The New York Herald Newspaper, December 5, 1866, Page 8

i Report of the Seoretary of the, . Interior. EOE OO OO CONTINUED FROM FIFTH PAGE) nt relatives of officers an’4 soldiers widows and deponder , allowed, at aD agereg’ste rate of Gotuetit per annum, increased ‘allowance to such ‘was $299; so that the SU’ required to emo ye ne description, ellowed during year, ts $2, 744,01 Pathol number of new Army pensioners of all 's added to the rolls danng the ¥ ar ending June 30, 1866, was accordingly 49,721, and requiring for their pay went $4,500,623 per annum. ‘the guinber dropped from the rolls during the same period, 9n account of death or ‘pther causes, Was 9,342, whose annual allowance amount- ad to $380,175. ‘On the 300 of June last there wereon the pension rolls invalids, whose yearly rate of pensions was $4, 18, and 69,889 widows and dependent relatives, at a ly rato of $7,284,404, making a total of 124,09 army , at an annual aggregate of $11,415,122. Including payments to pension agents, the amount id during the year to revolutionary pensioners was 206; to arniy invalid pensioners, $3,815,505, and to widows and dependent relatives (not revolutionary), 100,436—giviug the total sum of $13,177,448. eee the year, 238 original applications for navy tmvalid pensions were allowed, at an aggregate amount $18,902 per annum. 25 such pensions heretofore atiowed were increased at an agerezate annual $19,819. 218 original applications of ‘widows and ‘dependent relatives of officers and weamen were allowed, at an aggregate of $32,976 annum, The total number of navy invalid pen- Tes ‘on the rolls at the close of the fiscal year was 1,082, ber ‘at an aggregate annual rate of $72,610, The nuin- widows and dependent relatives was 1,181, at an smagregate annual rate of $188,742, making the whole ‘umber of naval pensioners, of ail classes, 2,213, requir- for their annua! payment $261,352. “he total nuinber of pensioners of all ol: army ‘and navy, on the rolls June 30, 1866, was 126,7 and the amount paid pensioners, including expenses of dis- ments during the last’ fiscal year, was $13,459,996, is amount includes $99,237 paid to 1,043 pensionors residing in the States whose inhabitants were lately in ton. = 1ato of the executive proclamation declaring y State to be in a state of insurrec- Won against the United States, the names of all pension- ers residing in such State wore stricken from the rolls, Intercourse with them waa, by the laws of war, the legis- lation of Congress, and the Preaident’s proclamation in parsuance thereof, suspended so long as suc condition ef hostility continued, but the right of such pensioners as remained loval to the United States was raved by tl not of February 4, 1862, Their names, on making the required proof of continued loyalty, are accordingly ro- gored to the rolls. Mr, Attorney neral |, whose pinion on the subject was taken by my predecessor, held that the restored pensioner was entitled to the ar- rears of the pee which had accrued since the last payment to him prior to the rebellion, and the practice e be government has been im conformity to that inion. “rte navy pension fund, accruing from the condemna- Mon and sale of prizes, and invested in bonds of the ‘Waited States, amounts to $11,750,000. The interest of ‘is investment is mofe than double the amount neces- sary to pay ‘ho navy pensions, There is also an unin- vested surplus of $205,788. During the past year 406 bounty land warrants were fasved for 63,860 acres of land. The Commissioner of Pensions represents that a con- @iderabie number of additional clerks'ls mdispensable to fhe prompt and efficient transaction of the business of Bis office. The biil to reorganize the clerical force of ‘this department, recommended by my predecessor, and paseed by the Senate at the last session, would have @@orded a partial remedy; but the changes made in the pension laws subsequent to its introduction, render its provisions inadequate to the present ‘and increasing wants of the service. The cases during the yoar ex- ‘@eeded, by twenty-five per cent, those disposed of during tat which preceded it. The labor of the office during Whe current year has increased in a much ‘end is nearly if not quite two-fold greater tl @evolved upon it for the same length of t @egentzation. Notwithstanding this imperative neces- ‘aity for a well organized force several years have elapsed nag permanent addition to it was made, The nu- ty to employ temporary clerks of the first class has ‘een given, but it secures only thé services of mere ‘tats. The business of the bureau must fall in arrear insufficient means are furnished for transacting it. Wo delay, other than that whieh is uuavoldable, should .@utfered to occur in awarding the pensions provided the country for those who havo such strong claims its res and gratitude, The case is respectfuliy ‘to Congress, who can alone furnish the remedy, whose eariy favorable action is specially and eax westly invoked. INDIAN APPAIRS, j ‘The voluminous report of the Commiesioner of Indian Affairs exhibits in detail the condition of this difficult gad important branch of the public service. The numer- ‘@mq treaties recently negotiated with various Indian ‘wibes have greatly augmented the labors of the depart- = the constant pressure of emigration into the rit produces confticts of interest which re- Judicious management to adjust and control. The ealover sets forth the terms and stipulations of treatioa. The Indian tribes of the Southwest have Pesomed their former friendly relations with the covern- ent. and it is hoped that they will succeed in fuliy ting the differences which have heretofore existed tbem in consequence of the different attitudes were induced to assume towards the United States the rebellion. There are before the Senate some important treaties ‘with the Indian tribes in Utah, Kansas and Dakota Terri- wm, to which the attention of that body is respectfully ited. Several treatios recently negotiated wit! lan tefbes in the Northwest will be submitted to you at an @arly day, to bo laid before the Senate for ita considera- fon and action. It is believed that, should they be pte ‘and faithfully executed, peaceful reiations will emtablished with powerful tribes oecupying a vast ex- of country, who have recently been in hostility to government. Commissioner su; the necessity of further ‘Begotiations with some of the Indians in Kansas, with a 0 their removal from that State; and also with th ‘tribes in Idaho, New Mexico and Dakota, for their ve any more conclusive effect than the ruling the oxecative oficer. If adverse to the applicant a does not issue; but if in his favor, even in tnter- ‘Canes, it is nota final determination of the ques- ite validity may come in question. If sued by holder of an elder patent who was a party to the whole ings the applicant cannot ret np the ‘awarding him @ patent as a defonce to the sc- tien. Such a decision ts not, in ita essential charac- teristics, a Judicial act, and cannot be assimilated to the ent of a court Of competent jurisdiction, which be jod as an estoppel where the ideatical ques. Gon in dircetly involved between the same parties in a gare sult, The duty incident to t val treet thould not be imposed upon the judge, and there is a ‘manifest impropriety in giving him ® supervsory con trol over the action of aa executive bureau. The jndi- and executive departments of the governmest are pet and nt, and the offleers of each shouid confined to their appropr ate sphere of eciion. ‘The applicant for « patent, before be can prosecute an wo Sie ae pay into the office the sum of for his use. fee requirdd on each successive ap- i from the primary examiner to the ‘iners in ‘and from the latter to the head of the bureau, con- Stitules a part of the patent fund and fe not paid to those eficers. recet! fixed com} without re- to the cases submitted to them. The amount of emolamenta for this special service ods ‘Spon the number of to bim, and that may bo tn- or diminished by the eharacter of his dectrions. ‘Ys thos placed ip a position which ao judicial ofticer be compelied to occupy, UNION PACIFIC RATLROAN. On the th instant the Union Pacific Railroad was comn- Fredtu morta sf etcinte. Saag $7 men ainant intles distant . The want of a railroad connection from the from and equipments of the road and compel Uses ta ow ato tn cavigeson peered Ths 0 ‘ation perm! @ by Ay RT ty = comrtruction of the rai\- Seva will be com, leted Rent apricg”” Pei | Pp have sonatrueted ail thete depot boild. at Omaha.” The orrangemont and extent of theit and permencat fixtoren are om a scat adapted our vast and increasing trafic the western 8 to elicit repeated atpreesions men. from the government directory ned cn herd ae Be Sere ate Bete ncuron of Soe Ly Con. the commimioners , ay porion of the rosd pre. company have not filed e map dowin, fed rollee me porter pare eae roles wre ane. 6 sotively aacertaini ine D direst ene ppropriation for *, Capitol extension, Octeber 31, 1866, was $80,410, Pod architect estimates that $250,000 will be required toyeon- othe. appropriation for lighting, Uy means of for ing, by means of ¢, sitio a an tooo eighty-thon emus burners of the domo, has proved a complet’, success. They can now be tighted in a few minutes. /4n tnterest- ing report on this subject has been ener at the re- tenth and hundred and eleventh meridians of longitude, | quest of the Commissioner of Public Be nes by three and between the parallels of forty degrees and forty de. | electricians of reputation, and is annexed to his annual grees and thirty minutes of latitude, The result of | report. The sum of 431 was expen: on the dome these exami: satisded him that auch a route could | durng the year ending October 3}, 1t at which date not be found. there was on hand a balance of $1,538, An appropria- ‘The survey of the line by the bay Ad the valley of the Sweetwater, the south of the Rocky Mountains and the valley of Black's of Green river, was then commenced, It established the important fact that the summits of all the passes of which surveys had been made in the great rages of those mountains have very nearly the. same altitude above tide water. Further exanrnations yere made by the company’s engineer in that SOEs the details of which have not been furnished to the department, en One of the most important of this company’s surveys extends from the Great Salt Lake west to the Humboldt valley, between the hundred and fifteenth and the bun- dred and sixteenth meridian of longitude, traversing the great American desert. ee incomplete, it bas re- sulted in the discovery of a line, with grades not ex- eceding sixty feet per mile, from Great Salt Lake (ity the valiey of the Humboldt, across the Humboldt range of mountains. a distance of two hundred and eignt milea, For about one hundred and fifty miles across the desert no fresh water was found by the engineer, satistled, hower, from his Obtained in the passes. over Cedal rm side of the desert, and the first range wost of the desert, leaving only sixty miles without fresh water, sofl ig admirably adapted to a fine hard road-bod. The results of the survey are satisfactory tothe company, and show that the difficulties to be overcome are much Jess formidable than were antici; The company report hat the amount actually expended on the road in money is $9,600,082 01. Of this amount $3,113,221 25 have been derived from the sale of $3,280,000 of government bonds, $3,901,857 01 from loans, and $2,508,725 from stock subscriptions. This amount does not embrace the indebtedness to the con- tractors for the first two hundred and forty-six miles of Toad, extending from Omaha to the one hundredth me- ridian, Their contract expired by the completion of this part of the line, and when the whole indebtedness of the company is adjusted, the entirgexpenditure, including a million of stock which the cohtractors agreed to take, will not fall short of $12,500,000, The amount of tao ere: loans is $3,668,213 95. To meet this debt it has $5,480,000 of its first mortgage bonds unsold, and $560,000 of covernment bonds. The amount of bonds actually executed is $3,560,000. ‘The company is entitled to tssue the following amounts:— First, for two hundred and forty miles of road ac- cepted by the government, $3,840,000; second, for one hundred mites in advance, $1,600,000, making a total of },440,000, None of these bonds have been offered for sale. They are made by the act of Congress a lien prior to that of the government, and it was deemed advisable to wait, before negotiating them, until the work had made euch pro- gress as to five to the public the assurance that its suc- cessful completion was no longer a matter of doubt. They have therefore been used to @ limited amount as a basis for temporary loans, The roiling stock on the road consists of twenty-one locomotives, one hundred and fifty-six flat, forty-six box, thirty-five hand and five passenger cars. The Union Pacific Railway ‘Company (eastern division) have constructed thei to Fort Riley, one hundr: and thirty-five miles west of the Missouri river, of which one hundred and thirty have been accepted by the government, thus giving a continuous line of railroad trons ia four hundred and ecightoon miles wort of t. Lous y have also constructed a branch road, thirty miles in length, from Lawrence to Leavenworth, which affords en another line of SARE, to the Missourt iver. ¥ The company report that the present equipment of the road is as folsows:—Nine locomotives, ten first class pas- senger, three baggage and express, hundred and one box, ninety-four dat and twenty-seven hand cara. ‘They ave also purchased eight locomotives, five pass: ager fifty fiat, twenty stock and four hand cars, nave supplied the road with the requisite stations, depots and water ‘tanks and commenced the constructien of machine shops and round houses at Wyandoite and Tren, weighing fifty-six pounds to the linear yard, and suff- cient to construct one hundred and sixty additional miles of road, with ogee | has been purchased and will be do- Mvered monthly until noxt April. Contracts have beon made to complete the road two hundred and fitty miles beyond Fort Riley by the Slat day of Decembor, 1867. ‘The passengor and freight traftio of the road.is already considerabie and gives promise of great incréage in the future. Tie gross receipts of one hundred and five miles of main line and thirty miles of branch road for the month of September were $42,000. CENTRAL PACIFIC RAILROAD. The commissioners, under date of September 28, re- port that vem § have examined, and oF recommend the acceptance of an additional section of the road of the Central Pacific Railroad pny of California, making a distance of seventy-four miles (rom Sacramento. ‘Tho company report, under dato of the 13th ultimo, that they have constructed an additional section of twonty miles, reaching at the terminus an elevation of about sixty-one hundred feet above tide water at Sacramento, A force of ten thousand men is now engaged in grading the next two sections, the tles aro redwood, equal to cedar in durability, and nuiaber about twonty-five hun- dred to the mile, avd the culverts are constructed of ranite, or other hard stone, except in the valley, where fiard burnt brick is substituted, as stone could not bo procured. The bridges are made of the best quality of red fr, The drainage is ample, and the road weil bal- lasted with gravel and broken rock. The necessarily high. The meximum authorized been reached for a distance of three and one-h There ia no difficulty in operating these portions of the road. The nger trains make twenty-five and the freight trains twelve iniles per hour There are on the road or in transitu 30 locomotives tion of $15,000 will be required to complete this work. The belt between the eecond and third cormicas of the rotunda shonid be ornamented by a series of national pictures, or in some other apprepriate mauner; and designs for the purpose will be tyvited from ei nt artists if Congress confers the requisite authority, ‘The extension of the !\brary is nearly completed. The work has been done in the most substantial and elegant style; and the rooms-are now an appropriate setting for the rich literary treasures within them. It is proposed to heat them with steam, from the boilers in the base- ment, oy means of Gould’s apparatus. The Commissioner of Public Buildings urges, on sanitary grounds, the neces- sity of warming the passages of the centre building and of improving the manner of beating and ventilating the Supreme Court rooms. The expenditures on the library extension from October 81, 1865, were $137,926, leaving @ balance of $31,129, Tho architect repeats the recommendation made in bis preceding report in favor of the extension of the central portico, in conformity with the plan proposed by his predecessor, Thomas U. Walter. Shontd tbis recommendation be sanctioned by Congress, it would be advisable to commence the work at an early day, While operations on the other portions of the edifice are in ere. and before the eastern grounds ane improved, view of the anticipated early completion of the Capt- tol, should the central portico not be extended, it ta re- commended that Congress authorize enclosing the pub- lic grounds north and south of the building, and squares numbered 687 and 688, should the bill which passed the Senate at the last session providing for the purchase of them become a law, and improving the Capitol grounds in a style befitting the magnificent ediiice which crowns their summit. About three-fourths of the material necessary to com- plete the northern portico of this department is on the ground, and it is expecied that the work will be com- pleted next season. An appropriation of $26,000 for this object will be required. The appropriations for repairing and furnishing the Executéve mansion have been expended in a judicious ‘and satisfactory manner, and the grounds between it and the Treasury Department have been improved and embellished, The expenditure of the small appropriation for Penn- sylyania avenue has scarcely itnproved its general as- pect. The propriety of providing the means for paying {t in the most durable manner {s worthy of favorable con- sideration. The appropriation of $10,000 for the repair of Long bridge has been expended, but tho sum was wholly in- adequate for tho purpose. It is estimated that $20,000 more will be required to put itin proper order. A like sum is needed to properly repair the bridge at Little Falls, known as the Chain bridge. The Navy Yard bridge 18 in good condition and the new draw in it will be soon completed. The improvement of Franklin square has commenced and in time grass, shrubbery, trees and walks will ren- der it an ornament to the part of the city in which it is situated. Appropriations will be necessary for the im- provement of Lincoin square, the completing of the cul- vert through the botanic garden and the coustruction of wee Sap ips and pavii ‘tain streets and 0 iD, ing paving certain an canneamentened in {the Commissioner's report aud leading to the Capitol, while eminently desirable on many accounts, will be wholly beyond the power of the corporation of the city, The propriety of undertaking these improvemenis on the part of the national govern- mont is submitted for consideration. By the act of May 5, 1864, the Commisstoner of Public Butidings 1s directed to pay to the propor authorities a just proportion of the expense of improving avenues, streets and alleys ing through or by Regine: f belong: ‘ing to the United States, A lerze amount is due from the government tor such Improvements. The means to meet it should be at once provided, The Commissioner recommends a farther appropriation of $100,000 to on- able him to meet sim lar Habilities in future, ‘The number of patients which Congress at its Inst ses- ajon ordered to be constantly kept at Providenco Hospital at the expense of the United states was fifty per cent greater than that of the preceding year, while the sum SP} riated for their maintenance remains the samo, e pines to tie government spring now supply the Capitol with abundance of puro water. WASHINGTON AQUEDUCT. Congress made provision at its last session for tho eempletion of the cut stone dam from the Maryland shore to Conn Island, and for other portions of the Washing- ton aqueduct, The work on the dam was resumed in August last, and has been vigorously prorecuted. The foundation masonry will bo completed at an early day. The temporary dam at that point was washed away by the spring freshet, It has beon rebuilt, and wiil pro- bably require no further expenditure. The connectin, conduit {8 rapidly approching completion. The wor! ou the gate-house at Great Fails hes been unavoidably deferred. The apprepriation was made at so late a period of the session thet it could not be advantageously used during the present season, An trgent necess ty exists for deepening the distributing reservoir and pro- (woting, by @ rabble wall, its interior or water slopes. I reapectfully recommend that an appropriation be made for this and such other a¢ ns to the work as will d to the greatest available oxtent, secure capital all the benefits which the gress proposed toconfer by this improve- The following ement sbows the sum: United States ehais daring the year en 1866, for defraying expenses of the United States courts, incliding foes of marshals, Jurors and witnessos, main- tenance of prisoners and contingencies of holding the courta, and 671 cars. The company have in Sacramonto the | Disricts. Amounts. Districts. Amounts. machinery for a large machine and repair shop, includ- | Alabama, northern New York, eouth- ing a powerful borizonial engine for furnishing the district. ........ $8,197 —_ erndivtrict...... $54,710 driving power. The shop Is 1 of erection, and | Alabama, southern New York, eastern the company. ex! s00n to be to build locomotives district.......... 12,469 — district, + 16,637 and cars equal to those furnished in the Eastern States. | Arkansas, western North Carolina... 4,936 The tunnels have been constructed suiliciently wide to dstrict.......... 6,617 Ohio, north, dist.. 40,101 accommodate double tracks, A full force is at present | California, north- Obio, south, dist.. 27,530 caplored in constructing a tunnol 1,600 feet in length ern district...... 14,819 Oregon, veces @101 at the summit of the Bierra Nevada, and one of 900 feet | California, south- Pennsylvania, cast- in length seven miies east of that point. orn district. 6,600 ern disirict..... 80,738 inations and surveys mdicate the valley of the | Connecticut. 6,114 Pennay!vania, wee. Humboldt as the most advantageous route through the | Doinware.. 3 + 29,731 State of Nevada, Dist, of Columbia. 76,012 eves 7) The company expect to reach during next year the | Florida, north. dist. 2671 South Carolina... 3,978 Rig Bend of the Truckee river, to which point the road | JjKinois, north. dist, 18,021 Tennossee, eastern has been permsnently located, a 0 of 195 miles | Tiimois, south, dist. 17,160 — district..:...... 9,579 from Sacramento, allege that thelr expenditare fans, Tennesseo, weatern exceeds 000,000, and they entertain no doubt that district......... 4,901 the road will he completed to Salt Lake City during the Tennessee, middle year 1870. district......... 6,222 THE ATGHIQON AND PIKR’s PEAK RAILROAD COMranT. Texas, weet, dist.. 7,260 have completed forty miles of their road west from rermont. +» 4667 Atchison. The company report that they have on hand 12,680 six looomoti' two passenger, one 0 and ex. 206 press, fourteen box, and thirty-two flat cars, three tanks and two &c,, with a machine shop anda black- smith shop complete, the former being built of stone and covered with an tron roof, and they are now engaged jn the erection of a round-bouse. The ie ea. built ina very substantial manner; nearly all e bridges and culverts are of the best quality of solid masonry. The longer bridges are of truss pattern. The road for the noxt thirt; nearly ready for the superstructure, Tho tem fron, —“ Spikes for the same are tent eo company report an expenditure, in the con- struction and equipment of the road, of $2,307,6{0. They confidently expect that sixty miles of road will be completed by the first of Janvary next. ‘THE WERTERN PACIFIC RAILROAD COMPANY filed on ihe 13th of last July their acceptance of the Provisions and conditions of ihe resolution of Congress extending the time for the construction of the first sec. tion of twenty miles of their road, approved May 21, 1866. On the 2d instant this department recoived the report of the ment comm! a the completion ds equipment of that section. from San Joad, in the direction of Sacramento, to a point in Alameda county, a distance of twenty miles. THE SIOUE CITT AND PACIFIC malLROAD. The report of tho President of the Sioux City and Pa. cific Railroad Company, under date of the 16th instant, sets forth that renewed Lh by their engineers dur- ing past season justify and confirm the opinion that the most direct ae eee route from Siupx City to 8 point which they bave selected upon the Union Pacific Railroad from Omaha is on the east side of the Missouri river to a crossing near De Soto, thence via Fish Creek to the Piatte Vailey, and thence to the potut of connection with the jatter road at Frémont, forty six aud one half miles west from Omaha. It in also stated that the 5 ing of the northern sixty-ight miles has been pi under contract and @ force aiready on the work. The company bas arranged to construct about siz miles of road, which will connect its line very adv ey Cedar Rapids Ratiroad at « paint where It is with Peoted that the latier road will reach the Missouri riv ‘valley ti few days. ATLANTIC AND PACTRIC RAILROAD. Thote is nothing on die in the Department to show that the company authorized to construct the Atlantic and Paciic Railroad by the act of Congress approved July 27, 1866, nave accepted the provisions of the act. WAGON ROADS The work on the wazon road (rom Niobrara to Virginia City has been continued, though with serious annoyance from hostile Indians. The route bas been shortened nearly one hondred Coy Cid piaieansd tobe tock th Operations on one 9 projecte: ‘om Sion City to the ent of the Big Cheyenne river have been with great ectivity and success. That part ween the initial point and Yankton, with the exorp- ton of the bri is Onished and in order, ‘100 bridge over the Big Sioux river is being built. Ifthe con- struction of It dos not the per rent of buildings for the use of the courts is $143,544. ‘The foregoing does not embrace the salaries of the Judges or other officers of the courts; they are patd oat ‘of a special appropriation which 1# not under the control of this department. WUILDINGS FOR FEDERAL COURTS. ‘ly urge upon Congress the necessity which exists for the orection of suitable biildings for the federal courts, The department is now compeled, in Many instances, to lease property which is {Il adapted for the purpose, and where adequate security is not provided for the records and files, Few houses belonging to pri- beea constructed with reverence to judi xorbitant rent ie often demanded, and the government, in more than one instance, bas been constrained to submit to unreasonable exactiona. Every consideration of economy and propriety requires that the United States should be the proprietor of the buildings where ita courts are holden, and that the most ample ac- commodations should be furnished the jas and officers for the pertormauce of thelr highly responsible duties. INCREASE OB BALARIER, I desire to bear testimony to tho energetic and faithful manner in which theqficers of this department have, since my connection wNb it, discharged their dutics; and I cannot suffer this opportunity to pass, without asserting their just claims to more pres A compensation. The chiefs of bursaux are charked with weighty re- sponsibilities, and Nae to determine difficult and com- Piicated questions. can make ao distinction in the value and character of their services, and their compen- wation was formerly the same. No one familiar with the subject will pretend that the daties of the Commissioner of Patents are the mont difficult and exacting; and yet, by @ pingular inadvertence, his was alone increas. ed. 1 is now Afty per cent more than that of the Com. missioner of the Genoral Land Office, the Commissioner of lucien Aflaire, or the Commissioner of and even exceeds that of the Assistant Secretary, who, in the absence of the Secretary, je exclusively charged With the entire supervision of the department. IT am not of opin. fon that it ts too large, Indeed it ie less than that of Many bureau officers at the seat of government But I respectfully submit that mo distinction should exist In the amount of compensation allowed to officers of the same grade fn this ope and that the Assistant Fecretary, in view ot his oficial position and arduous FO) now on : tae wile fe te the ion of Feo Nya as less only than that of the the The clerks are not adequately peld. Many of them Apprebendod Indian difout are charged with duties which bring Into constant requi- tension of the road from the mouth of the sition acqulrements which, are fruit of loug experi. ence and special study. The 1 salarion were fixed present Mont many years ‘and #ince then the coat of subsistence ployed. ‘The funds at bi haa thcreased 160 per cent, The compensation of the inborer, the mechanie and ine geeeien ae in ten or two! the intervening time, increased seems ins the Bitter Root, that of valuable public servants ins the ‘Virginia City, fee Thore of ri Co ae rola Be Bay thon jnently resign, as jacements Seeds them ia other areata tok ta the vorviee af the govern. ment The applicants for clerkehips are mamerons From the report of qnongn, ity for the oy cprnses r tive can, I believe, o ee in an execu atold the conclasion thet ite ) id be that the eneu: Promoted by a radical ehangs in the organiration of ite the ¢lerical force, and that the increased outiay necessary to portions. Will prove weecesefnl, to Improve the Imperfect and ob ieee paar whl of the Sgrate chamver and hall of s Hoowe of Revresertavven In order to obtain © Sours the services of experienced and eki/ful clerks will prove in the end to be irae economy. O BL BROWNING, Stopetary of the Jaterior, COMPTROLLER OF THE CURRENCY. Orrice OF THE COMTROLLER OF THE meee} ‘Wasuinaron, 1 Sre—In compliance with the provisions of section 61 of the National Currency act, I have the honor go pre- sent through you to the Congress of the United” Btates the following report :— Since the last annual report sixty-two national banks have been organized, of whioh fifty-ono aro new asaocia- tions and elevon are conversions of existing State banks to tho national m, making the total number organ- ized up to October 1 1,663, Tho following table will exhibit the number of banks, ‘with the amount of capital and circulation in each State and Territory Te Or. ing Statesand gan or Inope- Capital Bondade- Circulation Territories, aed. 2d. ration. pari in. sited, tagued. Maing a— 6 390 200 $7,451,820 New shire. $9— 39 4,715,118 4,727,000 4,121,258 Vermor 49 $0 6810,012 6411000 6.678 Rhode Isi'd, 62 — 62 20844400 14,144'60) 13,809 850 Mi 08 1 207 210 30 B40 070 83 471,500 17,177,450 308 90,400 67,185,485, St Sh 824,150 91030,735 8 2 ML 350 84,002.640 s— 8 10,052,760 8,745,450 is i ‘948.200 1,179.80 61 6 442,000 1,276,600 o- 2» ‘897 300 900 wb 15 236,750 650 16 1 135 771,900 18/875,239 21 7 400,850 280 a— 8 (613,400 8415, 41 ‘600 5.40 a7 — 750 2.760 481 0.150 895 15 — 200 009 4— 000 ua 490 15 — w~ Louisiana 3B 3 290 Nebraska... B— 8 000 C . B= B tA M 2— 2 75, 500 a— 9 By 000 5 6 509,090 609 2— 2 ww) 240,009 2- 3 200.000 200,090 B— 3 500 000 504,000 l= A 15,000 611,000 1- 1 100,000 109.00) an a 548,700 403,000 32— 2 235,000 196,000 Total.....1,608 16 1,647 GA1T.246, 164 $322, 467,100 $22,671,758 From the number of banks organized, heretofore stated to be 1,663, should be deducted 16, leaving the number in active operation 1,647. The banks to be excluded are the following:— NEVER COMPLETED THEIR ORGANIZATION 60 48 TO COMMIN BUSINESS. The First National Bank of Lanaing, Michigan. The First National Bank of Pénn Yan, New York. The Second National Bank of Centon, Ohio, ‘The Eecond National Bank of Otturawa, Iowa, SUYERSEDED RY SUSSEQUENT ORGANIZATIONS WITH THE SAMS TITLES, The First Natiorn! Bank of Norwich, Conpeetiout. Tho First National Bank of Utica, New York, IN TUB HANDE OF RECEIVERS. The First National Bank of Attica, New York, = Venango National Bank of Franklin, Pennsyl- vania, The Merchants’ National Bank of Washington, District of Columbia, OLOSED AND CLOSING UNDER THR PROVISIONS OF SECTION 42 Ov THE ACT, ‘The First National Bank of Columbia, Missouri. The First National Bank of Carondelet, Missouri, The First National Bank of Leonardsvillo, New York, The National Union Bank of Rochester New York. The Pittston National Bank of Pittston, Pennsylvania, consolidated with the First National Bank of Pittston, Pennsylvania. The Borkshire National Bank of Adame Maseachurctts, consolidated with the First Nationa: Bank of Adams, Masachusetts, ‘The Fourth National Bank of Indianapolis, Indiana, consolidated with the Cit:zens’ National Bank of Indian- apolis, Indiana, ‘An abstract, by States, of the quarterly returns mace to thig office for the quarters ending January 1, April 2, July 2 and October 1, 1866, with a detailed statement of the condition of each bank at.the close of the lust quar- ter, is herewith submitted. statement showing the names and compensation of the clerke and employés and the total expenses of the bureau for the fecal year ending June 30, 1866, is aleo appended. ‘Two banks which bad given notice of going into liqui- dation under section forty-two of the act. prior to the date of the lest report, have paid over to the ‘Treasury of the United States the amount of their outstandinge circu- lation in lawful money and taken up the bonds which they had on deposit with the Treasurer for the security of such notes, ns follows, viz"— . Tho First National Bank of Columbia, Missouri, $11,990. oe Firet National Bank of Carondelet, Missouri, ‘These banks are now closed. : During the past year the First National Bank of Leon- ardsville, Now York, and the National Union Baok of Rochester, Now York, have voluntarily given notice of going into hquidation, as required by law. ‘Tho First National Bank of Leonardsvilie bas a Capital of. .......+.$50,000 Circulation... 45,000 Bonds doposited, .. ..50,500 The National Cnion Bank of Rochester has a Capital of... -#400,000 Circulation... ..$192,600 Bonds deposited ,000 The Merchants’ National Bank of Washington and the Venango National Bank of Franklin, Penneylvanis, ing failed to redeem their circulating notes when pre- sented for that purpose, have been piaced in the hands ‘Of receivers, a8 roquired by law. The circumstances attending the failure of these two banke were fully m- vestigated and reported by a committee of the House of Rey entatives during the Inst segsian of Congres, e receiver of the First National Bank of Attica, N. Y., haa bronght hs labors nearly to a clone, and a dividend will be declared to the general creditors of the bank on or about the Ist*of Jannary, 1867. Tho bonds deposited to ecoure its circulating notes, namely, $31,600 of six per cent and $18,500 of five per cont honds, were sold at public aaction in the city of New York, on tho of October last, in accordance with the provisions of section 48 of the Our act. The not amount real- ized from the sale was $51,556. Of this sem, $44,000 in lawful money was deposited with the Treasurer of the United States. for the rede: oO: the outstamaing oir. culation of the bank, ai instructions of the re- ceiver, $7,550 was paid into the treasury, according to the provisiour of section 50 of the act for the benetit of the general creditors of the bank, The amount of out- standing circulation redeomed to October 1 wns £5,520. With these exceptions, the natioual banks throughout the United States seem to be in a sound and health; condition, as evicenced by their quarterly reports to this office, verified by careful examinations made by agents appointed for that purpose, Their total resources on the Ast of October last were” $1,525,498,960; their Nabilites to the public for circulation and deposits were $1,024,974,886, leaving @ surplus of $501,221,574 for capital and earnings, which ore Iikewise a pledge for the payment of all debts to the public, The increase of capital, boode and circulation of na- tional banks [or the year ending October 1, 1866, has been as tollows:— Tnereave of capital paid in...... <. $21,515,657 Increage in bonds deposited to secure circu: lation... 56,267,750 Incroase of ctroulation issued... 0.0.0... 101,824,608 This statement shows on increase of something more than one hundred millions of national currency; but dnring the same period national banks which have been converted from State banks nave retired fully fifty mil- lions of their state circolat! making the actual inereaee in the volume of currency only about fifty milgons. «To correct a misapprehension which exists im tho minds of many that the eutire anount of national ciren- lation issued has been added to the volume of currency, it may be well to take into consideration the amount of State bank ctreulation at a period juat prior to u augurati the national system. Tho baak cirenl tion of the United States in January, 1962, was one hun- area and eighty-four mitiions of dotlars, distributed as follows: — Northern and Woatern States. $144,000,000 Southern States... 40,000,000 Sobssquent to thie date no further returns were re- ceived from the Southern States, Immediately following the suspension of specie pay- ments there was an expansion of bank note circulation, which reached in January, 1863, in the Northern States aloue $200,000,000, making an increase in one year of $56 000,000. Relieved of ail liability to redeem, the ev- ident tendency of the banks was to atill greater expan- tion. No trustworthy returns later than January, 1963, are accessible; but the prevailing tendency of the times toward infiation, and the great temptation to banks to ‘aval! themeelves of the rtontty to put im ercula- tion very large amounts of ther notes, without any re- straints in the way of redemptions, would favor the opinion that this was not the — point reached by the circulation of State banks. The $40,000,000 of cur- rency ia the Southern States may now be added, giving an aggregate of $240,000,000 State bank circulation, which has been in great part repiaced by national cur- tency. Withont making any invidious comparisons, it ts no injostioe to say that the substitution of a currency based upon United Btates bonds, secore bepoed any con- tingency, for the misceliancous inaues of State banka, has done much toward sustaining public confidence and preventing distrust and possible financial disaster. REDEMPTIONR, Tho law aa it now stands provides for the redemption of national currency in the cities of Bt. Louin, Louisrili Chicago, Det Vilwaukee, Now Orieana, Cioci Cleveland, Baltiinore, Philadeiphia, Boston, York, Albany, Leavenworth, San Francisco and Washington. An amendment to the law was propoved during the last seation of oiring all national tens 0 gente either in on ew ork or Phite- but was post unt Present seraion. Some PS of and effective redemptions is aystom: desirable for the preservation of a heaithy currency and age eafoguard Under the oxiety requirements i. ‘voluntar) = in New 4 Hiadolpnia. ke represent currency, three-fourths are red in New York. ‘The ram \@ urged In favor of requiring re- dom ptione ti if carried to ul logical conclasion, establish the Nency of requirin, Feder ptions at One central poiut. Every matlood ban! th the United tates is obtiged by the necessities of buri- Dees lo keep an acogunt In New York city; clearly show: ing the currant of trade and the tendency of money, and jording evidence that Mew York t the greet commer. al and Anagcial centre require currency that will pay debts at trade, If the ks do not will conform to this standard their iss ues will ciated and the while the banks reap the profit, Shall perform their whole dut; currency which shall debts everywhure, and thus comp! cessary for a “uniform value.” ditions ne- ete the solution, National banks in Boston, New York and Philadelphia recognize their obligations to meet every demand in law- ful money of the Ukited States, whether it be gold and silver or legal tender notes, They are obliged by law to r ceive in payment of debts the notes of every other national bank; but they cannet compel their customers to receive the same notes for their balances due from the banks; and here lies a difficulty which will subject the banks in those cities periodically to very great em- barrassment, ‘The tendency of mente: to accumulate in these centres of trade—except at certain seasons of the year, when it ig needed to bring forward the products of the Middle, Western and Southern States—is a fact which cannot be question These banks are obliged to receive all that mma may be found in either of three different ways:—First, the banks may be relieved from the obli- gation to receive this currency in payment of debts; or, secondly, national currency notes may be made a tegal tender from the bank to itacustomors; or else, thirdly, national currency may be kept at par by redemption at the great centres of trade, Without discussing the expediency of acting in ac. cordance with either of the two suggestions frst named— because the first method would leave the currency in a worse condition than it now is, and because the second method would be arbitrary, and would place national bank notes on a par with United States notes, the neces- sity for which is not apparent at this juncturo—the natural and most feasiblo method would seem to be that requiring the banks to ho their own issues at par by redemptions as above stat Under existing circumstances this requirement cannot be onerous; lawful money, which now stands as the representative of specie, as the agency of Tedemptions, being materially in excess of the currency to re- deemed, would make the inauguration of a system of central Tedemptions feasible and practicable to an ex- ceptional degroe. Four-fifths of the banks have volun- tapily recognized tho propriety and expediency of such a course by selecting their redemption agencies in New York, Philadelphia and Boston, Justice requires that those banks which are willing to cohform to the highest standard should be sustained; and this can be done tually ont by requiring all to flace themselves on the same ground. It is questionable, however, whether ‘this object would be best attained by the plan proposed in House bill No. 771, which was postponed to the pre- sent session, This bill provides that every bank shall redeem its circulating notes at.an association in one of the seventeen cities named in section 31 of the Cur- rency act, but that each bank in those cities shall redeem in New York, Philadelphia or Boston its own notes and the notes of every other bank for which it may be the redemption agent, - The object of the last provision is indirectly to compel every bank to redeem either in New York, Philadelphia or Boston; not so indirectly, how- ever, but that its purpose is perfectly evident, and there- foro open to every objection that would be urged against a direct requirement of law to that effect, In recommending redemptions in New York there is no intention to ignoze the ims of any cther section of the country. There are cities of great commercial tm- portance in the Middle, Western and Southern States, whose financial interests demand consideration Tho nots of banks located in those cities are, by the pro- visions of the law as it now stands, redeomable in New York, and the managers of those banks would not have it otherwiee. If the law did not require it, they would voluntarily redecm there. The proposed’ amendment only frequires gallg other banks todo the same thing. It will give those cities and the banks im those cities a currency that is worth par in New York inatead of w do- Preciated currency that would be a continual ciog upon all business operations, Ifany cular section is not tributary to New York, tho fact that the banks of that section are required to re~ deem in New York will not make !t tributary, but will make such redemption easy aud in nowise burdensome. The commercial importance of any place will force its own recognition; money can be drawn from it only for the payment of {ts debte, Trade flows in natural chan- nels, and money goes with it; wherever trade centres, there money will accamulate suftictently for its wants. If money ‘s arbitrarily concentrated contrary to this principio, it wil flow back again. just as-water will find Its level,’ If the argument against redeeming in New York is based upon the preponderating importance of any other place as a centre of trade, it ceases to bo an arvument, as in the natural order of things the circu- lation iasued by banks in that place will be worth more at home than atany other point, and will go home for the payment of balances rather than to New York for redeinption ; Kira ip there will be no hardship in the requirement, Ii the argument is not based upon that assumption, itis an argament for the other side of the question; for if it is a hardship to redeem in New York, the hardah!p is evidence of the necessity. If all national banks are required to redeom their ts- sues in New York, reciprocal obligations will be imposed upon the banks of that city, The balances kept in those bauks will amount in the aggregate to a very large sum, and there will be compotition between them for the ac- counts of the country banks. Such competition already exists and has led to the dangerous practice of paying interest on deposits. This practice is condemned by at: prudent bankers; but where one does it others must do it or lore the accounts of good correspondents. A bauk that pays interest on current balances {s eblized to keep Its funda in constant use, or lose money. In urder to do this, loans payable on cail are made upon coilat- eral seourity of more or less value; and there is £0 much competition for such loana that it has the e(fect to lowor the standard of security required. Everything which couses extraordinary facilities in monetary transactions tends to produce excitement, overtrading ‘and specula- tion, sure to drin pensation sooner or Inter, if not check im pressure, distress and disaster. Loans of this description are made chiefly to speculators, and that is reason enough why the practice should be regarded as unsafe, Conservative banks should not countenance nor aid spec- ulation; and New York city banks, made by law the cus- todians of the available means for redeeming the circula- tion of all the banks in the Unived S'ates, should be the moat conservative of all banks. They should not be al- lowed to jeopardize the funds of the country banks by loaning them for epeculatien, and they would not, if they ‘wore not obliged to pay interest on them. Stop the pay- ment of interest and the temptation to make improper use of such funds is removed. The only way in which the evil in question can be rorched, be ed at hibiting every national intrest on bank balances; aud the law is recommended to the consideration of ( Concurrently with a practical system of redemptions a gradual reduction of the volume of legal tender notes uld operaie beneficially upon the character of the na- tioual currency, by checking its ex) jon beyond the necessities of ousiness, If togal were reduced to such an extent that the amount in circulation should bot exceed the suin required to perform the functions of lawtul money as the substitute for specie, redemptions would be more stringent and banks would be compelled to ye their b were *~< page ty ved A law enacted during jast_ session of Congress pro- vides that the of the Treasury bs A diraioish the volume of the United States notes in circul . not to exceed $4,000,000 in any one month. Taking $400,000,000 as the point from which th¥ diminution commences, a regular reduction of $4,000,000 each month would leave at the expiration of two years 900,000,000 of legal tender notes im existence; or $1 in lawful money for the rede lon of each doliar of national currevey authorized. This ratio would hardly Tender redemption sufficiently stringent to produce much effect on bank circalation; but if this int could be reached by the expiration of one year, effect would be more decided, Four milhon dollars per month would be at the rate of $133,000 per day; but if bankers should see the means for the redemption of their issuce diminishing a: the rate of $260,000 per day, they would naturally and unavoid- ably curtail their circulation to the lowest point their business would permit, and the benefite arising from a practical. system of redemptions would begin to be realized. This ge apes oy based upon the presumption that it will be policy of the government to withdraw alt ita notes tesued for circulation as fast as it shall have the power to do ro. is not however, that an oo Prevails to some extent adverse to this view of the case. It is Ve gym and strenuously urged that the roment should keep its notes in circula- — and thas have the use of so much money. without mtorent, * It is proposed very briefly to consider thie’question. United States notes originated in the necessities of the government, not in the necessities of trade and com- meros, ‘Their amount was regulated, not by the business nec ssities of the country, but by the necessities of a great emergency, and was only limited by reaching the maximum of expenditures during the time of war. The amount issued was entirely arbitrary eo far as the busi- ness interests of the country were concerned, and alto- ore in excess of the demands of trade, as is evident y the high prices borne by every kind of commodity and from the surpine of money subject to the contro! of Speculators. This currency cannot contract or expand from natural causes. It was ismued to save the country from bankruptey during ® protracted struggle with armed rebeilion, and can only be contracted by legal en- actment of There is no element about it in fympathy with the commercial and industrial iatereaue of the country, The power of ro | notes to virculate ag money Is too dangerous to be ph at the mercy of political parties fo @ government like ours, and is fraught with poseibil\- ties of corruption disaster calculated to excite the [sand apprehenmon in the minds of prudent men, wing served the purpore for which it was called into existence, provision should be made for ite with- drawal. On the other band, banks are in direct sympathy with pendent upon it for their prouits; they meet tte jasing me- trade, wants by discounta and by furnishing a circnl dium; if currency ie iasued in excess of the demand it is iramediately returned for redemption, and contracts and expands as trade requires, Ine word, banks are amenable to the laws of trade, while the government jammies aro not. Fi the banks have rendered tm, ta to the government throughout the war, and they have ‘deen largely instrumental in developing our national re sources and In increasing onr national wealth The Mangers and stockholders comprice a iarg®, useful and Re Apirited clase in the community, pumbering over 000 citizena, Dormg the past year ther nave losaed to the bueinem of the country an everage of $000, rnish @ circilation that depre- loss will fall upon the business of the or whetber the by furnishing & iment of ‘This question is one of growing importance and ono that presses for an early rae ‘but cannot pay it out. An escape from this the business without the From this statement it will be evident that nati banks, although organized and managed individ for their own profit, aro yet capable of BB imy ant services both to the government and to the public, and have demonstrated their entire willingness to form such service, and that if losses have-occurred te the government through their agency, the amount is small compared with the outlay that would have bee necessary ya owe Z pid the business without them. DISTRISUTION CIRCULATION AUTHORIZED BY LAW, ‘The original act of March 25, 1868, provided for nt riionment of the national curre: to the soversb: ‘tates and Territories as follows:—; 000.000 accords ing to representative population, and $150,000,000 ao. cording to banking capital, resources and business, ad ‘This requirement was repealed by the act of June 8, ‘1864, which left the distribution to the discretion of Comptroller of the Currency. By the amendment of March 3, 1865, the clause requising an apportionment to be made was but at the same date an amend.» ment to section 7 of the Internal Revepue, act gig nag thavall existing State banks should have the right to be come national banks and should have the ere) over new organizations up to the first ‘of July, 1% These two amendments were not in 3 for it the apportionment was made as required by the amend» ment to section 21, the State banks then in existence could not have been converted without exceeding many instances the amount of circulation a to the different States. But, as it.seemed to be th tention and policy of the act to absorb ail existing bank- ing institutions rather than to create new banking 1 n= - terests in addition thereto, the Comptroller of the cur~ Tency so construed the amendments as to permit tho conversion of State banks without limitation. The effect of this action was to make a very unequal distribution of the currency, some of the states receiving more than- they were entitled to by the apportionment, and leaving but a vory limited amount to be awarded to the South. ern and some of the Weatern States. Now, as the goveroment has assumed entire control of the currency of the country, involving a direct super- vision of ite banking interests, it becomes the duty off the government pad res adequate banking facilities to- all sections, The States lately in rebellion not b ing im a condition to avail themselves of the privileges granted: ja the National Currency act atthe time when they were offered, aad when it was still to obtain them, are now loft almost entirely destitute of currency and banking facilities. This deficiency is the occasion of great inconvenience and loss to the people of those States, and it is a, desirable, for many reasops, thad- it should be suppl First—It is important that all sections of the country, shoul supplied witl e facilities 7 the production of the great staples of that section, be- cause the export of these staples would reduce the ex- Portation of g0ld. ted ‘Second—Although, to ® extent, means are sup- plied by capitalists from other sections for the produo- tions of this region, yet the supply is not equal tv ther demand, and foroign capitalists are thaa enabled to ob tain entire control over a very large proportion of valia- ble producta, yielding large profits to themselves and: leaving in the country barely the cost of the production, This state of things paturally causes much Giscontent and: Gissatisfaction among the producers. Tit/d—Progperous industry 18 the most speedy an@ certain remeity for the existing evils im the Southerm States, 1 will allay bitterness of ‘eeling, dissatistaction: with the results of tho war, com tentment among the people, The song thas for the thip: promotion ini could be rendered end by local banking associations would be portant both in character and extent. Besives, #: community or identity of financial and pecun! interests would bring into exercise an element great power for the assimilation of the aims, Purpose and hopes of all the peopte of all the States. x tension of the national banking system throughout the entire Union would bring about such an identity of in- terest in the credit of the government, and of the enti system of banks, as would secure the active zealous co-operation of all sections toward the preserva tion of sach credit unimpaired. wo methods have been sug; dy which tho Southern Siates can be supplied with banking facilities, One is by an equalization of the circulation already #a- thorized by law among the different states and ‘Verrivo~ ries, To this plau there are two serious objections—Fi the question arises as to the right of Congress to recit any portion of the contract made with national banks: at the time of their bei cryeynerens abrogating or re stricting any of the rights secured by them ip compli- ® anoe with the law. It is true that (ungregs expressly re- y served tho right at.any time to “amend, alter or repeal’? the National Currenoy act, The act of February 25, 1868, under which quite a pumber of banks were organized, was repealed by the act of June 8, 1864 But the re pealing act contained this saving clause:—‘‘Such repeal shali not affect any appointment made, acts dove, oF proceedings had, or the organization, acta or odings of any association organized or in process of organize tion under the act aforesaid;” thus recognizing the pria- ciple that the repeal should not affect any vighen secured under the former act. It is not proposed to enter into argumens upon this question, But merely to suggest the doubte which may arise in connection with any legislation look- ing to an equalization of the ational currency by with- drawing itfrom banks which have secured the right im strict conformity with law. The second objection is thia: that, the right of Congress to withdraw circulation, as, slates the plan is impracticable as a measure of present re!! owing to the inpoasbility of securing the retarn of ® sufficient amount of circulation within the time. National curreney noten, when ‘once put y Mountains, and from ihe St. Lawrence g lation, are scattered from antic coast 38 tts 8 Raat aed fil bites sen i ; : f H FI i i Yeave room fora very currency, aud yet secure @ net reduction im the volume of the currency. ‘The well kuown views of the of the — on this saben, ieoed, Saee phere principles 3 | i i i ef i 58 3 ory : é | 3 h 4 # et iH R i i $ i FF : i bring about that equalization of national the different States and Territories effected by immediate and arbitrary measures, AMREDIENTR. There are meny requirements and restrictions con- tained in the national currency act, a strict eompliance with Sie cee be ae eS. of Comptroilor ‘ted axe thas all the provisions of the lew ane % weed, bal a majority of instances ie left without the power to onm- pel obedience tn cave of persistent OF wiliut din d of the law on the of the To remedy defect certain ments are = Firt— An amendmeot to section 19 authorizing the ap- yee of a receiver, whenever eviden® furnished that any association ia Proper business of banking; that an; = by Iaw have been or ‘ands bave been wilfully en ee by the officers op directors in violation ef iaw, or ay act of insolvency. Seo so that apply to all Habilities for money loaned or deposited, except balances due from one national benking ae on my 7 punts eeepc ae in ‘ bankers, ostensibly ine regular course of business, vee really, im a majority of instances, because pr bankers, not being restricted In their operation by law, are able to bs 7 pecan Pi payee money; or, as ie not unfrequently pris Dankers bavi secured @ gontrolling snteress in a banks divert its fands from banking 404 wee ce epeculation, &¢. Every national bank that has ay trace ite Soin to, oxesssive, oe wn ie tor ankers and broke: there ‘gon such an ainendment'to seetion twenty-nine as Will pro- are much too vague benofit, while the quarteriy” comparatively loug io duye, enable banks to thore + omg days, park make a good hue 7) the Comptrolier of the rendered necoseary, 80 aa to repr provided in section thirteen of (he 0 of the stockholders owning two *