Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1902-12-08

continues:
From the figures making up the
above totals it appears that in 1892
the capital stock OF the national banks
represented 63.9 per cent and in 1902
52.4 per cent. OF the total for all
banks. The deposits of national banks
in 1892 amounted to 37.S per cent. OF
the total for all banks in the 1902
amounted to 1928 per cent. Eliminat-
ing, however, the deposits in mutual
savings banks in the year mentioned
and Blasting the comparison on the ue-
posts in national banks with capital
lied state and private banks it is
shown that the deposits in national
banks with capitalized state and
private banks it is shown that the
deposits in nationa l banks in 1892
deposits in national tanks in 1892
AZ per cent. of the total capital
Bonds and Circulation.
cat the close of March Is, 1902, the
preceding the approval of the act
authorizing the issue of national Lank
circulating notes to the par value of
bonds on deposit, the treasurer held
securities for that purpose to the
amount of $243, 651, APO; on Oct 81,
1901, he held $329,833 $3.50; on Oct 81,
1902, 0338, 352,670, of which appromi-
mately 50 per cent. were in per cent
consoEs OF 1903
The volume Of circulating notes
issued from December, 1863, to Oct.
81, 1902, was ,575, of which
$2,250,397 ,465 has been redeemed.
During the past year there was re-
ceived for redemption at the redemp-
ton agency Of the department notes
amounting approximately to $175,0 0O,-
900, of which $50, 100000 were in good
condition and returned to the banks oil
issue and the balance redeemed and
destroyed. Of the total amount sent
to the department for redemption
! $145,000,000, or over 80 per cent,
came from the cities of New York,
Boston, Chicago, Philadelphia and st.
Louis, and nearly SO per cent. 1885,
100000 from the city of New York
alone. The cost of asserting this vol
ume OF notes, including transporta-
ton charges, was 92,444 cents per
$1,000. The aggregate cost of redemp-
lions for the year was $153, 1868. In
addition to this expense the banks
paid $1,633 ,309,15 semiannual duty on
circulation. $57, 625 for plates from
which notes were printed and S3O7.-
1868 examiners fees and S1,833,-
430.79 tax on capital and surplus,
making a total expense of $685.
1890"
National Bank Circulation.
The comptroller points to the fact
that on Feb. rs next the national bank-
ing system will have been in existence
forty years. He says:
The first issue of national bank
circulation was in December, 1868.
In 1866 state bank notes were legislat-
| ed out of existence by the imposition
of a. pronlpitive tax on their circula-
ton, In 1867 national bank notes
formed 41.08 per cent of the money in
the country and continued at that
rate approximately until 1871, when
it rose to 1914 per cent, amounting to
about 44.75 per cent. in 1872 and
nearly As per cent. in 1873. From the
latter date there was a rapid annual
decline to 1892 when such issues rep
resented only a slight amount in ex-
cess of one-tenth of the circulating
medium if the country. At the close
of the last fiscal year of the total
money in the country ($2,563 ,266,958l
| h11t in,
currency.
National bank notes do not appear
to have formed as large a proportion
Of the circulating medium of the
country as was anticipated, the
primary causes being: First, the
volume of greenbacks illegal tenders)
issued, the extensive use of instru-
ments of credit and enormous coinage
of gold and silver; second, restriction
of issues Of notes of the denomina-
ton of SIS to one-third of the amount
issuable by any association subsequent
to March IA, 1900: third, inelasticity
by reason of the monthly limit of the
amount which may be withdrawn from
circulation by depositing lawful money
therefor; fourth, insufficient profit, as
evidenced by the comparatively
limited amount of circulation issued
subsequent to the removal of restric-
tons by legislative enactments on
July u, 1882, and March IA, 1900"
The comptroller recommends repeal
of section 9 of the act approved July
IL, 1882, which limits the amount of
| lawful money which NAV he depOsited
with the treasurer of the United
States by national banks reducing
their circulation to 100000 during
any calendar month and argues that
it's removal from the statute would
add to the elasticity of national bank
circulation.
Cost of Operating Banks.
The comptroller has made investiga-
ton into the question of cost of
operating the national banks. From
the data gathered it was shown that