FINANCES OF THE UNITEp STATES. 



287 



It will be seen that the net decrease of na- 

 tional-bank circulation during the year v/as 

 $24,893,(>80, and of legal-tender notes $5,772,- 

 186. The net decrease of national-bank circu- 

 lation from January 14, 1875, to January 1, 

 1876, was $7,469,554, and the net decrease of 

 legal-tender notes $10,172,780. If to these 

 sums be added the amount of legal-tender 

 notes on deposit with the Treasurer on Janua- 



ry 1, 1877, which was $18,903,374, the aggre- 

 gate decrease of circulation since the passage 

 of the act of January 14, 1875, will be $67,- 

 211,524. 



The following table exhibits the circulation 

 and deposits, together with the specie, United 

 States notes, and other kinds of reserve held 

 by the national banks at three different periods 

 in each of the years 1873, 1875, and 1876: 



The following table gives, by geographical 

 divisions, the capital, surplus, dividends, and 

 net earnings, and the ratios of dividends to 

 capital, to capital and surplus, and of earnings 

 to capital and surplus, semi-annually, for the 



it will be seen that the average annual divi- 

 dends upon capital during the last year were 

 less than 9 per cent., while the ratio of divi- 

 dends to capital and surplus in the same period 

 was 7i per cent., and the earnings to capital 



year ending September 1, 1876; from which and surplus less than 7 per cent. : 



