Year: 1878

nishcd with the legal tenders of large denominations
to take the place of cola certificates and they will be
issued to those who desire them


BALANCE ON LOAN ACCOUNTS 70 THE CREDIT OF


THE UNITED STATES IN NATIONAL BANKS


SECRETARY SHERMAN IN REPLY TO A REsoLU-


TfoN or THE HOUSE


The following is the letter from the Secretary of
the Treasury which laid before the House Of
Representative to-day with reference to the balance
on loan accounts standing to the credit Of the United
States in national banks


have the honor to acknowledge the receipt of the
resolution OF the House of Representatives dated the
Resolved. That the Secretary of the Treasury be
directed 10 INFORM the House. at the earliest day
practicable after the close OF the coming Con-
lressional recess whether there any balances
on loan account in standing to the credit OF the
Treasurer OF the United States in any national banks
on the first day OF March, 1876. and the first of
each succeeding month, 10 and including the lst of
January 1879, and the names and locations of the
banks which held such balances, and the amount
held by each At the respective dates Indicated and
in reply to state that there balances loan
standing the credit OF the Treasurer OF the
United States in any national bank from March, 1876.
\ to January, 1878.


4 complete list of national bank repositories. with
balances on loan account to the credit of the Treas
OF the United States held by each February l.
1873 and on the first or each succeeding month to
and including December L. 1873. is herewith enclosed
The House will be duly advised in another commu
nication Of the balances Of January l. 1872
the returns from the respective banks shall have been
received ut this department These hanks have been
designated from time to time under the provisions oil
department circulars inviting all national banks Of
the United States 20 become financial agents of the
government and repositories OF the public money for
the special purpose of receiving deposits account
OF subscriptions to tho funded loan, and they
permitted upon proper security. to hold the amount
Of any subscriptions made or obtained by them sub
ject TO the drafts or orders of the department
cason required for the pay ment OF called bonds
tured.


=" =


No coin has been deposited with these banks
any of them by the Treasurer of the United States
These banks represent exclusively coin received for
subscriptions made or obtained by the respective
banks and left deposit during the running Of the
ninety days, required by law TO be given for the
pay ment OF called bondsparty to prevent the with
drawal of so large an amount from the channels of
business and partly inducenent to those banks
to act efficiently in procuring subscriptions.


The very large balances reported held by the
First National Bank of New York caused by the
temporary deposits of the proceeds of the Az per
cent bonds sold through the syndicate, of which the
bank was member. and also by the very large SUBJ
scrptions of that bank to the four per cent loan.
The balances reported rs due from the banks tho
loan account are. however to some extent nominal.
the bonds furnished as security being largely
made up of call bonds, which to all ntents
a payment to their amount OF the balance due,
but cannot be credited to the bank until the bonds
carefully examined. the precise amount due on
them ascertained and certificates Tor the amount is
sued by the Treasurer


1t is proposed to continue the same mode Of de-
post in aid of the sale of the four per cent bonds
during the next year. and attention is called to the
Recommendation in tho annual report for a dis
cretonary shortening OF the period required for
calls Very respectfully,


JOHN SHERMAN, Secretary.


The tabular report of balances in the different
banks shows the aggregates for the months named,
and the amounts held by the First National Bank and
the National Bank Of Commerce of New York, and by
the Maverick National Bank OF Boston, to be fol.
lowS.-


First Ma National Maverick