The Providence news. (Providence [R.I.]) 1891-1906, 1892-11-26
COIN in The TREASURY.
Annual Report Of Comptroller Of the
Currency Hepburn.
NET INCREASE OF SO BANKS.
Fifty Per Cent of Which Are West of the
siississippi-A New Rapid Fire Gun
"A $500 DcfaIcatIon at New Orleans.

WASHINGTON, Nov. 26.-The annual re-
port of A. b. Hepburn, comptroller of the
currency, shows that 1853 banks, with an
aggregate capital OF s15,2s5,OOO, were or
ganized during the year; SO went into
voluntary liquidation, and II became in
solvent, leaving a net increase for the yeai
of 93 banks.
Nearly 80 per cent. OF the new banks
are located west of the Mississippi river,
and 30 per cent. In the southern states.
The number OF banks in operation Oct.
81, 1892, was $685. having an aggregate
capital of S693, ,S6S 665; surplus and undi-
vlded profits e3t0bA .179; individual de-
posits 81 ,765 422 ESQ; bank deposits $500
53,2O2, and total resources S3,5l00 09i ,S97.
The circulation outstanding shows a
net increase for the year of SIC, ,437 ,226.
The gold held by banks, as compared with
Sept. %, 1891, shows an increase of S2i,-
994, ,l15; surplus and profits increased
S9,663,020; individual increase S117. .l0i ,902,
and bank deposits increase S10O,05S, ,42s.
The Maverick National Bank -elesed it's
doors Oct. 81, 1891, not within the year
covered by this report. but too late for in
sertion in last years report. Over two
thirds of the Liabilities of the IL banks re-
ported as having failed belong to the
Maverick bank; 50 per cent has been paid
In dividends 60 depositors in that bank,
and Il Is estimated that a final dividend
of from TO 5 per cent will be paid Five
of the remainder failed prior 90 Dec. /,
and no bank has failed since July 9Th
These failures We're widely distributed
and on-consequential.
The report states that national bank
notes constitute little over 6 per cent of
the money in circulation.
The total coinage under the act of 1873
was S37S, 1856, 793 The total cost OF the
silver coined sos, ,l99, ,262. The seinorage
or apparent profit SOS, ,967, ,53i. The market
value Of such silver on October 81, 1892
was 9,7O0,326 less than IL cost the gov
eminent. Under the act of July, 1890,
the government had purchased silver and
issued certificates therefore, up TO Nov.
LIST last, to the amount OF Sli6,611 ,233.
The present market value OF silver
purchased was on said date S14, ,134 ,646 less
than IL cost.
The comptroller says: Currency
furnished by the government will not
commend itself to Taxpayers upon the
score OF economy. The government can
not issue money gratuitously 1t cannot
possess elasticity. The practical working
has been TO arbitrarily increased or
diminish the currency TO the .detariment
OF business interests.
National banks have furnished a cur
rency adequate to the wants OF the public.
sound, elastic and beyond criticism. This
the money of the future. State bank bills
which issued add just so much to the liza.
hilities 81 tte- bank. 1vuufd circ1r=
late freely In times OF prosperity and con-
fidence.
In times OF monetary stringency and
general distrust, they would return to the
banks for redemption. They would have
To be redeemed in legal tender money pro-
vided by Congress. Congress must, under
the constitution, provide all the money
That possesses full debt-paying power
by every consideration OF sound business
principles 1t should provide all the money
! hat the country requires. No public in
terest can be served by dividing this func- !
ton with the forty four states.
Every period of financial depression I'm
he past resulted in the suspension of
pecie payments, more of less general, by
ne banks; that is, resulted in the inabil-
W OF the banks TO redeem their notes.
me same conditions would produce SINH
ar results in the future.
Al state bank notes are allowed to circu-
ate their acceptance is not voluntary; il
'ecomes absolutely necessary. The res
Grafton OF state bank circulation por-
ends disaster TO that class OF our citizen,
mo mostneed and have most right TO ask
rejection from the government.