FINANCES OF THE UNITED STATES. 



289 



The dividends upon capital during the last 

 year were nearly ten per cent., but the ratio 

 of dividends to capital and surplus was less 

 than eight per cent. 



The average rate of interest in New York 

 City for the year ending June 30, 1875, was 

 three per cent, on call loans, and 5.6 per cent, 

 on commercial paper. For the six months 

 ending October 31, 1875, the average rate was 

 2.6 per cent, on call loans, and 5.1 on commer- 

 cial paper. 



The whole number of national banks which 

 have failed since the organization of the sys- 

 tem to October 1, 1875, is thirty-eight, with a 



capital of $9,000,100. The amount of claims 

 proved is $14,672,106; dividends paid upon 

 these claims, $8,292,877. The total loss to 

 creditors is estimated at $3,984,503. There 

 has %>een no loss whatever upon circulation. 



The following table exhibits the resources 

 and liabilities of the national banks in New 

 York City, and in the State exclusive of the 

 City, on December 17, 1875; also the resources 

 and liabilities of the State banks in New York 

 City and State, on the same date ; and of the 

 State banks, savings-banks, and trust compa- 

 nies of the country, so far as they could be 

 ascertained from official sources : 



The national banks pay to the Treasurer the 

 following taxes in half-yearly payments : one 

 per cent, annually upon the average amount of 

 notes in circulation, and one-half of one per 

 cent, annually upon the average amount of de- 

 posits, and the average amount of capital stock 

 not invested in United States bonds ; and sec- 

 tion 5219 of the Revised Statutes of the United 

 States provides that the Legislature of each 

 VOL. xv. 19 A 



State may determine and direct the manner 

 and place of taxing the shares of national 

 banks, but that such taxation shall not be at a 

 greater rate than is assessed upon other mon- 

 eyed capital in the hands of individual citizens 

 of such State. The following table gives, by 

 geographical divisions, the amount of national 

 and State taxes paid by the national banks, and 

 their ratios to capital, for the year 1874: 



