Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-11-27

1854. vas esl ,585 ,6ss. Tbs ysius Of the
gold and siiveF eein and buiIion i'm :
ported INTO and exported frsm she
United beHtea during the irss four
months ct the present 6esal year -
g folIcup: July exporta, cold, f159,-
los: silver, 8, $50 GGB; imports. cold, g.
11slo3 9lvsx t1.20, ,o1s; excssu Of i'm
p0rn x165567; Angus exports, gold
4l75,619 SILVER q, l99. .Is5; imports, gold
yz,5b6 DO. silver 81.2f8,157; oxcess Of
imports: y 81 SO; September exports,
geld ~ 80. silver e3130,0 oar; imports.
gold tl,477e72. silver f1.00l. as; excess
Of experts. eD25.275; October exports.
gold el92 2kz3, diver t2678. .65e: inports.
cold e3to. .702. silver u, 81, So; sxssss OF
ports, Sl,6o6. 40.
Report 81 she CsmpersiSer q she
CuPSeney.
WAsHuGzox, Nov. a. The annual
report Of the Comptroller Of the Cnr-
rency shows that daYina the year ended
koyember /, 1854, lo1 banks have been
organized With an aggregate capital Of
tl6.042. 20. Circulating notes have been
issued to these new associations amount
| ing 10 q, $50, 40. The total number Of
banks In existsnse November I, 1884,
vas 267f, tbs laxRest number il opera
tisn at any one time. Eleven uattoBal
banks with IN aaGFeQafe capital Of $l,-
285. 900, have failed and been placed in
the hands Of receivers during the year.
The different items, resources and liA-
bilitisg ~ tabulate1 indicate that the
business Of the national banks during
the paat eleven years has generally In
CREASED. The iteiLs Of United States
bonds and the circulation thereon have
decreased during the past two years.
The aggregate liabilities of national
banks 70 depsaitors and correspondents
we're reduced during the year upwards
| Of &9l. .OO6, 600. This reduction of liabil-
| ities and general reduction OF loans by
/ the banks, which amounted 10 over
| &63. 100000 during the year, the Comp
1 troIler SAYS, was doubtless oooaGoned
| By the financial troubles OF May and the
Reneral depression Of business. During
| the same period the national banks in
creased their cash resousces By about
| &21 500 900 specie and &l7, 7,000, 600 lcgal
tenders and United States certificates of
deposit for the same. ~
The total number Of banks ptiIi in
operation, organized under the acs of
June Sd, ls64, which will terminals un-
less hereafter renewed during tie years
previous to 800, In 1883, with capital
| OF &32l, ,461 las, and circulation OF
&i94, ,745;305. The banks had. ON No
| vember LIST, 1884,. fl55.604, 400 In three
per cent. bonds. payable at the pleasure
i OF the government, of which $95S, go
has been called for payment of interest
ceasing November LIST, 1884. III these
bonds are not replaced by others bear
ing interest, there will be an immediate
reduction in circulation OF 80 per cent.
| OF this amount. On November lst,
there we're $i9f. .l90 800 three per cent.
bonds payable ut the pleasure OF the
Government. These bonds will prob
ably be paid within the next two years,
| even il considerable changes are made
| in the tariff; and from 1887 to 1891 when
x250, 100000 of ~ per cents mature,
there will be no bonds which the
Government can call in for re-
demption. No doubt If the nc
cumuiation of surplus revenue
continues 10 accrns at the present rate
during the four years between 1887 and
1891, together with the revenues for
1892, there will be more than sufficient
TO pay of the AZ per cents. and from
1892 until 1907 IL will be impossible for
the Government to use any surplus rev.
enues for payments of its bonds, except
at the option of their holders. II Is APP
parent that tho Government cannot ao-
cummulate and hold it's surplus reye-
nues, even during the short period from
1887 to 1892, without great disturbances
10 the business interests of the country,
and much less can IL do so during the
longer period from 1892 to 1897. IL APP
pears, therefore, that the foregoing con-
sideration should be given due weight
In any plan for funding tho per cent
bonds maturing in 1907.
The Comptroller therefore suggests
tkat the principal difficulties may be OBJ
waited. as well as q reduction of interest
effected by funding these bonds into
others. which shall mature In proper
tionate amounts at certain fixed inter
walls: $73s. COG, 600 of per cents might
be funded into an equal amount of B or
2lk per cent. bonds, one fifth. or $l47,-
6OO 600, to mature at intervals of five
| years, the instalments Of S14T, ,600, 100
each 60 be paid on the lst Of July in the
last year of each succeeding period of
Ifive years, w.: 1907. 1907. 1912 and 1917.
i The average maturity of these Ave
classes of bonds weuld be the same as
that of the presen, 4 per cents. viz;
July /, 1907.
Whatever course may be deemed ex-
pedient by Congress in regard TO the
refunding or future payment of the
| public debt, the Comptroller Is of the
opinion that IL is perfectly safe and
will afford great benefit to the public To
| permit an issue by National banks Of
| circulation so the extent of 100 per cent
OF the par value Of the bonds deposited,
! instead of 80 per cent. Even admitting
that bonds representing the public
debt. when funded at lower rates, might
at some time in the future be below par
in the market, the Government would
be forced to redeem the notes of insol-
vent National banks, and would always
have the right 10 cancel the bonds ON
deposit, securing the same. and thus
extineuish an amout OF its debt equal
dollar for dollar for the notes redeemed.
Ia is further submitted that the profits
on circulation may be increased TO q
point which will induce banks TO keep
uu their circulation to the minimum
! and 20 stop the contraction OF Their cir
euiatiou which is now occurring, hy re
pealinc the Law taxing such circu alton
al sue rate of one-haff of one per cent
semf,annuaily. The expense of ke spinR
% the national banking system bS the
oovernment is at present paid IN part
from the proceeds OF this tax and N
par, by assessments on the banks. II
the tax ia abolished, all the expenses
should be paid by the last named
method. In concluding this subject the
Comptroller wishes 20 have it distinctly
understood that he Is not in favor oi
any measure that will cause imitation. he
is OF the opinion that the present az
oreoate paper circulation. made up oi
legal tender and National Bank notes
aud cold, and OF silver certificates, q
} anple for all the needs of business. Hs
believes. however, that the sadcen CON
traction OF toe NaJional circulation
which without appropriate leSislation is
imminent. will seriously embarrass ths
business of ate country, and thNt II tai
contraction Is permitted 10 50 on. u
nav result in the entire discontinaanos
OF circulating notes By the Naiiona
J hanks. The Comptroller bei.eves tna
} his form of currency which caa oe IN
cr.ased or diminished IN acc0S0aac'
. wits the National laws which contro
bnsiuass, should be continued ia prefer
: ence 10 azy other noS permitted o.
) In regard 10 the circulation based q