780 



UNITED STATES, FINANCES OF THE. 





of the year the gold had risen $25,000,000 

 above the lowest point in August. But it has 

 since run down again. 



The changes in the paper circulation are thus 

 shown, the amount of each class of currency 

 held by the treasury being deducted : 



The net increase in the paper circulation was 

 $38,656,763. 



The Public Debt. The changes during the 

 year in the character and amount of the public 

 debt are shown by the following statement : 



The decrease during the year in the principal 

 of the debt, excluding the gold, silver, and 

 Clearing-IIouse certificates, was as follows: 



In bonds at 3 per cent $86,649,250 00 



In matured debt other than 3 per cent, bonds. 2,242,370 00 



In refunding certificates 55,150 00 



In demand notes 440 00 



In fractional currency 18,084 95 



Total $88,965,294 95 



There were no refunding operations during 

 the year, but the calling in for redemption of 

 the 3 per cent, bonds which began in Sep- 

 tember, 1883, was kept up. Seven " calls " for 

 the redemption of these bonds, amounting to 

 $70,723,900, were issued, and eight "calls," 

 amounting to $80,932,750, fell due during the 

 year. No call was issued after September 26, 

 the surplus revenues not being sufficient to 

 warrant one, and none has been issued to this 

 date (May 6, 1885). The difference between the 

 actual redemptions and the maturing " calls " 

 is due to the redemption during the year of 

 bonds called in before Jan. 1, 1884. 



The changes during the year In the denomi- 

 nations of United States notes outstanding are 

 thus shown : 



The decrease in the one- and two-doll 

 notes was due to the insufficiency of the appi 

 priation for printing United States notes, 

 consequence of which the issue of those d< 

 nominations was suspended from March 1 

 June 26. 



The Secretary of the Treasury, in his anm 

 report, suggested that in order to promote the 

 circulation of gold and silver coin, an end be 

 put to the circulation of the one- and two-dol- 

 lar notes, and that the five-dollar notes be 

 gradually retired, and the coinage of half an< 

 quarter eagles be increased. Congress took 

 action on these suggestions. 



The National Banks. During the year ending 

 Nov. 1, 1884, there were organized 191 national 

 banks, with an aggregate capital of $16,042,230, 

 to which $3,866,230 in circulating notes were 

 issued. Ten of these banks, with $810,000 

 capital, were organized in the Eastern States; 

 twenty-five, with $1,812,250 capital, in the Mid- 

 dle States; thirty, with $2,991,100 capital, in 

 the Southern States; one hundred and 

 with $8,905,880 capital, in the Western States; 

 five, with $380,000 capital, in the Pacific States; 

 and nineteen, with $1,143,000 capital, in tl 

 Territories. Thirty-one banks went into v< 

 untary liquidation during the year ; and elev< 

 with $1,285,000 capital, failed. Nov. 1, If 

 there were in operation 2,671 banks. 



The following statement shows the conditi< 

 of the national banks, Dec. 20, 1884, there " 

 ing 2,664 banks then in operation and repor 

 ing: 



RESOURCES. 



Loans and discounts $1,228,546.544 85 



Overdrafts 6.656,682 09 



United States bonds to secure circulation. . 817,586,050 OC 



United States bonds to secure deposits. . . . 16.740,000 00 



United States bonds on hand 12.805.900 OC 



Other stocks, bonds, and mortgages 73,449.352 07 



Due from approved reserve agents 121,161,976 8C 



Due from other national banks 69,459,884 45 



Due from State banks and bankers 18,329,912 



Real estate, furniture, and fixtures 49.889,986 



Current expenses and taxes paid 9,670.996 



Premiumspaid 11,928,447 15 



Clearing-house loan certificates 1,870,000 OC 



Checks and other cash items 11,924,152 8 



Exchanges for clearing-house 75,19.%955 



Bills of other national banks 22 ' 8 IH o2 



Fractional currency 456,778 M 



