294 



FINANCES OF THE UNITED STATES. 



The total coinage of the several mints dur- 

 ing the year has been as follows : 



Proof trade dollars, 1,987. 



The number of national banks in the coun- 

 try appears to be increasing, eighty-six having 

 been organized during the year ending Novem- 

 ber, 1881, with an aggregate authorized capital 

 of $9,651,050, and circulation of $5,233,580 

 the largest number of banks organized in any 

 one year since 1872. Meanwhile there -were 

 discontinued twenty-six banks, with a capital 

 of $2,020,000 and circulation of $1,245,530, 

 making the total number in operation October 

 1 last 2,132, the greatest number of banks that 

 have ever been in operation at any one time. 

 Since the organization of the national-bank 

 system, three hundred and forty banks have 

 gone into voluntary liquidation, and eighty-six 

 have been placed in the hands of receivers to 

 close up their affairs. It is estimated by the 

 Comptroller of the Currency, from whose re- 

 ports most of the information concerning na- 

 tional banks is necessarily obtained, that the 

 losses to creditors from the failures of national 

 banks during the eighteen years since the pas- 

 sage of the National Bank Act, has been about 

 $6,240,000, an annual average of about $346,- 

 000. As these corporations have had an aver- 

 age capital of about $450,000,000 and deposits 

 averaging $800,000,000, the percentage of loss 

 on money employed is remarkably small. 



The resources and liabilities of the national 

 banks on October 1, 1881, are stated as fol- 

 lows: 



RESOURCES. 



Loans and discounts $1,169,022.303 



Over-drafts 4,773,780 



Bonds for circulation 863,885,500 



Bonds for deposits 15,540,000 



United States bonds on hand 40,972.450 



Other stocks and bonds 61.896.703 



Due from reserve agents 182.96^.1-3 



Due from other national banks 78,505,446 



Due from other banks and bankers. . . 19,306,827 



Real estate, furniture, and fixtures. . . 47.329.111 



Current expenses 6.731,936 



Premiums . . % 4,188,C86 



Brought forward $1,944,520,825 



Checks and other cash items 14,^81,879 



Exchanges for clearing-bouse 189.'2'.!LVjr>C 



Bills of other national banks 17.782.712 



Fractional currency 878,946 



Specie 114,834,786 



Legal-tender notes 58,158,441 



United States certificates of deposit. . 6,740,000 



Five per cent redemption fund 16,116,752 



Due from United States Treasurer. . . . 1,856,844 



Total $2,858,887,891 



LIABILITIES. 



Capital stock $468,821,985 



Surplus fund 128,140,618 



Undivided profits 66,872,191 



National-bank notes outstanding 820,199.969 



State-bank notes outstanding 245,018 



Dividends unpaid 8,S8o,927 



Individual deposits 1,070,897,581 



United States deposits 6,476,690 



Deposits of U. S. disbursing officers. . 8,631,808 



Due to national banks 205,b6'J.<i46 



Due to other banks and bankers 89,047,471 



Notes and bills rediscounted 3,091.165 



Bills payable 4,604,077 



Total $2,858,887,891 



Under the provisions of the National Bank 

 Act of February 25, 1863, every national 

 banking association organized thereunder was 

 to have succession by the name designated in 

 its articles of association and for the period 

 limited therein, not, however, exceeding twenty 

 years from the passage of the act. The act of 

 June 3, 1864, provided that each association 

 should have succession for a period of twenty 

 years from its organization. Under these 

 acts the corporate existence of the bank first 

 organized expired on January 1, 1882, and 

 that of the second will expire on April llth 

 following. From the last-named date to Feb- 

 ruary 25, 1883, the corporate existence will 

 terminate of 393 banks, having a capital of 

 $91,985,950 and a circulation $67,855,910. 

 The corporate existence of 1,080 banks or- 

 ganized under the act of June 3, 1864, will 

 cease between 1884 and 1890, mainly in the 

 first two years of that period. While further 

 legislation is deemed desirable to authorize 

 these banks to renew their charters, it does not 

 appear to be necessary. The Comptroller says : 



. If. for any reason, the legislation herein proposed 

 shall not be favorably considered by Congress, the 

 banks can still, under the present Jaws, renew their 

 existence if they so desire ; and in the absence of pro- 

 hibitory legislation many of them undoubtedly will, 

 on the expiration of their present charters, organize 

 new associations with nearly the same stockholders 

 as before, and will then apply for and obtain from the 

 Comptroller certificates authorizing them to continue 

 business for twenty years from the respective dates of 

 their new organization certificates. Such a course of 

 procedure wul be perfectly legal, and, indeed, under 

 the existing laws, the Comptroller has no discretion- 

 ary power in the matter, but must necessarily sanc- 

 tion the organization or reorganization of such asso- 

 ciations as shall have conformed in all respects to the 

 legal requirements. 



The passage, however, of a general act directly au- 

 thorizing an extension of the corporate existence of 

 associations whose charters are about to expire would, 

 in many instances, relieve the banks from embarrass- 

 ment. As the law now stands, if the shareholders of 

 an association are all agreed, the process of reorgani- 

 zation is simple ; but if any of the shareholders object 

 to such reorganization, they are entitled to a complete 



