294 



FINANCES OF THE UNITED STATES. 



NEW YOEK STATE NATIONAL BANKS. 



In the above tables the 5 per cent, redemp- 

 tion fund required by the act of June 20, 

 1874, and which consists of deposits with the 

 Treasurer for the purpose of redeeming circu- 

 lation, is included in the legal-tender fund. 



The yearly average circulation of the banks 

 of the State of New York for the ten years 

 from 1851 to 1860 was $29,698,094, and of de- 

 posits $82,364,349. The average amount of 

 specie held by those banks yearly during the 

 same period was $16,287,377, of which about 

 one-eighth only was held by the banks outside 

 of the city of New York, and the remaining 

 seven-eighths by the banks in that city. The 

 average ratio of specie to circulation for the 

 ten years named was 54.8 per cent., while to 

 circulation and deposits the ratio was only 

 14.5 per cent. 



The banks of New York City, during the 

 month of December in the last eight years, have 

 held in lawful money an average of 224.4 per 



cent, upon their circulation, and of 26.8 per 

 cent, upon their circulation and deposits com- 

 bined. The average amount of lawful money 

 held by the banks in the principal cities during 

 the same periods has equaled 59.2 per cent, of 

 their circulation, and, including the amount due 

 from their reserve agents, it has equaled 26.5 

 per cent, of both circulation and deposits. The 

 national banks of the whole country have held 

 during the same periods an average of 43 per 

 cent, of their circulation, and, including, as be- 

 fore, the amounts due from their agents, an 

 average of 23.2 per cent, upon deposits and 

 circulation. 



The ratios stated above are shown by the 

 following table, which gives the average cir- 

 culation, deposits, and reserve funds of the 

 national banks in New York City, in the other 

 principal cities, and in the remainder of the 

 country, separately, and the average of the 

 whole, for the last eight years : 



It will be seen from the various tables given 

 that the average strength of the national banks 

 for the last eight years is fully equal to that of 

 the State banks daring periods of suspension 

 and resumption in former times; and, if re- 

 sumption is to take place upon any fixed date, 

 the national banks will be certain, as a matter 

 of precaution, to strengthen their reserves 

 beyond the averages here given. It cannot be 

 doubted, therefore, that the national banks 

 will be prepared to redeem their circulating 

 notes at any date of resumption which may be 

 fixed upon. 



The movement of coin and bullion for the 

 year ending June 30, 1877^553 the amount 

 in the country at the latter date, are shown by 

 the estimates of the Director of the Mint to 

 have been as follows : 



Estimated amount of coin and bullion in the 



country Jane 80, 1876 $181,678,000 



Estimated product of the mines for the year 82,000,000 



Importations for the year 40,732,595 



Total $804,410,595 



Deduct exportations $56,054,737 



Amount used in the arts and manu- 

 factures 5,500,000 



61,554,787 



Total estimated amount of coin and bullion 

 in the country on June 30, 1877 $242,855,858 



Of this amount, $192,720,230 was in gold 

 coin and bullion, and $50,135,628 in silver coin 

 and bullion. The increase for the fiscal year 

 was $61,177,858, of which $41,155,230 was in 

 gold coin and bullion, and $20,022,628 in silver 

 coin and bullion. The Director estimates the 

 amount of gold coin and bullion in the country 

 on October 31, 1877, at about $185,000,000, 



