FINANCES OF THE UNITED STATES. 



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The exchanges at the clearing-house of New 

 York for the year ending October 1, 1876, 

 were $21,697,274,247; the average daily ex- 

 changes were $70,849,428 ; and the average 

 daily balances paid in money were $4,218,878, 

 or only per cent, of the amount of the settle- 

 ments. 



The United States laws require returns of 

 c,i|'it;il, circulation, and deposits, to be made 

 by State banks, savings-banks, and private 

 bankers, to the Treasury Department, for the 

 purposes of taxation. From these returns, and 

 from the reports made to the Controller of the 



Currency, the following statement has been 

 compiled, giving, by States, the amount ol Cir- 

 culation of the national banks on January 1, 

 1877 ; the number, amount of capital, and de- 

 posits of the national banks on May 12, 1876; 

 and the number, average capital, and deposits 

 of the State and savings-banks, trust com- 

 panies, and private bankers, for the six months 

 ending May 81, 1870: from which it will be 

 Seen that the total number of banks and private 

 bankers making returns was 6,609, with a 

 total banking capital of $720,012,806, and 

 total deposits, $2,064,980,107: 



The table on page 290 exhibits the growth 

 of savings-banks in the States named, as shown 

 \>y tlii-ir deposits, from 1830 to 1875. 



Some remarks are made by the Secretary, 

 and arguments advanced, to show that the 

 coin payment, to which the faith of the nation 

 was pledged in 1869, was that of gold and not 

 silver. This point has become one of national 

 importance, under the decline in the value of 

 silver during the last few years, and a differ- 

 VOL. xvi. 19 A 



ence of opinion exists. The Secretary asserts 

 that "any other view, whatever technical con- 

 struction the language may be susceptible of, 

 would be regarded as of doubtful good faith, 

 and its probable effect prejudicial to the public 

 credit." 



The amount of silver coin issued to October 

 80, 1876, was $22,096,712.16, of which there 

 was issued for fractional currency redeemed 

 and destroyed, $12.958,259.43. 



