292 



FINANCES OF THE UNITED STATES. 



The bill was not voted on by the Senate 

 during the year. 



The condition of the banks in relation to 

 the resumption of specie payments is the most 

 important aspect in which they can be con- 

 sidered. This is brought out very fully in the 

 Report of the Controller of the Currency by 

 a comparison with the condition of the State 

 banks during former periods of suspension. 



The banks in this country, with the excep- 

 tion of those in the New England States, sus- 

 pended specie payment in September, 1814. 

 The New York banks resumed apecie payment 

 on February 20, 1817, but resumption was 

 not general throughout the country until about 

 the close of the year 1819. There was also a 



general suspension in May, 1837; but in May 

 of the next year the New York and New Eng- 

 land banks again resumed specie payment. 

 The banks in Pennsylvania finally resumed, 

 under the coercion of the State Legislature, in 

 March, 1842. Banks in other portions of the 

 country resumed at about the same date. A 

 general suspension again occurred in October, 

 1857, the banks resuming specie payment in 

 the following year. 



From such data as are now obtainable, the 

 following table has been prepared, giving the 

 items of circulation, deposits, and bank balances 

 of all the State banks, and of the specie held by 

 them, for a series of eight years, covering both 

 of the periods of suspension and resumption : 



The subjoined table gives similar information in reference to the national banks for the last 

 eight years : 



By reference to these tables, it will be seen 

 that, from 1835 to 1842, the average ratio of 

 specie to circulation held by the State banks 

 was 31.67 per cent., and to circulation and de- 

 posits 18 per cent. ; and that from 1850 to 

 1858 it was 32.1 and 16.01 per cent., respec- 

 tively. The ratio of specie and legal tenders to 

 circulation of the nationaHranks, for the eight 

 years named, was 45.5, and to circulation and 

 deposits 16.7 per cent. , 



The returns of the State banks in the New 



England States, and in the State of New 

 York, were more regular and reliable than 

 those of the banks in any other portion of the 

 Union. 



A comparison between these banks, for the 

 periods named, with the national banks for the 

 last eight years, is given in the following tables, 

 which, together with those preceding, are tab- 

 ulated from reports of the condition of the 

 banks at the date nearest January 1st of each 

 year given : 



