The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-12-03
ANNUAL REPORTS.
The United States Treasurer Reviews the
Finances National Banks.

the OnlIeu Otates, MT. NeDeker, has sub
mitted his annual report to Secretary Fos-
ter. The ordinary revenues of the Govern
ment in the past fiscal year were $780,, ,6l2,-
AT, or SO, 46S, $50 less than the year before.
The net ordinary expenditures, exclusive of
amounts paid in premium on bonds pur-
chased, were $355, 372 6S4, an increase of
So7,656, 1913. The surplus revenues were cut
down from S105, ,S44, 1876 to S37, ,239, ,762, which
last summer was applied to the reduction
Of the public debt. The postal revenues
amounted to S65 1872 9OS and expenditures to
S72,O67. $50, an increase Of about So, ,000.0 600
on both sides. The reduction effected dur
Ing the year in the principal of the bonded
debt and circulating notes which cannot be
reissued amounted to S116,590. 273, and re-
Quired an expenditure of $126, ,99l ,494, in
cluding tine premiums on tho bonds pur-
chased. This sum is made up by taking
SIS, 751, 73l from the reserve in the Treasury
IN addition to the surplus revenues OF the
year. The reduction IN annual interest
charge WAS 81, 3D., 092.
MONEY IN THE COUNTRY.
According to the revised figures the
amount OF money in the country on the Both
OF June. exclusive of certificates in crcula-
ton for which the Treasury held deposits,
was s., $3.50 ,102, of which S1S0,412 019 be-
loDged 10 the Treasury and 81 49, 666, ,0S3
was In circulation. There was a net loss of
$4,000, 600 of gold and the net gain was up
ward OF S40,000,O00 in other money, and the
consequent contraction was about SO, 000,0 600
IL the whole volume. The Treasurer COM
pules that during the past ten years there
has been an average increase of So 200 600
from the end OF June to December in the
amount OF money actually in circulation,
followed by an average decrease of S14,-
100000 from the end of December to the end
OF june The increase realized in the past
year has been nearly double this-an aver
age OF SIS, 900, G00-and in the last two years
Tie average has been exceeded by S43, 100000
DEMAND FOR SMALL NOTES.
Unusually large amounts of notes OF small
denominations have been sent out to the
West and South since the 1st of july
Chiefly in exchange for deposits in the Sub
Treasury at New York. The aggregate up
to the middle of November reached upward
of S49.000,000, as against S6l, 600, 600 for the
whole OF the preceding year. There has
been measurable Improvement in the
condition OF the coinage, particularly silver.
Nearly S1,G00000 uncurrent coins in the
treasury have been restored to full weight.
As result OF this and of some special eff
forts in other directions the amount of frac-
tonal silver in the Treasury has been much
reduced. Many inquiries for silver specify
new coins. 1t is believed but for the preju-
dice against all coins showing any signs of
wear the Treasury woul1 long since have
been relleyed OF good portion Of its load of
fractional silver.
The Treasurer points ont that this preiu-
dice, in the case of silver coins, is altogether
groundless, since they derive their currency,
not from weight, but from the stamp of the
mint, and are received at the Treasury for
their full value as long as the stamp can be
recognized, provided the loss of metal IS due
to natural wear. Nearly S67,000,000 of
national bank notes have been redeemed
an amount much above tile average The de-
nOslts of Tho hnnHs lao
ceeded the Withdrawals of the old bonds,
and there was an issue of new notes
amounting to about $4,000 600. There has
been net increase of S12, 7S9, 909 in the
circulation since the 1st of November. The
circulation per capita on December 1st is
stated at S24 3S.
THE NATIONAL BANKS.
The annual report of the Comptroller of
the Currency, Mr.. Lacey, shows that dur
ing the year ending October 31st 1893 new ma
uonal banking associations were organized,
with an aggregate capital of $50. 700 600,
thus exhibiting growth largely in excess
OF the annual average of past years. Forty
one associations went into voluntary liQui-
dation and twenty-five became insolvent
lea wing net gain for the twelve months of
127, with capital of S12, ,553, 600 The num-
Der Of banks in OF GRAFTON is 3694, having a
capl tai stock OF S6S4, 755,S65, with bonds de-
posi- ted to secure circulation of Si52 1l3, $50,
and bank notes outstanding amounting to
SlI 500, ,SyS, including $50, ,4S0, 121 repre-
sented by lawful money deposited for their
redemption. OF the new associations,
ninety-nine are located west of the Missis-
sippi River, and ninety-five IN the Southern
States. The increase is well distributed
however, as new banks have been organ
lied in forty-one States. In the num-
ber of failures the present exceeds
the previous year. Six banks which
were closed during the year
were restored by the voluntary contribution
of the shareholders. The affairs of I02 in
solvent banks have been closed at an aver
age expense of 9.2S per cent, with an aver
age divided to creditors of 74.17 per cent.
Attention is called to the necessity of legis-
lation more clearly defining the duties of
Directors; also, to the need of some further
restriction upon accommodations which
may he lawfully afforded to the officers and
Directors by way of loans and discounts.
The Comptroller discusses the cause of the
monetary stringency of 1890 and refers to
the issue of clearing house loan certificates in
New York, Philadelphia and Boston. The
failures recorded are looked upon as the re-
suit OF the collapse of the speculative spirit
which has been generally prevalent for the
past five years, greatly aggravated by the
monetary stringencles experienced by most
of the nations with which we sustain COM
mercial relations