Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1890-04-02
LOST OR DESTROYED.
Inc A-osS to tho Public on Account Of
Unredeenled Bank. Notes,

A0O AO"" 20 tho PUBLIC ON Account Of
Onredeened Isank.Notes. =.
Tho Comptroller of the Currency, in
mis- report for the year just past, makes
guarded estimate that the loss. to the
public on account Of the National bank
circulation through the loss or destruc-
ton OF notes will not exceed one-half Of
per cent, of the total issue to the as
soclations comprising the National sys-
tenn. The highest amount of the Ma
tlonal bank notes outstanding at any
one time was about 1854, ZOO, 00H, and
one-half Of l per cent. of this amount
would be $1,770,000. Dy tho last debt
statement the amount OF cash held in
the treasury for redemption of legal.
tender notes was 1904, 1881 II the
estimate made by the Comptroller be
correct, that one-half OF l per cent. OF
the total issue of the associations COM
prising the National system will never
be presented for redemption, then nearly
$3,OOO,000 of the funds of $74,OOO. 600
now held in the treasury will never he
required. This sum, whatever its
amount, does not belong to either the
Government or to the banks. 1t really
belongs to those persons only who were
the owners of the missing circulating
notes at the time Of their loss or de-
struction. 1t would be perfectly proper,
therefore, to transfer 81, 00O, 600 from tho
amount of the National bank redemp-
ton fund now in the treasury to the
credit Of National safety fund, as pro-
posed In section 3 Of the bill to "pro-
vide for permanent Newfoundland cir
culatlon," prepared by Mr.. Knox, which
has been introduced in the House and
In the Senate. We think, however, that
the estimate made by the Comptroller
that the amount of National-bank notes
lost or destroyed and never presented
Tor redemption will not exceed one-half
OF per cent. of the amount outstand-
ing at any one time is too low. In fact,
In the same report the Comptroller states
that the highest amount of the first
issue OF legal-tender notes outstanding
at any one time was $40, 479, 1922, and
that although these notes were
first issued in 1862, and the is
sue OF them ceased on April 10.
~~O' VA A<o'SuAOCA 1901, AOI0 Gu6u
twenty-seven years after their issue,
there were still outstanding S., 124, 1926,
or percentage of 1.8l on the highest
amount outstanding. Other statistics
quoted by the Comptroller from the re-
ports of Hon. John Jay Knox, his
predecessor in Office, in relation to the
redemption of the notes of State banks
issued prior to the organization of the
Notwithstanding system 60 to show
that the percentage of unredeemed notes
will be higher than the cautious esti-
mate to which reference has been made.
The total amount of paper fractional
currency, including both issues and re-
issues, was S36s, 624, o79.45. The highest
amount outstanding at one time was
about $6o,0000 900. On June 30, 1884,
there were still outstanding SIS, $780,
999.64, which had not been presented for
redemption. On June 81, 1879, Congress
passed law authorizing the treasurer
to reduce the Indebtedness of the Gov
eminent on this account by the sum of
$s, 375, 1884, which sum is more than per
cent. upon the total amount of fractional
currency issued.-Rhodes' Journal of
Banking.