The McCook tribune. (McCook, Neb.) 1886-1936, 1890-12-05

tain element of army officers that the
sons OF rich men. politicians or army
officers who fail to pass the examina-
ton for West Point are enlisted in the
army with the understanding that after
serving a short time in the ranks they
are to be given undue preference over
the ordinary private in the matter of
promotion.
A Mass of Figures Showing the r
perity of the Country.
WASHINGTON, Nov. 26.-The report
of Comptroller of the Currency Lacey
over 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 24S, on
stituting a larger growth than for any
similar period since 1865. The num-
Der of active banks October 81 was
8, 1857. These banks have in capital
stock 1868, 1872. S65; bonds deposited to
secure circulation, $40, 100, 900, and
bank notes outstanding $179, 755, 643,
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 l~iquidating associations was 1922
267, 772, and; decrease of circulation
secured by United States bonds, So
24S, $40. At the last report the gross
deposits of these banks, in luding
amounts due the banks. was 50, 023,-
500, 067; loans and discounts 81. &c.
OPP, 687. Both these items show a
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 en- 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 per cent per annum.
The passage of a bill to this effect, now
pending in both houses, would at once
increase the volume of paper money
by about $15, 600, 600. which would in
a marked degree relieve the present
monetary stringency.
New associations could form more
rapidly without advancing the premium
on bonds necessarily purchased by the
secretary of the treasury for the sink.
ing fund.
The passage of the act providing fo1
the purchase of silver bullion is con.
sidered by the comptroller tantamount
to a declaration that the national banks
are not to be called upon to furnish
additional circulation. evidently needed
and a discussion of the measures pro-
viding for the extension and perpetual
ton of note issues based on some new
form of security is deemed inopportune.
The exhaustive statement of the pro-
portion Of coin, paper money, ETC..
used in banking operations in 1881 and
1890 shows an increase of money equal
to IS per cent, which is deemed sig
nificant 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 aggra-
waited by the retirement of national
bank notes, which form of paper alone
possess that elastic property so essen
tial 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 posses
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.
The December Century will contain.
1Our complete stories, Dy
Stuart Phelps, Joel Chandler Harris,
Richard Harding Davis, and Maurice
Thompson. Three of them are illus
trated. Besides these. there will be
the first chapters of a novelette, by
James Lane Allen, Sister Dolorosa, u
the scene of which is laid in a Ken.
lucky convent; and the second install.
meat of Colonel Carter of Carriers.
vile" by F. Hopkinson Smith, intro
ducing the authors celebrated 'sOne-.
legged Goose Story" The coming year
of The Century will be unusually strong
in fiction.
Not Talking for Newspapers.
ATCHIsoN, Kan, Nov. Ex-senator
Ingalls, was today shown the letter ex-,.
President Cleveland is said to have
ruriffop fo oy.Col1ootor of Tntorpoi Row