SPECIE, PAPER CURRENCY, AND BANK-CHECKS.

The table below exhibits the amount of specie held by the national banks at the dates mentioned-the coin, coin-certificates, and checks payable in coin held by the national banks in the city of New York being stated separately-for the last seven years.

Held by national banks in New York City,

Dates.

Coin.

Oct. 5.1×68 Jan. 4, 1-69 | Apr. 17, 1869 June 12, 1869 Oct. 9, 1×69 Jan. 22, 1-70. Mar. 24, 1870.1′ June 9, 1-70 Oct. 8,1870 Dec. 28, 1870 Mar. 18, 1871 Apr. 29, 1871 June 10, 1871 Oct. 2,1871 Dec. 16, 1871 Feb. 27, 1872 Apr. 19, 1872 June 10, 1872. Oct. 3.1-72 Dec. 27, 1-72 Feb. 28, 1873.! Apr. 25, 1-73. June 13, 1873 Sept. 12, 1873. Dec. 26, 1-73. Feb. 27, 1-74 May 1, 1874 June 26, 1874 Oct. 2, 1874! Dec. 31, 1874 Mar. 1, 1875. May 1, 1-75. June 30, 1875. Oct. J, 1875.

U.S. coincertificates

$6,120, 140
18, 034, 520
3,720, 040

16, 897,900!
2,501, 460
21, 672,4-0
1×, 66 ), 920
7, 533, 900
14,063, 54)
13, 699, 720
9,845, 0-0

$1,536,353 66
2, 31, 140 49
1,469,6 64

973, 015 2
1,013,949 72
2, 190, 644 74
1, 06, 094 50
1, 163, 905 *
3,931, 006 42 |
3,71 126 87
3, 20, el 64
4,3-2, 107 24

1, 163, 628 44

9, 161, 1603, 6-0, -74 92 |
7, 520, 260
17,354, 740
12, 341, 060

$1,60, 023 21
1,902, 769-48
1, 632, 375–21
2,542, 533-96 | 11, 933, 6×0 1
1,792, 740-73
6, 196, 036 29
2,647, 908 39
2,912, 400 24
1, 637, 742 91
2,264, 581–96
2,952, 155 61 |
2,047, 930 71
2,249, 40- 06
1, 121, 869-40
1,454, 930 73
1,490, 417 70
1, 828, (59) 71
3,7-2, 909 61
920,767 37 |
1,306,091 05
1,958, 769 xb
1,244,950 93
1, 412, 697–71
1,063, 210.5
1,376, 170 50
1, 167, 20 09
1, 530,22 10
1,842, 525 00
1,291, 7-6 56
1,443, 215-42
1,0×4, 575 54

950, 105 76 1,023, 01) 86

7.3, 904 90

10, 162, 400
11, 412, 16)

5,454, 580
12, 471, 940
11, 534,780
11, 73, 320
929, 139, 6-0
13,522, 664)
18, 390, 769
43, 51, 640
23,434, 000
13, 671, 660
1. 114,4%
11. 410,940

10, 62, 1693

3,704, 982) 12,642, 1-0 4, 201, 720

4,255, 631 39
3, 117, 100 9J
4,715,364 95
4, 219, 419 52

$9,625, 116.50
22, 2-0, 420 97
6842,411 85
15,471,229 78
19 704,549 45
36, sex, 141 03
25, 5-9, 4-2 69
22, 767, 236 12
13, 135, 649-33
20, 0-0, 24×83
19,911, 757 25
16, 275, 117 95
15, 091, 422 98
9, 75, 757 4
23, 065, 302 12
16,948, 578 63
16,646, 423-99
19, 414, 49 16
6,375,347 37
13,778, 031-05
13, 498, 549 8G
13, 0, 250 93
24,5-1, 177 1
14,5-5, 10:55
19,701, 930 30
24, 6-6, 469 69 +
24,984, 942 10
15,314 185-00
14, 406, 266-56
15, 854, 155 42
11, 706, 715 34
6,6-3, 325-76
13, 665, 1.5 26
4,955, 624 90 |

$3,378, 5o6.49
7,337, 329 99
3, 12.0%) 30
2, 9-3, -60 70
3,207, 16 3-
11, 457, 242 69
11 507,000 23
#332, 211 66 |
5, 324, 362 14
6, 227, 002 76
5,637, 400 39
6, 456, 909 07
4, 3, 582 1-
3.377,240-33
6,329,997 44
8, 550, 246 72
7,787, 475 47
4, 42, 154 9-
3, 54, 409 42

5, 203, 305 40
4. 279, 123 67
3,7-0,557 -1
4,36, 909 01
5-9-2, 658 90
7, 205, 107 08
X, 67, 403 49
7786, 027 16
6, -12, 022 27
6, 34, 674 67
6,582, 605 62
4,960, 390 63
3.987,035
5,994,3-6 44
3,694 761 x

$13, 003 713 39
29,625, 704 20
9,914,2 15
1,45, (0 4×
21,002 463 x3
4-345 3-3 7
37,046, 543 44
31,099, 437 74
1,460, 011 47
96, 307, 2139
25,769, 166 +4
22, 782, (FT 02
19,924,975 16
13, 272, 17
21,505 200 36
25,507, AS IN
21, 433, 9 46
24,204, €44 14
10, 209, 766 **
19.047 36 4.
17,777, 673 AI
16, HGH, NON 74
27,920, 0-6 N
19, No. 464 4×
26,907, 0ST
38:365, H03
32.56792) J
22, 26, 307 1
21, 2240, 9453 2
12.446, 761 04
16,667, 106 17
10. 09036] €4
1,974 S 30
2,000, 229 SI

The specie, as returned by the national banks on October 1st of this year,* is classified as follows: Coin, $3,364,569.74; United States coincertificates, 1,485,760-total, $8,050,329,73. It will be observed that the amount of coin then held is less than at any time during the last six years the amounts held by the banks of New York City and by all the banks of the country being, respectively, $9,450,641.66, and $13,190,615.48 less than the amounts held by them in October of last

year.

This marked decrease in the amount of specie is believed to arise from the increased demand for commercial balances abroad, and from the special demand during the late monetary excitement in San Francisco. Authoritative statistics show that sixty four millions of specie were exported during the first nine months of the present year, as against forty-four millions for the same period last year. The demand from San Francisco is believed to have been about five millions.

The Director of the Mint gives the following estimate of the move

The average amount of specie held by the nati mal banks of the city of New York during the week ending November 27, was $14,4 5,000.

ment of specie for the last three years, and of the amount in the country on June 30, 1874, and June 30, 1875:

Specie held by the Treasury and the national banks June 30, 1872......
Estimated amount in Pacific coast States and Territories at that date...
Estimated amount held by bankers and others elsewhere..
Estimated product of United States mines for two years
Imports of coin and bullion for same period................

Total.....

$98, 389, 861

20, 000, 000 10, 000, 000

140, 000, 000

Deduct exports of coin and bullion during same period............

Total estimated amount of specie on hand June 30, 1874......... Estimated product of United States mines for the year ending June 30, 1875.

Imports of coin and bullion for the year.....

Total estimated amount of coin and bullion in the country June 30, 1875.

49, 695, 343

318,085, 207 151, 238, 979

166, 846, 228

72,000,000 20, 900, 717

259,746, 945 92, 132, 142

167,614,803

The Director says that in this estimate no account has been taken of the amount of gold and silver consumed in the arts and manufactures from June 30, 1872, to June 30, 1875. It is difficult to obtain any reliable data upon this point. Whatever the amount may have been, it was reduced to a considerable extent by the plate, and other manufactured articles of gold and silver, which found their way to the melting pot from the accumulated stock of the country. Making due allowance for the latter, the amount to be deducted from the estimated total may be stated at, say $15,000,000; and, allowing $10,000,000 for possible overestimates, this would leave the amount of coin and bullion in the country on the 30th of June, 1875, about $142,000,000. Of this total, from $12,000,000 to $15,000,000 consists of silver coin and bullion.

The following table exhibits the amount and kinds of outstanding paper currency of the goverment and of the national banks on the 1st day of November in each year, from 1865 to 1875, inclusive:

The table below, compiled from information furnished through the courtesy of W. A. Camp, esq., manager of the New York clearing. honse association, exhibits the transactions of the clearing-house of that city, and the amount and ratio of currency required for the pay

ment of daily balances, for the years ending in October, from 1854 to 1875, inclusive.

* The capital stock is stated at various dates, the amounts at a uniform date in each year not being attainable.

Yearly averages for twenty-two years.
Totals for twenty-two years.

The amount of the coin and paper currency of a great nation is small in comparison with that of bank checks, certificates, and bills of exchange which are used as credit circulation. It has been said that they are simply the "small change;" and by an examination of this table it will be perceived how inconsiderable is the aggregate of currency used in comparison with that of bank-checks, and how small an amount is actually needed to settle the large daily transactions of business at the New York clearing-house.

A table will be found in the appendix, prepared by Mr. E. B. Elliott, of this Department, showing, for the period of thirteen years and nine months, from the close of the year 1861 to the 30th day of September, 1875, the average greenback-price of gold and the average gold-price of greenbacks, by months, quarter-years, half-years, and fiscal and calendar years, as derived from daily quotations of sales in open market in New York City. The chart accompanying the table exhibits the average currency-prices of gold and the average gold-prices of currency, by quarter-years, for the same period.

LOST OR UNREDEEMED BANK-NOTES,

Many exaggerated estimates have been made of the proportion of loss upon Treasury and bank notes which have been in actual circulation for a series of years. The amount of demand Treasury-notes issued from July 17, 1861, to December 31, 1862, was $60,000,000, in denominations of five, ten, and twenty dollars. The amount of these notes remaining outstanding on the 1st of November last was $69,707, the portion unredeemed being between one-eighth and one-ninth of one per cent. of the amount issued.

In the absence of sufficient data no reliable statement of similar losses arising from the circulation of bank-notes has ever been made. In order to ascertain as nearly as possible the proportion of loss upon such notes, the Comptroller applied to the superintendent of the bank-department of the State of New York for a statement of the amount of outstanding circulation of the banks of that State, at a period when it was greatest, and the amount remaining outstanding at the expiration of the six years' notice required to be given by the banks before they were by law relieved from the obligation to redeem them. Through the courtesy of the superintendent in transmitting a series of reports to the Comptroller, this Office has been enabled to prepare tables exhibiting the amount of notes which had been issued to the banks, and the amount remaining unredeemed at the expiration of the legal notice. Returns. were in this way obtained from two hundred and eighty-six banks, either incorporated, or organized under the safety-fund or the free-banking systems of the State of New York. It was found that the maximum amount of circulation issued to them was $50,754,515, and that the total circulation still outstanding was $1,336,337, showing that the proportion of unredeemed circulation was 2.63 per cent. only of the amount issued. Thirty of these banks still remain in operation in the city of New York, either as State or national institutions; and letters of inquiry from this Office, addressed to them during the month of October last, have elicited the following information: The maximum amount of circulation issued to them was $7,763,010; remaining unredeemed in October, 1875, $142,365; amount unredeemed in proportion to that issued, 1.83 per cent., as will be seen from the following table:

The statutes of the State of Wisconsin provide that a bank of issue, after eighty per cent. of its notes shall have been retired, may give notice for two years, in some newspaper of the county where it is established, that its circulating notes must be presented for redemption at the office

of the State comptroller within three years from the date of such first notice. After the expiration of that time the comptroller is authorized to surrender to the order of the bank any securities he may hold for the redemption of its notes.

From an examination of the official reports of the State superintend ent, transmitted through the courtesy of the State comptroller, it is found that the greatest amount of circulation issued to two hundred and forty Wisconsin State banks was $7,565,409, and that the amount remaining unredeemed is $134,747; the proportion of outstanding or unredeemed notes being 1.78 per cent., only, of the amount issued.

The following table gives similar information as to the national banks which failed prior to the year 1870, from which it will be seen that the amount of circulation issued to them was $1,554,400, the amount outstanding on November 1, 1875, $21,653, and that the proportion of notes remaining unredeemed is only 1.39 per cent. of the total issue.

Since my last annual report receivers have been appointed for five national banks, as follows:

Gibson County National Bank, Princeton, Indiana.

First National Bank of Utah, Salt Lake City, Utah.

Cook County National Bank, Chicago, Ill.

First National Bank of Tiffin, Ohio.

Charlottesville National Bank, Va.

During the year dividends have been declared as follows:

Merchants' National Bank, Washington, D. C., 10 per cent.

National Unadilla Bank, Unadilla, N. Y., 13 per cent; total, 45 per cent.
Scandinavian National Bank, Chicago, 15 per cent; total, 40 per cent.
Atlantic National Bank, New York, 15 per cent; total, 70 per cent.
First National Bank, Washington, D. C., 10 per cent; total, 60 per cent.
Merchants' National Bank, Petersburg, Va., 9 per cent; total, 24 per cent.
First National Bank, Mansfield, Ohio, 10 per cent; total, 35 per cent.
First National Bank, Norfolk, Va., 15 per cent; total, 35 per cent.
First National Bank of Rockford, Ill., 16 per cent; total, 41 per cent.
First National Bank of Carlisle, Pa., 15 per cent; total, 40 per cent.
First National Bank of Topeka, Kans., 15 per cent; total, 45 per cent.
Gibson County National Bank of Princeton, Ind., 40 per cent.
First National Bank of Utah, Salt Lake City, Utah, 15 per cent.

National Bank of the Commonwealth, City of New York, 20 per cent. to share holders.

First National Bank of Fort Smith, Ark., 13 per cent. to shareholders.

The affairs of the National Unadilla Bank, New York, of the First National Bank of Fort Smith, Ark., and of the First National Bank of