UNITED STATES, FINANCES OF THE. 



781 



139,747,079 53 



76,369.555 00 



19,040,000 00 



13,894,782 8T 



1,547,524 15 



Brought forward. 

 Specie, viz. : 



Gold coin $53.939,911 57 



Gold treasury certificates. 50,559,910 00 



Gold cleariug-house cert's. 22,231,0i)0 00 



Silver coin 7,985,487 96 



Silver treasury certificates. 5,030,770 00 



Legal-tender notes 



United States certificates of deposit for 



legal-tender notes 



Five per cent, redemption fund with Treas- 

 urer 



Due from Treasurer other than redemption 



fund 



Aggregate $2,297,148,474 27 



LIABILITIES. 



Capital stock paid in $524,089,065 00 



Surplus fund 146,867,11906 



Other undivided profits 70,711,369 95 



National-bank notes issued. $285,157,980 00 

 Amount on hand 4,960,887 00 



Amount outstanding 280,197,043 00 



State-bank notes outstanding 174,645 00 



Dividends unpaid 1.331,421 54 



Individual deposits 987.649,055 68 



United States deposits 10,655,803 72 



Deposits of United States disbursing officers 8,749,969 85 



Due to other national banks 187,296,348 30 



Due to State banks and bankers 72,572,384 43 



Notes and bills rediscounted 8,433,724 67 



Billspayable 8,415,524 07 



Aggregate $2,297,143,474 27 



As compared with the statement for Dec. 

 31, 1883, the paid-in capital increased from 

 $511,837,575 to $524,089,065 ; the surplus fund 

 and undivided profits from $203,588.197.04 to 

 $217,578,489.01; the specie held, from $114,- 

 276,158.04 to $139,747,079.53, and the United 

 States notes and certificates representing them 

 on hand, from $91,399,796 to $95,409,555 ; the 

 individual deposits ran down from $1,106,453,- 

 008.23 to $987,649,055.68 ; and the loans and 

 discounts from $1,302,223,212.35 to $1,228,- 

 546,544.35. The falling off in deposits and in 

 loans and discounts is the result of the financial 

 crisis of May, 1884, which led to the failure of 

 several national banks and of a large number 

 of private banks, brokers, and railway and 

 other corporations, and from which neither the 

 banks nor the commercial community had re- 

 covered at the end of the year. 



The circulation shown to be outstanding by 

 the reports of the banks, Dec. 20, 1884, was 

 $280,197,043, as compared with $304,944,131, 

 Dec. 31, 1883. This falling off of $24,747,088 

 represents the voluntary surrender of circula- 

 tion by the banks. It was chiefly due to the 

 calling in for redemption of the bonds depos- 

 ited as security for their circulating notes, and 

 their inability to replace those bonds with 

 others on which circulation could be issued at 

 a profit. The national-bank notes in actual 

 circulation, as shown by the books of the 

 treasury, including those of banks which have 

 failed, gone into liquidation, or made deposits 

 for the reduction of their circulation, fell off 

 during the year from $350,482,829 to $329,- 

 158,623. The lawful money deposited during 

 the year for the retirement of bank circulation 

 was $34,246,461, making the total deposits on 

 this account $234,163,413. The circulation 

 redeemed from these deposits during the year 



amounted to $30,113,401, making the total re- 

 demptions $190,500,845, and leaving a balance 

 of $43,662,568 in lawful money on deposit at 

 the close of the year. 



The redemptions of bank-notes by the Treas- 

 urer of the United States under the act of 

 June 20, 1874, during the years 1883 and 1884, 

 are thus shown: 



The increase in redemptions during the year 

 1884 was $28,245,176, or more than 25 per 

 cent. 



The kinds and amounts of United States 

 bonds held by the Treasurer as security for 

 circulating notes issued to national banks at 

 the close of the years 1883 and 1884 are shown 

 below : 



The aggregate deposits and withdrawals of 

 the various classes of bonds held on this account 



were: 



The net increase in the 4 per cent, bonds 

 was $6,849,950, and in the 4 per cents, $10,- 

 820,600. The net decrease in the 6 per cents 

 was $19,000 ; in the 3| per cents, $422,000, and 

 in the 3 per cents, $46,112,700. The net de- 

 crease in the total on deposit was $28,883,150. 



The continued calling in for redemption of 

 the 3 per cent, bonds, which form so large a part 

 of the basis of the national-bank currency, and 

 the contraction of the bank circulation through 

 the surrender by the banks of a large share of 

 the issues secured by the bonds called in, con- 

 tinued to cause discussion during the year. 

 The President, in his annual message, thus re- 

 ferred to the subject : 



The 3 per cent, bonds of the Government to the 

 amount of more than $100,000,000 have, since my last 

 annual message, been redeemed by the treasury. The 

 bonds of that issue still outstanding amount to little 

 over $200,000,000, about one fourth of which will be 

 retired through the operations of the sinking fund 

 during the coming year. As these bonds still consti- 

 tute the chief basis lor the circulation of the national 



