabulated Indicate that TIE
business OF the national banks during
the past eleven years has increased.
The aggregate liabilities of national
banks to depositors and correspondents
were reduced during the year to up
wards of S9i,00DO00. This reduction OF
liabilities aud The general reduction of
loans by banks, which amounted to over
S63, 0O0,6Oe during tho year, the comp
trolier says, was doubtless occasioned
by the financial troubles in May and the
depression in business. During the
same period tho national banks
increased their cash resources v
about $4,000 900 specie and $ll,0OO,OOO
legal tendci~ and United States certln
Gates deposited in the same. The banks
held on November |, $Sl,lj5,6DiiOO CD
3 per cent. f"nds, payable ut the pleas
ure of the government, OF which $685.
200 have been called for payment, inter
est ceasiug November /, 1884. If these
I bonds are not replaced by others bear
ling interest there will be an immediate
deduction in circulation of 80 or cen
OF their amount. on Novembct
1 there were Re- Si94' i9o,oWn OF .
the pleasure Of the government. These
i. bonds will probably be paid within the
0uext two years. Even if considerable
changes are made in the tariffs and
from 1887 to 1891, when S25O,OOO,0O0 of AZ
per cents mature, there will be no bond
which the government can call on Tor
redemption. No doubt the accumuia
ton of the surplus revenue, if it co"tin-
rate during the four years be-
tween 1887 and 1891, together with
the revenues, 1892 will be more than sur
ficient to pay off the ~ per cents, and
from 1892 until 1901, il will he impossible
for the government to use any of its sur
plus revenues for the payment of It's
bonds, except at the option OF their
holders. luis apparent that the govern
ment cannot accu 'nulate and hold "
surplus revenues, even du ing the sholt
period from 1887 to 1892, without great
disturbances to the business interests Of
the country, and much less
can it do So during tho long period from
1892 to 1907. IL appears, therefore, thdt
the foregoing cons derations should be
given due weight in any plan for fund
ing per cent. bonds maturing in 1907,
and the comptroller therefnre, suggests
that the principal difficulties as the re-
duction of inJere Is is effected by fund.
ing these bonds iiitO utu, - sen >! all
mature In proporti nate amounts nj a.
tain fixed intervals. Thus the SOS, OOO,O0O
per cent migut be funded luto an
equal amount OF or "a per cent bonds,
one fifth of which Tor Nh ,6R,0OD 70 ma
ture at the interval five years, the iir-t
installinent faIing du July |, 1897 and
the remaining INSTRUMENTS ofTlfI6OO,'Wo
each OH the LIST ofJuly in tue last wear
in each succeeding period or flve years,
viz: $4,000 ,907, 1912 and 1917. The aver
age maturity of these five classes OF
bonds would be the same as that of the
present 4 per cents, VIZ: july !, l9o',
Whatever course may be deemed eXpe- |
dient by congress in regard to the fund |
ing or future pay ment of debt, the comp |
troller is of the opinion that it is per- |
fectly safe and will afford great benefit
to the public to permit an Issue by the
national banks of circulation TO the ex |
tent OF 100 per cent, par value OF the |
bonds deposited, instead of 80 per cent. |
Even admitting that bonds representing |
the public debt, when funded at lower
rates, mi sht at times in the future be
below par in the market, the govern |
ment would, If forced to redeem the
notes Of insolvant banks. always have |
the right to cancel the bonds on deposit, |
securing the same, aud thus ext nguish |
an amount of its dabt equal dollar for |
dollar TO the notes redeemed. 1T Is |
further submitted, that the profit on cir
culation NAV be increased to point, |
which win induce banks to keep up
their circulation to the maximum and |
stop the contraction of their circulation, |
which is now occurring. by repeating the
law, taxing such circulation at the |
rate of 4 Of per cent. semi-annualiy
The expenses OF Keeping up the ma
tional banking system by the govern
ment are at present paid ii part from the
proceeds Of this tax and in part by y
sessment on the banks. If a tax is to
be abolished all these expenses shou.,.
be paid nv the last named method.
Including this subject. the comp |
troller wishes to have it distinctly IN
derstovd that he is not in favor OF any |
measure which will causeintation. He
is OF the opinion that the present aggre-.
gate paper circulation, made up of legal
tender and national bank notes and |
gold and silver certificates is ample for
all needs of business. He believes,
however, the sudden contraction
OF tho national bank cir