The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-03

numbers S6.000,000 OF this amount $50
per cent was in checks and store orders.
and ill percent In the various kinds Of
money IL Is found that the percentage
OF retail transactions done on credit is
larger I'M the South Atlantic and south
central divisions than In the North Allan
tic and north central divisions. while the
western group of states is intermediate.
The results OF the present investigation
OF the subject, the controller says, are in
the line OF former conclusions as 10 the
increasing Importance of credit instru-
ments In payments and exchanges gem
orally, and against the necessity of any
additional provisions for sir;ply an in
crease In the volume Of money without
taking into consideration the other and
more important elements which should
characterize the currency circulation.
Investigation was also made by the con-
troller as to the number Of depositors in
national banks, and figures are given IL
Illustrative Of the extent TO which the
banks are used by the people as banks of
deposit. and as a place for the safe keep
ing of their cash assets.
As a source of revenue to the govern
ment. II is also shown that the total tax
collected on the capital of the banks is
W,So5SSl; the taxes paid on deposits amount
to 500 067, and up TO June 80, 1894, the
circulation of the banks had yielded TO the
government revenue of $75,S3i,9s7
The comptroller also calls attention to
the service rendered the public by the ma
tional banking system, giving as the four
great points of advantage and saving
which have been gained to the general
public; first, the saving In heavy discounts
on the bank currency prevalent before the
establishment OF the national banking
system; second, the saving In rates of in
terest on loans and discounts; third, the
saving in the making Of exchange; fourth,
making collections.
The controller renews his recommenda-
tions of last year for amendments 20 the
existing laws, with respect to the Issuing
of circulation to the par OF bonds depos-
tied unless the method Of issuing circula-
ton is changed, reduction of the semi
annual duty thereon to one-fourth of one
per cent. and other legislation relative TO
the administration and conduct OF the
banks, the taking of an oath of office by
national bank examiners, and the fixins
Of their compensation by the controller.
within the approval Of the Secretary of
the Treasury.
Continuing. the controller says: THE
general government ought to be wholly
free from the direct Issuing and redeem
ing OF notes to pass as money among the
people. No government has ever yet sue
cessfully engaged in so doing, and the ex-
perience Of the government Of the United
states has proven no exception to the rule.
The general cost and loss entailed upon
the government and the repeated periods
Of uncertainty as to the government credit
and the stability of our monetary system,
have been so great as to make the legal
tender and treasury issues OF 1890 one OF
the extraordinary burdens placed upon
the people,"
In the light of the present condition Of
the governments finances that which
ought TO have been done when there was a
surplus In the treasury cannot now be
undertaken, and the same conditions must
continue to weaken the country's credit
and plague the lines Of business unless a
means is devised for removing these is
sues from the channel of currency re-
demption until such time as the govern
ment finds Itself in a position to do that
which at first was the intent Of all-grad-
ually redeem and cancel them.