no 



BANKS OF THE UNITED STATES. 



BANKS OF THE UNITED STATES AT THE CLOSE OP THE YEAR 1865, INCLUDING THOSE ORGANIZED 

 UNDER THE NATIONAL BANK ACT, AND THOSE UNDER STATE CHARTERS. 



* October, 1865. 



t Partly estimated. 



The National Banking System of the United 

 States. The first act of Congress to establish 

 a general banking system was passed February 

 25, 1863. Another was passed June 3, 1864, 

 under which law there were in operation, on 

 1st January, 1866, 1,579 banks, with an aggre- 

 gate capital of $403,357,346, and an aggregate 

 circulation of $213,239,530. This act, now in 

 force, provides that the aggregate circulation 

 of the banks under the law shall not exceed 

 $300,000,000. 2. There is no limit as to the 

 number of banks. 3. Places with a population 

 of 6,000 or less may have banks with a capital 

 not less than $50,000 ; those with a population 

 between 6,000 and 50,000 must have a capital 

 not less than $100,000. Those over 50,000 

 population must have a capital not less than 

 $200,000. 4. Each bank must deposit with 

 the United States Treasury bonds to the extent 

 of one-third at least of its capital (and not less 

 than $50,000 in any case) as security for credit- 

 ors. 5. Each bank reports its condition quar- 

 terly to the Comptroller of the Currency. 



Section 31 of the Bank Act provides that 

 " Associations in the cities of St. Louis, Louis- 

 ville, Chicago, Detroit, Milwaukee, New Or- 

 leans, Cincinnati, Cleveland, Pittsburg, Balti- 

 more, Philadelphia, Boston, New York, Al- 

 bany, Leavenworth, San Francisco, and Wash- 

 ington City (Charleston and Richmond), must 

 keep on hand, in lawful money of the United 

 States, an amount qual to twenty-five (25) per 



cent, of their circulation and deposits ; all oth- 

 ers an amount equal to fifteen per cent. Three- 

 fifths of this fifteen (15) per cent, may consist 

 of balances due to the association from other 

 associations (approved by the Comptroller) in 

 the cities named (a failure for thirty days to 

 maintain such a reserve fund may produce the 

 appointment of a receiver by the Comptroller). 

 The following table exhibits the number of 

 banks under the Act in each of the cities se- 

 lected as a place of redemption, with the capi- 

 tal and circulation of each : 



Capital and Circulation, of the National Banks in, tJie 

 Cities selected as points of redemption. 



