Jasper Republican, Volume 1, Number 12, Rensselaer, Jasper County, 4 December 1874 — Report of the Comptroller of the Currency. [ARTICLE]

Report of the Comptroller of the Currency.

Washington, Nov. 27. The annual report of the Comptroller of the Currency shows that during the past year seventy-one National Banks have been organized, with an authorized capital of $6,745,000. Three banks have failed and twenty gone into voluntary liquidation. The actual increase of National Bank circulation during the year is $3,576,297. The total circulation outstanding Nov. 1, including $3,136,094 due to banks for mutilated notes destroyed, was $351,927,246, leaving $2,072,754 yet to be issued of the $354,000,000 authorized. Since the passage of the act of June 20, 1874, - fortysix National Banks have been organized, with a capital of $4,019,000, to which circulation has been issued. Applications have been made for the organization of sixty-four other National Banks, with a capital of $5,110,000, and circulation amounting to $4,500,000 has been assigned to these proposed organizations under Section 4of the act of June 20, 1874. Beven million seven hundred and fourteen thousand five hundred and fifty dollars legal-tender notes have been deposited for the purpose of withdrawing from circulation the same amount of National Bank notes. The amounts issued to banks since June 20,1874, are as follows: District of Columbia $48,000 Virginia... . 51,800 West Virginia 18.000 North Carolina 56,500 Florida 27,000 Alabama 45,000 Texas...... 61,600 Kentucky 1,142,200 Tennessee 72,000 Ohio r 223,210 Indiana 645,070 Illinois : 400,000 Michigan 136,000 Wisconsin 49,000 lowa .....:..,... 211.500 Minnesota 117,900 Colorado 17,000 Total.. ; $3,380,180 The amount authorized to be issued to banks already organized is $3,707,000. and to be issued to proposed organizations $4,509,000, of which Rhode Island, Connecticut, New York and Pennsylvania receive none, but Ohio receives $1,395,000, Indiana $864,000, Illinois $495,000, lowa $315,000, and others amounts smaller. The amounts subject to withdrawal under Sections 7 and 9 of the act of June 20, 1874, in States having more than their proportion of circulation is as follows: • Bankt. Where situated. Amount. 4 New York City.. $1,383,538 17 Providence, R. 1 9,818,100 15 Connecticut 8,034,090 88 Boston 12,853,760 90 Massachusetts 2,553,225 4 :.Maine 668,000 4 Vermont 595,600 12 Baltimore 2,112^76 1 Delaware 99,858 41 Pennsylvania 8.967,196 11 ....New Jersey 980,000 The amount of circulation remaining unissued and the amount to be withdrawn, as before stated, is $16,879,589. Total, $47,350,EFFECT OF THE WITHDRAWAL OF LEGAL-TEN-DERS. The Comptroller says: “If Congress should provide for the withdrawal of legal tender notes, and the issue of National Bank notes as needed in place thereof, when the amount of legal-tender notes should be reduced to, say, $300,000,000, the legal-tender notes would then be in dem&na, and in proportion as they Bhould be reduced in amount the demand for them would increase, until finally, when the amount , of bank-notes issued should be largely in excess of the amount of legal-tender notes outstanding, the National Bank notes would themselves be withdrawn at certain seasonsof the year, on account of the difficulty or expense of obtaining lawful money with

answer to the demand tor an additional amount tor lawful money, and specie payment pay for the thing promised, namely: coin, or Its represen tatire, wfcfcK la convertible into Itw.l. business, which is tee discounting of commercial paper. If banks of issue are obliged to pay teetr circulating notes once in sixty or ninety days, they must discoont such promissory notes only as will certainly be paid within teat-time. If the payment of bank-notes be frequently demanded, banks of issue cannot safely invest their capital in real-estate loans, In doubtful stocks or bonds, ip accommodation-notes which require renewal, or In loans on doubtful security, but mint have their capital at all times invested in loans which will be promptly paid at maturity. Such a condition Indicates a healthful business, and promotes sound banking; and the reduction of the amount of legal-tender notes, accompanied with such increase of National Bank notes as may be required, will secure a proper system of redemption, render free banking practicable, and gradually restore specie payments without necessarily decreasing the amount of the circulating medium.” SEVERAL AMENDMENTS to the existing banking laws are recommended, and the Comptroller renews the recommendations contained in his last two reports for the passage of an act to prevent the issue ana circulation of unauthorized currency, and requiring the words “ counterfeit,” “"altered,” “illegal” to be stamped on all counterfeit or unauthorized issues; also his recommendation for the repeal of the fourth section of the act of June 1, 1870, so far as it applies to the organization of savings banks fn the District of Columbia, and for the enactment in its stead of a general law in reference to such savings banks, with judicious conditions and restrictions. —Prof. Gabba has been examining the effects of ammonia on the color of flowers. It is well known that the smoke of tobacco will, when applied in sufficient quantity, change the tint of flowers; but Prof. Gabba experiments by ponring a little ammonia liquor into a saucer and inverting & funnel over it. Placing the flowers in the tube of the latter he finds that blue, violet and purple-colored blossoms become of a fine green; carmine and crimson become black; white, yellow; white parti-colored flowers such as red and white are changed to green and yellow. If the flowers are immersed in water the natural color will returh in a few hours. Prof. Gabba also found that asters acquire a pleasing odor when submitted to the fumes of ammonia. —A bashful young clergyman recently, rising to preach for the first time, made a terrible mix of it, and announced his text in this wise: “And immediately the cock wept, and Peter went out and crew bitterly.”