Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1890-12-05
THE CoMpTROLLEn,s REPORT.
A Mass OF Figures showing she Pros
perity of the Country,


WASHINGTON, Nov. 6.-The report
OF Comptroller of the Currency Lacey
covers operations of the bureau for
twelve months, ending October 81.
During this period 307 new banking as
sociations were organized, fifty have
gone into voluntary liquidation and
nine were placed in the hands OF re-
ceivers. The net increase is 248 con-
shutting larger growth than for any
similar period since 1865. The num-
Der OF active banks October 81 was
1867. These banks have in capital
stock 1868 1872. 800; bonds deposited to
secure circulation, $40, 100, 900, and
bank notes outstanding $179. 1855, CAB,
including $54, 796. 907 represented by
lawful money deposited to redeem cir
culation still outstanding. The gross
decrease in circulation during the year,
including notes of gold banks and failed
and llquidating associations was $22, =
267, 772, and decrease of circulation
secured by United States bonds, s., :
PAS 549. At the last report the gross
oCPCoiNo VI biltoC DhHho,
amounts due the banks. was 81, O23, =
SOP 067; loans and discounts 81, go
022, 6S7. Both these items show n
great increase over any previous re-
port.
The comptroller again calls atten-
ton to the fact that the issue of circu-
lating notes has become unremunera-
tive on account of the high premium
commanded by federal bonds; renews
the recommendation that the obliga.
tory deposit of bonds be reduced; the
circulation issued be equal in amount
to the par value of the bonds pledged,
and the semi-annual duty be fixed at
one-fourth of one per cent per annum.
The passage of bill to this effect, now
pending in both houses. would at once
increase the volume of paper money
by about SO, 000 900, which would in
n marked degree relieve the present
monetary stringency.
New associations could form more
rapidly without advancing ths premium
on bonds necessarily purchased by the
secretary OF the treasury for the sink
ing fund.
The passage of the act providing for
the purchase of silver bullion is con-
sldered by the comptroller tantamount
TO declaration that the national banks
are not to be called upon to furnish
additional circulation, evidently needed
and discussion Of the measures pro-
viding for the extension and perpetual
ton OF note issues based on some new
form of security Is doomed iponnor,,,o
The exhaustive statement of the pro-
portion of coin, paper money, etc.
used in banking operations in 1881 and
1870 shows an increase of money equal
to 6S per cent, which is deemed sig
nlhcant when considered in connection
with the present apparent insufficiency
In the amount of coin and paper money
in circulation.
The comptroller says it is evident
the lack OF currency is greatly apora-
waited by the retirement of national
bank notes, which form of paper alone
possess that elastic property so essen
tlal In perfect circulation. All the
money issued directly by the govern
ment is necessarily non-elastic by rea-
son of being in all cases available for
the lawful money reserve of the ma
tional banks and in most cases possess
sing legal tender quality. The comp
troller says if the rapid extension is a
correct criterion, the national banking |
system is more favorably regarded than |
heretofore and the transactions of the |
year have been attended by more than |
the average degree of success.