The Savannah morning news., 1904-12-08

were $685., $40 300, an increase of 1871
per cent, while in the number of pieces
| the growth was 21.5 per cent.
The experience of the fiscal year 1909
shows the average cost for each piece
of United States paper currency is
| sued and redeemed to be less than
| cents-exactly ]. zoos cents.
Moneys received in the redemption
| and exchange account during the year
| amounted to $1O14, 15S, 262, an excess
over the preceding twelve months of
$l49, 654, FOL, or H.. per cent. The pay
ments in gold in both forms were
$164, 209, 70S more than the receipts IN
such money.
The silver coin distributed at the eX-
pense of the government for transpor-
tation during the year amounted to
$65, AIS $685. of which SAL ,032,7 IFS was in
standard silver dollars and $24,-
3S2,948 in subsidiary coin. The rate
for transportation was $1.93 per ST.
900.
The National Banks.
Since the issue of the first charter
in 1868, 7,417 national banks have been
authorized to begin business, of which
5,457 with aggregate capital of $777,-
741,335, were in operation on Sept. 80,
1904
OF the total number of banks charter
ed, $3.50 were associations of primary
organization and 1,165 conversions of
state banks.
Four hundred and sixteen associa-
lions, or So per cent. of the total num-
Der organized, have been placed in
charge of receivers; and from an ex-
admiration of the records in the office
of the Controller of the Currency it
appears that the creditors of insolvent
banks, the affairs of which have been
fully settled, have received dividends
on their claims to the extent of Il per
cent, and, including offsets allowed
and loans paid, over rs per cent.
Nearly One-fOurth in Liquidation.
approximately, 81 per cent. of the
number of national banks organized
were placed in voluntary liquidation
by action of shareholders in conform
ity with law. The number of liquida-
tions of all kinds has been 1874.
Nearly one-third of the total num-
Der of misunderstanding associations
organized during the existence of the
system-a period of over forty-one
years-were chartered subsequent to
the act of March IA, 1900. This act
contained provisions empowering the
controller of the currency, with the
sanction of the Secretary of the
Treasury. to authorize, under certain
conditions, the Incorporation of ma
tional-banking associations with a
minimum capital of $4,000, reduced the
annual tax on national circula-
ton, secured by the per cent. con-
soils of 1880, from l per cent. to one
half per cent, and authorized asso-
Citations to issue circulating notes to
the amount of the par value of the
security bonds.
Lab Banks Incorporated.
Under authority of the act of March
Ia, 1900, and from that date to Sept
80, 1904, there were Incorporated and
chartered 1,413 banks, with individ-
ual capital of less than $50 200, the
average being but slightly in excess
of $4,000; and during the same period
740 banks, with individual capital of
$4,000 or more, were incorporated,
making the total number of charters
issued in this period 2.153. OF the to-
tai of organizations, 246, with aggre-
gate capital of $16.179S0O, were state
banks converted into notwithstanding
association; FOL, with capital of $43,-
10000, reorganizations of state or
private banks. and 1905, with capital
of $63, 1891, So banks of primary or
ganization.
In the year ended Sept. 80, 1904, 445
banks, with aggregate capital of $780,
769. 300, were chartered, of which 303.
with capital of 1881, $780, were organ
lied under authority of the act of
March IA. 1900. The remaining 142.
with capital of $12.947,OeO, were banks
organized under the act of 1854 and
with individual capital of $4,000 or
more. Forty-four of the banks char
tered during the year were conversions
Of state banks; 1853 congratulations of
state or private banks. and PAS asso-
Citations of primary organization.
Fl National Bank Failures.
The actual failures of national banks
during the year from Sept. 80. 1903.
to Sept 80, 1904, numbered twenty
one. The capital involved. however,
was only $1,6l5.000. Nine other asso-
Citations were temporarily in the charge
of receivers, but their assets having
the receivers were discharged and the
banks permitted to resume business.
The number of voluntary foundations
during the year was 65, and the ag-
gregate capital of banks closed in this
manner was $32,635, 900.
with the MINIS.
The domestic coinage of the minis
during the fiscal year amounted to 14S
1883 pieces, of the value of S22S, 202,
15l55. OF this, $20S, 6lS,642.50 was gold
coin, exceeding the gold coinage OF any
previous year in the countrys history
The coinage of standard silver dollars
amounted to $40, $50: of subsidiary
silver. $7.719.2S1, and OF minor coin,
81, 762, 62S.05. The silver dollars We're
all coined from bullion purchased un-
der the act OF July IA, 1890. OF the
subsidiary silver, 900 was likewise
coined from this bullion.
Nov. 1. the amount OF bullion in the
treasury purchased under the act OF
July IA. 1890. was 2.742,5s9.71 fine
ounces. which has a coming value in
subsidiary money of 1871. 3s0.24
At the request OF the Secretary OF
War, the purchases OF bullion required
for the silver coinage Of the Philip
pine Islands. authorized by the act OF
March 3. 1908. were made by the d.
rector OF the mint with the approval
OF the Secretary OF the Treasury
There were purchased from March 26
1908, 10 June 30, 1904. for this purpose
10. SIS, 226.30 fine ounces OF silver, cost
ing 1886. seb.2S. This bullion has been