COUNTERFEITS.

Since the passage of the act of June 20, 1874, $219,336,410 of nation bank notes have been received, assorted, and counted in the Office! the Treasurer, a large proportion of which has also passed through th hands of experts in this Office. This amount nearly equals two-thir of the present total national-bank circulation. The Treasurer infor me that in counting and assorting this large amount of currency o five hundred and twenty counterfeit notes of all denominations ha been discovered; of which two hundred and five were twos, one ha dred and thirty-eight fives, one hundred and twenty tens, fifty tr twenties, and five one-hundreds; amounting, in all, to $3,840.

The only well-executed counterfeits of national-bank notes of the nomination of five dollars, that have been discovered, are upon five the national banks in Illinois, namely: The First and Traders' Natio Banks of Chicago, The First National Bank of Paxton, The Fr National Bank of Canton, and The First National Bank of Aure The amount of notes of this denomination which has been issued the four banks first named is $433,700, about three-fourths of wh has been withdrawn from circulation. Circulars have recently be addressed to all of the national banks, and to the postmasters of the country, requesting the return to the Treasury of all genuine five-dol notes of these banks coming into their possession; and it is expect that during the present year very nearly the whole of such issues be retired. Experience has shown that the prompt retirement of the genuine notes of any denomination which has been successfully imitate” is the most effectual means of preventing the circulation of their o terfeits. The Comptroller has also the satisfaction of stating that t Treasury detective force has recently captured the plate from which a of the counterfeit five-dollar notes before referred to have been printes and no further issue of these spurious notes is apprehended.

It is believed, as stated in my former reports, that the large amor of engraver's work, both upon the faces and the backs of the nation bank notes, together with the similitude of the designs, has tended prevent their being successfully counterfeited; and it seems certain th

The following table, showing the number and amount of counterfeit notes et "Bank of England presented to that bank during various periods from 1-06 to 17been compiled from a statement presented in July last by the deputy governor et bank to a select committee of the House of Commons, and printed in the London B. érs' Magazine for October, 1875:

The amount of circulation of the Bank of England on November 3, 155, 14 £37,905,215,.or $184,465,728.80. (London Economist, November 6, 1875.)

a new issue of national-bank notes, differing in design from that now in use, will have the effect to increase the number of counterfeits. The objection urged against the present design is that it prevents the fiber in the paper now used from being readily seen; and to meet this objection the Comptroller suggests that a more simple design be substituted for the large central vignette upon the backs of the notes, which can be done with but little expense, thus leaving the fiber of the paper more clearly visible.

BANK-NOTE PLATES.

The sundry civil appropriation bill, approved March 3, 1875, after making appropriations for paper and the expenses of printing the national-bank notes, and for expenses of engraving and printing the notes, bonds, and other securities of the United States, provides that "the above-named notes, currency, and other securities of the United States shall be executed with not less than three plate printings; and that the Secretary of the Treasury shall have executed one or two of such printings by such responsible, capable, and experienced bank-note companies or bank-note engravers as may contract for the same at the lowest cost to the government, and at prices not greater than those heretofore paid for the same class of work; no company or establishment executing more than one printing upon the same note or obligation, and the final printing and finishing to be executed in the Treasury Department."

Under this provision the Secretary of the Treasury, in the month of August last, decided to have the final printing of the national-bank notes (the printing of their faces) executed at the Bureau of Engraving and Printing of the Treasury Department; and, in order to accomplish this purpose, the material used in printing this portion of the notes, Consisting of 6,168 face-plates, 4,565 rolls, and 4,730 dies, has been transferred from the custody of the Comptroller of the Currency, by whom they were held, as provided in section 5113 of the Revised Statutes, to that of the Secretary of the Treasury. In addition to the material mentioned, 831 back-plates, 172 rolls, and 98 dies were similarly transferred. Since then all notes issued have been printed upon the distinctive or special paper heretofore used in printing the legal-tender notes, and the words "Series of 1875," as also the signature of the present Treasurer of the United States, have been imprinted upon their face. An examination of the plates, dies, bed-pieces and other material from which the national-bank circulation is printed, has been completed, in whole or in part, and a schedule of the same has been filed in this Office as required by section 5174 of the Revised Statues. A large amount of material, also, which had been used in printing the notes of associations which are in liquidation, has been destroyed in the presence of three witnesses, appointed, respectively, by the Secretary of the Treasury, the Comptroller of the Currency, and by the bank-note companies who were at the time in possession of such material.

Other similar material, recently transferred to the custody of the Sec-tary, has also been destroyed in the presence of witnesses appointed by the Secretary and the Comptroller. The examination of this large amount of material and its transfer to Washington has occupied two months' time; and this, together with the alterations in the plates refented to, has cansed considerable delay in furnishing to this Office unsigned circulating-notes for issue to the banks. It is expected that these alterations will be so far completed by the month of January next that circulating-notes will thereafter be delivered with the usual prompt

ness.

STATE AND SAVINGS BANKS, AND TRUST AND LOAN COMPANIES.

As required by section three hundred and thirty-three of the Revised Statutes, the Comptroller presents herewith the condition of these monetary institutions, so far as obtained, for the year 1874-75.

Savings-banks.

The returns received from the six New England States, and from New York and New Jersey, are, apparently, as complete and correct as the State authorities could make them. Those from California, compiled by the San Francisco Herald, also bear evidence of accuracy and completeness. From Pennsylvania only five savings-banks (four in Philadelphia and one in Pittsburgh) have furnished reports. The four Philadelphia banks report their aggregate assets at $15,374,775; the Dollar Savings Bank of Pittsburgh at $4,140,137. Maryland returns six savings banksfive in Baltimore, having assets of $18,933.448, and one in Frederick, with assets of $113,570. Minnesota returns three; aggregate assets, $119.163. Indiana, which reported six savings banks on January 1, 1874, will not furnish returns for the present year until January next.

In the tabular statements of several of the States it will be observed that certain amounts have been added for the purpose of balancing. These forced balances, made in this Office, will be found in the item of “other investments" when the total resources fall short, and in "other liabil ities" when the deficit is on the credit side of the account. An instance of this kind ccurs in the savings-bank statement for Massachusetts, and the missing sum of $593,285 in the aggregate resources has been added to "other investments." Last year it was found necessary to add $902,790 to "other liabilities" in order to balance the statement. The Staté commissioner of savings-banks furnishes no correction or explanation of these apparent errors in the aggregates" which he supplies; and it has been found utterly impossible to derive any satisfactory explanation from the reports of the individual banks embraced in his last annual report. His suggestion, in this last report, that "the banks be required to furnish a statement of their condition, in the form of a trialbalance of their accounts," intimates plainly that the primary fault is in the law of the State, which does not require sufficiently explicit returns to be made by the banks.

The item of expenses" in the tables is extremely defective, many of the returns giving none whatever; and in a considerable number of the reports, United States bonds are not distinguished from other bonds and stocks, nor is the separation of the amount of "loans on real estate from that of loans on personal and collateral security" always observed.

The present year furnishes savings-banks reports (complete and par tial) from twelve States, ten of which appeared in my last annual report. Returns from three other States are now given for the first time, while from one that was reported by me last year no returns have been received. A comparison of the aggregates for the purpose of exlab iting their differences would therefore be useless; but the six New England States, together with New York, New Jersey, and Californie, admit of instructive comparison.

In the tables of the appendix, banking institutions having capital stock, though calling themselves savings-banks, are included with State banks; and in several cases where but one true savings bank is found in the report of a State, it, also, has been combined with the banks of discount and deposit of that State, to avoid the necessity of additional tables.

The tables representing this class of banks are compiled from the returns of 551 institutions, situated in twenty-four States and the District of Columbia; none having been received from the Territories. Their aggregate loans and discounts are $176,308,949, and their investments in bonds and stocks amount to $24,012,934. Of this last amount the item of "investments in United States bonds" is, for the reasons stated, inaccurate, and considerably below the true figures. The items of "other investments," " undivided profits," and "surplus," though correct in the aggregate cannot be relied upon individually. The total resources are stated to be $272,338,996. In a few unimportant instances only has it been necessary to force a balance in the tables.

The statement of the banks of Ohio, here given, was furnished by its Secretary of State. The amounts are apparently averages, returned to the auditors of eighty-eight counties for purposes of State taxation. They are without dates, but were collected in the months of September and October of this year. The number of banks assigned to Ohio is therefore an estimate only, and it has been found necessary to add the sum of $720,651 to "liabilities" in the statement, in order to balance it. The report of the nine banks in Chicago is taken from the Inter-Ocean. There were no others obtainable from the State of Illinois.

West Virginia making returns of ten banks; Maryland, sixteen; Ohio, one hundred and five (estimated); New Orleans, five; Arkansas, one; and Texas, five; are now given for the first time. Missouri, which was returned last year, could not be obtained for the present report.

Trust and loan companies.

Reports from thirty-five of these institutions, situated in New York, Massachusetts, Connecticut, Rhode Island, and Philadelphia, have been obtained, and are separately tabulated in the appendix.

The aggregate capital of these is $21,854,020; their deposits, $85,(25,371: loans, 865,900,174; investments in bonds, stooks, and mort

From flicial reports made to Parliament it is found that the amount due to depositors (including accrued interest) by the old savings-banks, and the post-office savings-barks of the United Kingdom of Great Britain and Ireland, was, at the close of the year 1874, $314,495,807. The number of open accounts was 3,132,293, making an average of $100.40 per capita. This shows a vast difference in the average of each depositor as compared with those of this country; but there is probably a great difference, also, in the character of the deposits. Those of Great Britain are, in the main, actual savings, while great numbers of the American savings-banks do a considerable amount of commercial business.

gages, of all kinds, $39,409,904; cash and cash items, $9,019,016; and their total resources are $122,890,175. Several of these companies state that they hold very large values, amounting to many millions, in trust, which are not the property of the companies, and are not, therefore, returned by them as deposits proper. The reports of the trust companies for New York, Massachusetts, Connecticut, and Rhode Island are furnished by their respective State superintendents of banking institu tions. Those of Philadelphia were obtained by direct applications made to their proper officers, who cordially and promptly responded to the requests of this Office, although they expressed doubt whether they could be properly classed as banking institutions.

Explanatory.

Early in this year, at the time thought most appropriate for obtaining the latest reports, the Comptroller addressed letters to the governors, and to the bank superintendents of all the States having such an officer, asking for returns of the banking institutions of their respective States. The only available reports which have been received in answer to these applications will be found in the appendix. During the summer and autumn he again applied for the required information to the officers of nearly one hundred and fifty banking companies in the States from which no authentic reports had been received.

The Comptroller takes pleasure in acknowledging the courtesy of a large number of these gentlemen; but when the results of all these inquiries are examined, it will be seen how neglectful are the constituted authorities in respect to the monetary institutions of their respective States.

The returns of 1,260 of the State banks, trust companies, and savings-banks in the United States show more than eleven hundred millions of dollars of deposits; seven hundred and seventy-five millions of loans and discounts; ninety-one millions of capital stock; sixty-nine millions of surplus funds and undivided profits, and a grand total of nearly thirteen hundred millions of resources, balanced by an equal amount of liabilities. How much beyond these sums remains unreported to this Office must be left to the estimates or conjectures of experts in finance.

To understand the difficulties encountered by the Comptroller in collecting the statistics of the banks under consideration, it is sufficient only to instance the fact that many of the States do not, by law, require these institutions to report their condition to any of the State authorities. To his inquiries, several of the governors replied, "We have no such information;" and others added, "and we don't know where it is to be had." Some of the States require returns of those items only which they subject to taxation for State purposes, which are generally the capital stock and deposits of the banks; and even where full returns are required, they are usually averages for periods that vary in length and terminal dates.

Among the States from which either no reports were received, or such, only, as could not be utilized, are the great States of Illinois, Ohio, Virginia, Louisiana, Missouri, and many others. Of the thirty seven States in the Union, the Comptroller has been able to obtain reports of banks of discount and deposit from twenty-four only, and of the ten Territories, returns have been received from the District of Columbia alone. Many of these reports are manifestly defective. He has also obtained reports of savings-banks from but twelve States and parts of States, and of trust and loan companies from four States and one city.