The New-York Tribune Newspaper, December 4, 1866, Page 2

co. in wls anl tal ‘o pr B wanton, thes, Asequontly of exports, ther e Tarifs are oqi red on 1o which tuey, in thelr tarn, I ction intended to be given asure rendered in Jding our large of Indu i s, snd Te ¢ to Cougress, the Secretary suggests ‘the National Banks to redoem their or, what would be better, ut a single Nacond. went of the currency to the amount re- quired by Iagitimate aad bealthful trade. Feod Lan o vision of the tariff, for the purpose of th « ) TR iy ¥ internal tase g the oppres- sive bwcdens now i pased upon © of industry and meiioving altogetber, or greatly relieving, raw materials that the product of labor may be eabanced exportation increased sue of bouds, payb crest at the ru! » in not over twenty not over five per cen amount suflicient 1o ope, and 10 meet vestment; and— e people with Rhe United © asure . ds with the Tre {d throughout the ¢ icult of 8 e ters is not all that s s throughout the United States a par w that the notes of all National Banks are pticnof quired duties upon imports, and wmust be paid s which sued are ui of Bauks, i , but » towns, are i¢ us the motes of Bauks in the seaboard [ s valu 1 remote Banks thus to redeem, fow well-managed bankin fail to keep ncconnts and ip would be ther than real. Bat if it inary, d be o necessary one, and the nd 1o the interests of the people. without o ere will be practically none ieast nnt resumed; and wh is always & constant tondency wate banking. The frequent and regalar is needed to keep the business of the Banks of. and thos invariably proves no less ad ockholders thoa to the publie. Unless the peued to redeem in 1 d States notes, e r Jend their influence in favor of & s, nor be prepared for them when wit pts shail be brought' about. If jon was left to the Secretary, all m in Now-York, the of the Uuion. of thai city &8 the redeeming point for all N bsointe uniformity to their circula- the assorting and returning of eral redemption would be cu that this will not be done munder sions of the law; it s not 1 be, unless all Banks shall be compellad to This might be objected to by the B ‘cities on the ground that it would ag # sadire New York ot their expense. Tut Now York is slready ost of cial emporium of the Union. chief balances in that and Lie and valoal pelling nil the Bauks to redeem st the wetropolis of yielding to an unwritten but | The course ress wou'd be on w 10 v Lich statutes should will co Con 3 rim. oot of (rade compels, & Tuviness in bas ed v o ‘that of local pri ? the Sccretary vpon the que been do frequently expressed u now o consider whether the curtailmen notes or the notes his Teports as Controller of Banks of issue, orgazized under State laws, have istence cver sinee the formation of the Government. t tribunals of the country their med, and they have becot o beoain By the decision ‘eoustitationality nt-rwoven with the nyeatmnents have been " destruction woull - of & ve serious character, W hether o oiutry would have been more prospero without | ex the stimulas they have given to ente ¢+ they have extended 10 trade have or roalanced by the artifical prices which d the actual losses which the peopic have « they have occasioned, and by their sus s 100 lnte to consider, When the N ¢ passed by Congress, State Banks were w0t Jess thian four hundred miliions of them as cap In some States, by they had afiorded nd safe. In other Statcs, where ut security, bad been requis and i nof the public, and their mansgement had bee ‘conlidel 10 incompetant or dishopest nands, there hud been ;:: ‘w.m»:‘ ueavy losses had becu sustained by the Soum after & cement of the Rebelljon, it became poarent that a he National debt was to be crested, tensst wad p Yol which could only be paid ystem of internal taxes, involsiog a necessity for & medium equal in valie thronghout the count Govermuent io receive in payment of duee. demanded and received the earnest and careful consid. of the od gentleman at the time the financinl ister of the Gov nt, who caused to bo prepured « 10 Ca ¢ a bill *to provide ¥ na by a pledge of Tnlted States bouds, redemption thereof,"” and_thoroughly discassed, became u 1663, Prior to the passage of this thad been authorized, and a large calation. But ury contrary, the provisions in t onds, nnd the arguments of the sdvo 4 ample evidence that they were and Jusifisble only by an emer ed nothing else could so adequs these notes should be a pe mnent cii culation aud take the place of bank notes, there i »vd ronson to suppose that the proposition would Lave had adsocttes. Nor was the National Banking System or adopted by Congress, to destroy the vert cupital from bunking, but rather 10 ul s issuing notes s money to v eonceivable eontingency, by deposits the United States; thus, without the bank, providing o Natioal curreney verument and people from losses, of danger, from o Jocal and unsecared i Banking System was intended, while 1 of the States, nor damaging private ju- oy th & permanent, paper cirenlas States notes were jntendod 10 meet w tem- ;;z-u geney. ard 1o be retired whes the cmergency had T present Secretary was not the adveeats of the Nutional E"\\m‘ System. und clnima only the credis of having used his t afforts, as Controller, to put i8 into successful operation. Bt he has 5o besitation in progounelng it o vast improvement upon the systems which 1t supe: . and_ove adwirobly sdaptad to our peenliar form of Governmont. There are sub- rwl ohjections 10 wll bauks of issue, and if none fsted the United States. 3t might be very questionsble if oy B bmtro duced ving token the plae wnd frrnisaing as they de compel all banking hem, beyond The N & the rig th 2 of the Stai iroalation as free from oby ded, tue Socretary is of s #houkd be sustulted, and that the pa, eireulation of the coustry shoulkd be redased, no '7 com, U b tebize theis noles, but by the witadrawal of the B sien nates “Llee Nocrotury is not unmindful of the maving of interest which pewlls 10 the Governmeut by the use of its own eurre nor of the favor with which this currency is regexded by the bt all Lo s of this nature are more than co nl e by the disor dit which attaches 1o the Goverumeut by ling Lo pay ifs Botos wouirliog 1o nal\iw by the bad in. s of tsis voluntary discredit upon ’J‘“”' moruls, A o widde departure w1 ch a continued i e Ltender notes “alvws, from past usges, if 50t from 16 teachings of the Cou Slilubion Wl The overnment canbet exoreise powers not rwl z its orgusic law or necessary for its own preserva. nor dishonor ity own engagements when able to meet Whewm, wit ot eitlier shock .ag or domotalizing the sentiment of Bl ool . wind Le Snch thost the sndetinite continnance of the iroulation of an buconvertivlo but still Jegal truder curreney i ety nd tes how far we have wendered The views of e Euv Unat s @t dury it pant year have o L. Anm-ukuu‘ul n the poblie burdens and Auos Lo ublic debt. e does not heaftate to advise tht these Do 1o w Lndruws frow, Uealntion, atd that the fin ishing o Jeit to corporations, e aneca. o ot Tedescion” o4 1] R u - saured bim of thetr eor. w ¥ they may be recied wust aw rapidly they - i .':.'1".".:_‘:’:"‘5?.'-.7.& -'R-" work reduction i month thereafter, tho iutercet bearin affecting logitimate buslucss. n would, however, i the pres: il iy of con Gory - ..:ug e ldrfinln- L cas should go on :n-ql without p«hc‘n fuanclal crisis v i those hraveh s of f ol - -k gzxmry‘ and tro : ew wre dependent. Thero ren %fillwhm?ru- of the Uited 8t wad 1§ will on mekinie $1acl? Lo amy policy which 1 ent o iyt il it Rt o b e 7= br:c‘:v‘y"r‘m i ‘::.;:;@ ,l! " .21“" be P WU euforeal, severe Lvubion we b store for . ! ty, becanse | 1 by law to redeem at the com- | » Boston 1y condially approves what is said by the Acting ¢ sncy, in s report, in regard to the im- the peuple of the South with the bank- thoir business may require. and ag ’ with lim foh v hieh he expresses of the beneficial sults, politic ok financin and soclal, to be effected by the or waniation of Nating! Banks in the Southern States. but be o un ine f bank-note eirculation of i t » of dollars, and hopes i of Loy e snpplied ¢ Iy w o States, 1 an i “ An aet to rduce inter: 14 i, provides : * That ¥ is b 2ed to appoint ¥ i ut. who shall’ be Special whose office shall terminate iu four June, 1866, It shall be the duty of e to inguire into all the 1 the best method of collecting i ie to domestic industry; and | the least disterbanee or inconvenience to the | try and the developument of the resouroes of t inquire. from time (o time, under the direction of the Secreary v, in tothe mauner in which officers charged with atton and collection of the reventes perform their Anid the said Special Commissioner of the Revente shall, from time to time, report throngh the Secretary of the either in the form of a bill or otherwise, the rates of taxation. or of the methods of revenues, and such othier facts pertaining to the inmeree, or taxation of the country, as he may tual observation of the operation of the law, to be the public interest.” th of July lst, Mr. David A. Wells was appointed Special Contmissioner of the Revenue, under the authority above recited. aud_lie was instructed to proceed at once to perform the con ated work, gising his chief attentiou to the tariff witli the view of aseertaining what modifications are required o ndjust it to the system of internal taxes, stimulate industry, ard ke Inbor more productive The ability displayed by M. Wells in the performance of his utics as 0ae of the Commmissioners for the revision of the inter- nal revenus laws, and tho heartiness with which he is prose. cuting s investigations, give the best assurance that he will rform the work in o manner creditable to himself, and satis- ctory to Con and the people. The Sccretary addressed 10 hiw o ¢ day of September, 1566, a letter, from which the following is extracted. **In view of the fact that the re- vision of the tariff s certain to engage the attention of Con- tita next sassion, 1 consider it especially desirable that 14th [ the T Department should be prepared to furnish as much information pertinont to the subject s can be obtained and col- Tected within the limited time avuilable for tho necessary inves- tigations. You are, tharefore, hereby requested to give the sub- Ject of the revision of the tariff especial attention, and torcport a Diil which, if approved by Cs !fl!M will be a substitute « for all acts imposing customs duties, and which will render the administration of this branch of the revenue system the more simple, economical, and effective. In discharge of this duty, you will consider the necs ity of providing for alarge, certain and permanent revenue recollecting the fact that the existing tantt has proved most tive in this direction. You will, therefore, endeavor, first, secure for the Government a revenue commensurate with its necessities; and secondly, to vm{:m‘ such moditications of the tarifl laws in foree as will better adjust and equalize the Qutles upon foreign imports with the internal taxes upon home productions. If this Iast result can_be obtained without detri- 1ent to the revenne, by reducing taxation upon raw materisls hinery of howo productions, rather than Ly in and the m creasing the rates of imports, it would, in my opinion. by ereasing the cost of production and increasing the purchofing er of wages, groatly promote the interests of the Whole ry ete is no subjeet which has in t past provoked so much Qiseussion, and in vegard to which opinions have differed s 1 1t has boen a standing matter of sectional and po- ury,and of e peo- e Len the discus in regard fo it is still quite s Sion of it commenced. Always o complex and diflicalt question | it is partion A tlion it bl no re of Federal tax nal taxes, for this f ation was then unknown to our people. It Lad little connection with the earrency, althiough the banks ats, specie was the only a the United States. Now ¥ is to be considered in connection with ternal taxes and & depre od & temporary legal-tender currency. 1t is oby & seale of dnties npon imports which might have been sufficient Judicious, and beneficial w 1 u I business was conducted upon a spee of the prineipal. 'r ciples of the Governue cannot be adoptad as a po in anything like its preseni magni period whea there shall be no legal obstrctions dities between the United St ubie Tne loug-ho n IR and ot swary for vevenun. but also i which heavy of adaptation rat yeventie be raise withe withiou 1 discouraging entery s, how aball th e people ountry ! reven without The Secre ing the prosperity ry is D ” s will, it i in the United » o, ewn loug atrests, Nor can any im or unequal lawa, withont other iutcrests bei For illustration, the people of the 1 wwi prejudiced Are naturally u commercial and maritime pe: v enterpiising, persistent. Now. ¢ i st be admitted, thet, with unequaled facilitios | taining the materiais, and with ackuowledged skl in » buildiug—with thoussnds of miles of sea-coast, | dented w the fincat harbors in the world—with surpius products (1 quire {u their exportation & large and fncrens fan ucither profitably build ships nor successfully comy glish ships in the transportat Fenty years ago it was tes would b the first mar trary to our anticipations. our foreign | meatly fifty por ceut. within the last six years. | Auwerican veasels engaged in the foreign carrying ered United States ports was— 4 921,285 tuns. Tu 1 Tn 1966 3.7 tannage of such 0, 2,043,661 tuns, eared from the In 185 14 T iminution of wilding was the effect of the war. Tic gree rehiant veasels by Rebel crulsers not only induced rals, but discouraged building. After the war wever, the searcily of American vessels onight 10 have pro d, and, but for a redindant currency and high taxes, % luced netivity iu our ship-yurds snd raghd incronse of e bt thin has iiot been tue oass. ‘The prices of lulor b that ship-huilding eaunot be made s od States, wnd muny of onr ship-so ctically trausferrod to the Hritish Provinces w years sinee American ships were sought after, ou uc ut of their superiority and ¢ : and largo numbeis of el were built States on foreign accutnt, or sold to foreigners, while. ut the 1 tile marine was being rapidly increased. Now many of | ship yards are abandoned, ud iu others very little et vaile: 1t is true there has recently been some ine foreigu tannage, but o good part of this increase is 1t s true that a large proportion ¢ plag aud sh ppar ouly, aud_is the resalt of ‘the new rule of admeasuicme truth that vessels can bo built very much | Tt “is an importa ‘ cheaper in the British Provin ) . Nny further, that timber can be taken irginia 10 the Provia ces, aud from these Provinces to England, and there made into ships which can be sold at a profit; while the samo kind of ves- #elx ean only be built in New-Euglaud st o loss, by the ost wkilful and economical builders. But the evil does not stop here; if the only loss was that which the country eustains by the discontinuance of ship-building, there would be loss f complaint. It is n well-established geseral fact, that who build ships navigate them, and that & nation whicl to build ships censes, of consequence, 1o b maritime nation. Unless, therefore, the causes which prevent the building of ships in the United States shall cense, the 1 carrying trade, oven of our own productions. must be To this humiliation and loss the peo- he United States ought not to ubjected. If other of industry prosper, if agriculture is to be pro- in e Ny, B ) | brune fitable, and manufactures wie to be extended, the commerce | nutry must be restored, sustained, and increascd. | United States will not be a first-class power amoug the na | nor will her other industrial interests continue long to prosper 8 they ought. if her commerce shall be permitted to Janguish. | "The same causes—a redundant cnrrency and high taxcs—that prevent ship building, tend to provent the building of bouses wnd even of manufactories. So high are prices of every de- werip that men hesitate to build dwellings s fast s they wre required, and thus rents are so advanced as o be oppressive 1o lessees, and the healthy growth of towns and cities is retarded. to manufactories, Mills which were bulit before the war can be run profitably, but so expensivo are labor A muterials that new mills cannot be erected and put iuto operation with wiy prospect of fair returns upon the invest- ment, unless upon the expectation that tuxos will remain s they are wnd prices be sustained, if they ere not advanced. The wame cawes are iujuriously afleting egriculture and other the people. | 4t elgpment. growth, and prosperity of the country. 1t is not o S Tases whioh (he” ouuimtry e costciapel of Abler Dodisd men by the war is ono_canse of existing high prices ; :m muinly they are the result of a redundunt currency andhigh nxes, “To raise the large rovenue which is now required, stems. the runl istent with w i I ‘Hm the duties npon imported commodities should cor. and harmonize with the taxes upon home productions ; and that these duties slould not be 80 higl as to be probibitory, nor o Luild up howe lies, nor to prevent that free ex- awf of commordities which is the life of commerce. Nor, ou the other hand, should they be so low a4 to serionsly impair the reventies, nor to subject the home manufucturers, burdenod with heavy internal taxes, to lm:llllnu with chenper labor and unable 1o sustain. lnvirrnylul which they may . That the raw materials used in building and manufactur- fu- and which are to b largely snhancod in value by the lubor which is to be exponded upon them, should be exempted from taxation, or that the taxes apen them should be low in compar ison with the tazes wpon other articies, This s the policy of other htened natious, and it is belioved that the dininu- of dircet revomie which it Would fisolve, if adop! then Uwited Siatos, would bo more Wuau made uv by the apgweuted - commercial and | value which it would give to labor, and by the increase ductions and of exports which 1t should be either to reduce the product of 10 {;m:l markets. Ath. whose interests are protected | Donds, bearing nter | ecit, ind payable in | the six per cont bonds in o pean demand for Tnited St ment. No one regrets mor Jarge an smount of our bonds i n of our trade that hu of its securities, is founded up received real capital iu exelian toa large extent, unfounded. pay for goods, which, without chised. Not only hsve we exp purchases paying for them in bouds, can form of real capi the case, the fact exists, as has wention State and turned at any time for sale in Deiug 80 hel constantly borne in mind, that taxes u terinls directly increase the cost of ps whom the public debt is & source ¢ aboring classes, to whom taxation au ¥ compensatory advants tations of goods have been incrensed by the bouds whick have been exported. Not one dollar in five of the amount of the fivetwenties now held in E’;!ll-”"d the continent, has been returned to the United St But if this were not a true statement of the hands of the citizens of other countries, which mlj way seriously cinbarrass of would be sure wmnnmvm Taw ma- roduction, and thus tend labor or to prevent expurtations it the burdens of taxes should fall chiefly upg:au taxation, and 0 oo af weath . prody, and the 8. roposed remcdies s an lssse of rate of not e s held nbroad, or the s transferre | them thither. The 1 that the country has been benefited by the exportation pon the suppe ge for them, Our bonds_have gone abroad to them, ntight not have bees pur ported the surplus produets of our that we bave mines and our fields, with no small smount of our manufaetures, but a large_amount of securities also, to p: which we have purchased from other conna{vlu That these liave been stimulated and inereased by the facility of for the articles hardly be doubted. Onr impor: nearly the amount of and upon o3 inhe been already stated, that some three hundred and fifty millions of Governient bonds—not to road bonds and other securitics—are in be re- the United States, and which, our efforts to return to specie payments. ~ After giviug the luh{vcl eareful considera- tion, the Secretary has concluded that il is advisable that he should be authorized to issue bonds not having more than twenty years to run, and bearing a low rate of intercst, payable in En- land or Germany, t be used in taking up the 8ix per cents now field abrond, and i meeting nny foregn denan ot investment estion atinue in any other way, hut throws upon the howe market, to thiwart Tho Secretary sees day, but by substituting for them bonds the specie standarl. of doing this At an early day which, being payable principal Jeas likely to be returied whe coupons; wad i and u half per oe could be substituted pense to the United S agents through whomn the Ving terest to be thus e item; and the advantages of ha in the hands of wetusl 1nvestor gaplod. th ;T tation of the States ¢ In alluding 1o this sub upon daugerous grousd politial top o question now b its bearings upon our i aa they do, one third part of t and producing articies of grea Yunnlkm 1o other coun Generul Goverauent trial pursuits cannot 1o tinue necessarily affe han they s s As of their ind tain and It art of the | Jeges under the | thy conditi tied s long ws t ieal the national ere Juced tiess the Sout reveanes ; aml ¢ thy tim | ur 1 1 romedies may be ajp enthoi 1 oh 1t b | 10 be, the hig After u earoful survey of th Ve reaumed, Ay dugos i thiefhope that el wil veat may | lasive of eash in T'r 10408, 5 per ¢ cent., | Bonds. at, due | AL LU AU L Londs, 6 per cent., di Honds, 6 per cent., Fouds, 5 per cont., d Bouds, 5 per cent., due in i#71 Tionds, | Bouds 6 per cont., due o per cent., due in 1567 1807 and 140% 7.30 Treasury notes, due i 186 wud i, 3 Temporary loan, ten days Certificates of indebledicss due, not prosented United States notes. . .. Fractional eurrency Cash n Treasvry. Bonds, 1040's, 5 per ct., duein Bonds, Pacific Railroad, 6 per cent, due in 1995 and 185G ', 6 per cent, due in 1962, 184 wnd 15 Bonds, 6 per cent, due in 1581, Bouds, 6 per ceat, due in 1280, Tonds, 5 per cent, due in 1574, Bouds, 5 ver cent, due in 1¥71 “The hoklers of our securities in inconvenience and not a little ‘.\.po-.d that five per onds, payablo in ¥ our six per cents, without ates than tie trifling commissions to the fifth and Iast remed quently industrial status of the h & dimisation ol ) first Any of July, is a statement Componud interest notes, due in Gold certificates of deposit ... now to be considered is not how ited from going abrowd, for a large nd others will follow as long o8 our to buy more than we cai pay for v shall they be prevented from being x efforts in restor » practicable met and interest in B ill be r return is the pe are now subject expense Ja collectiog 1 ceut, or perhiaps four fonton oF Fraakfors any other ex: might be made. The ould be no inconsidernble ving our bonds in Earope placed s 18 too important to be disre els that he steps be eharged with futr- rt; but, in his opin ¥ more important in political and conse thern States. bracing, he richest lands of the country. t valu howe use and for ex their position with regard to the ain unsettled, and their indus. 1o be seriously disturbed without o production of their great set our reventes, and render still now are, our trade relations with ent snomalons condition of thes they hay articipation in the ompolled to con £y will be restored » reason be regas s large 8 port question at the statiis of the South is unscttle ) be pation: 1 by bei ppending M i ful o i aud Loy alth past four years Iy icceessary that ial hiealth, withor o we must will coutinne setary wholo field, the Seeretary s of | ta may be + and ought to ¥ 194, while he In 1l be the ehatacter of futue legis of our preductive industry, that e brought about at & stilleartier f the public debt, June 30, (2 000 ) e e 210, 1 w0 0 156,012,140 00 06,231,550 00 963,56 7,21 80 00 00 4,774,075 #0 26,301,000 00 146,57, 196 65 $171,06,350 00 9,#82,000 00 F23,044,000 00 205 524,750 00 15,415,000 20,000,000 00 7,022,000 00 Navy peusion fund, 6 per cest. 11,730,000 00 $1,327,407,100 00 Bonds, 6 per cent. due in 156, £,200,041 0 Bonds, 6 per cent, due in 1867, 7,742,800 0 Compound iuterest notes, due fi1 1467 and 1M05. . 148,512,140 00 7.30 Treasury votes, due in 1867 and 1e0E. .. 724,004,300 00 ’ - — B 300161 EO Bonds, Texas indemnity, past due, got preseoted. .. . 384,000 00 Bounds, Treasury wotes, tewpo- rary loan, certificates of in- debtedness, &o., past due, not Preseuted. .. ..cosenseieirses 36,604,900 21 36,966,909 21 United States notes. Fractioual Currency. 7, 5o Gold certiticates of 10,506,950 00 A0 050,775 33 o 166,00 9 Casli in T 62, The Socretary estimoles that the receipts for the three quar- ters ending Juue 30, 19457, will be as follows : Reced) o customs. 110,000,000 00 Receipts from lands 5 500,000 00 Receipts from internal nue 186,000,000 00 Keccipty from mi eous e §316,500,000 00 Tho expendituren. according to Lis catimatos, will be: X . 8705, For the civil sery P pensions and Indinis 'the War Department, in adipg $15,000,000 for buun gl 7 3 72l Leaving o surplus of estimated receipts over estimat - expenditures of.. Tnregui d to the commercial intercourse between tl NEW-YORK DAILY TRIBUNE, TUESDAY, DECEMBER 4, 1866.—TRIPLE SHEET. States and British Amrmh the Secrotary adhieres to the gen- eral opiion expressed in egislation_and such re may be suthorized by law to arrangements thus flexible is the political situation of Britis! external trade to o the new miinis ngland, terms of the Quebe However the political probl methods, and redoced existing the largest amount of revenue piblic im _ throngh North-West British which by the finaneial neceast 1 ench side of the Northe the Marine B at Cincinnati, Ohio, have und possi A sale hus also been o “fielsen, Mass., on sutistuctory Chelsea, and that at Cles m have been points hus been, as for as ountry, by which, toget fusdamental expenses of d been matertally redv i Al privileges at the her e cstablishinent wil It i whit increased 1% on ¢ rs o Tt was found expedie s last session, the vess the cutter serviee, (with the Jargest of the class, which ha posed of,) until ¢ Consequently they ba Inot be withdrawn until ¢ which have beeu rece s they are expected ) s00m e thos and sold. Angnst n hi and n y perform the same work in th | m at it is expected that arly in th s devolve tio s theat it b he I Al presse is report of 186 revenuo eystem s fully revised and -djunm situation of the country, this subject should not be ond the control of Congress, bit lations as Ilr't:;rmu Iy that when the United States try, Biitiah America wil be prepare to un orovements along the o istration of a federal orn onrn[;lrlr assimilation of excise and_custom du dispose of others not req obtai ons and repairs a8 were necessn ndition, aud all marive patien aded by & corresponding ad een diligentl t herete helr places should be supplied r was appointed & commi Thelr preliminary that until our to the financial laced be- should be left to current Department lvl’“““n‘l by AII::‘ rtad 'il l'o; presents the uncertainty of e g0 h Ameriea. heme of con- federation, which proposes to transfer questions of revenne and n::fll central authority, e wdopted, and the ?p} tion to the measure may provail with of P has not been either to modify materially the Convention, or to subject the whole measure 10 tho hazards of o popular vote in the Provi nces. m mny be solved. it is not anltke- i have simpl rates of taxation, 80 as to receive with tho least burden to indus. ake a system of nnel of the 8¢, Lawrence and America to fhe Pacific coast, ties attending its adoption and government, will suggest a ri fronticr. At present, inaetion is subject would appear to be the true policy of the hority conferred by Congress at fts last session, {ospitals at Burlington Vi, at Charleston, 8. C. and proceedings liave red for service, when for them. wmarine b been rms. The Jand, Ohio, have to put them in servicea- ithin paacticable reach ere for treatment, ¢ jathered i A similar plan of concentruting the patients at prominent practicable pursued throughout the with a rigid adherence to the “nm-xplm on which relief should be afforded, the orthern States have s fn the 4, although the enlarged domand for hos ath, consequent upon the reopening of in connection with the ¥ exorbit I caiise the total expenditures to s hoped, howeser, that this i 10 the col- iantic and Pacific coasts, and ‘and neefully employed in pre execption of the Cuy een offered for sale, e ve boen_kept on active duty, auil he small sailing vessels, eight in ntly contracted for, shall be com- be. in the conrse of two or three be nssigned to duty the others will last, in aceordance with the pro- proprintion act, approved ou the srowne wus appointed special o statistical intormat neern- of the States und Territories west 1 on the 12th day of States and Territories ports t they will be session. Th famitiarity with the subje £y th expect that their in all s interesting instr ipou them) o d % in Treasurer ers in that r His report contains %o many s beon thought advisab Ve tor of the Mint. Par part of it which refers to districts. 11, un be not ouly without d mining inter t. be © are no etablished anected from it in such net entithed “ An =t My, i the xander De ane { that, under o'g it to this Department sad 4 i 1% proper condition the 10 oem e vigat which hay | tiis Barens the Direcior will prepare relinble statistics of the Fesomrves of the couutey aud the extont to wiich they are houng Gevelopsd. Monthly reports of fmports and esports, taxe: | posts, waa. products ond markets will also be r d to msoertain the pro olved upou it & this report w sreat was organized, that goud vtary is APy 10 be able to wonthe have wapsed sines % Lios been wado in ill he found a bighly interesting re- actory pesil e work under the Const Survey has been pro the prst seur with aecastomed enerey, and its opers been recoummener coast whero they havo been for some yens past interrapted. ‘The importance of these surt W iy ¢ hed h wivil war, and they caunot value to commeree. The neing o it the pro afled operation the redoposits, the amou year w PR “The gold and silver deposits 047071 The nuonnt of gold coined t Recent calumities at ses, 03] for th reforen betieved that government o in this parti that waritime strength and wsple. Au inqulry into the Star, made by Capt. W. Department, elicited seve: eanse =z Iaws, nnd fndicating the legi s report compauying interesting report gestions, general existing laws and regulations. penses o o :I.Ju ation at the lnst session. the Appraiser, Mr, Thomes MeElruth confidently antieipated from the reo: ganization. ing Star, on the W of October last | Jost, indicate & necessity for the ennctment of judiclous laws ar mereantile marim, with 10 the more complete wecurity of passengers, e and to eulange the value and security of propes indicate the satisfact: business of the Depurtment is being condueted under Tenus would, however, have been groatly inet bervof would doubtiess have been reduced by the pua- the bill for their reorganization, whieh was under con- suflicient for the prompt and pro public business before the war, is insutici eed reorganization, wud Justice and economy demand higher compensation 1o oficers and clerks. “The Secretary i under obligations ward complotion, and the Secre- sper and_necoasary legislation. of the Mint and branches I re- to the report of the Director of the Mint o total valne of the bolli d at the Miat and bes during the fiscal yoar 156 %, of which o0 i gold wikd 81,7851 71 in_ silver. Deduct- ut of netual deposits s K1 s in goll coln, 68, ‘ S0 04 3 silver bars, five-ceut pie otal bars statiped, 10,051 § e ol deposita, of domestic production, wers, at. Philadel. phin §2 810,606 34 San Francisco, $17,436,400 18; I . Denver, 816052 34, ‘The silver deposite were, at | Phitudelphia, §56,11% 81, San Francisco, $63,652 21; New-York, of foreigy production were #2.- at Philadelyp of silver, st Philadelphia, & o0 of brouze amd mickel wud of Congress, providing of mppraisements ut the So little time ork h on en) lmx'h\] 1 since the new Board was orgauized. that the neces sars reforms have not yet been consumuated: but they have bees undertaken with so mueh energy and jud; that the best 1ally the disaster to the Even- whoreby 900 lives wero apecial oular we ure {ar behind some othe: nations ; and while this is the case we shall not attal prosperity to which we sho of the disaster to the Evening Mew, uuder instructious from this %, to which eurnest attention 1 fiot hey do the radical defects in existing lation required to prevent loss of s herewith transmitt L of Congress is respectfully called to the ac- s of the heads of the respective le information nid sy manner in which the The effiolency of all the Bu. and’the ex. The muchinery of the Depart. r performance of the t now, The Bureaus to the officers and clerks of the Departui at for the very satisfaetory manner iu_whicl, with fow exceptious, thelr lmportant and during the pust year perform they responsible duties. Huont McCutLocn, Secretary. The Hon. Scnuyien COLFAX, Speaker of the House of Kep. —— REPORT OF THE CONTROLLER OF THE CUR- resentatives. RE: NCY. OF¥ICE 0¥ THE CONTROLLER OF THE CURRENCY, Sie: In tional Currency Aet, 1 bav, 10 the Congress of the United Sinoe the last Anny ual Report, 62 organized, of which 51 nre .':‘:‘-.m.m~ and 11 are conver. WASHINGTON, 1866 compliance with p-o&mw u(”beum 61 ofithie Na- States the ldz et b you wing report: Natioual lul.' m Deen sious of existing State Jianks to the National system, making the total number anized up to October 1, 1, The following tabie will exbibit the number of Banks, with the nmoust of capital and cuculution in each State and Terri. tory: Clos- Or Ing Copital paid in. 60,085,000 0 B 4TI 0T ] 6,310 012 50 62 20 364,000 0 7 n.m,un L LY ,r ~ w8 110,267 41 00 56 11,250,830 W 201 49,200,765 0 B a2 208 i LA, 156 w0 5 1,250,000 00 20 2,500,000 00 15 2,216,400 00 135 31,804,700 00 BT 0 41 making an ine For the Navy Department ..., 23144810 31 Ilinois o 1S 1031840 94AMIS For iuterest on the publie debt. 105,551,512 00 My @2 1000 4,313,600 3,778,900 v s ekl o 1 173 H W eln sk Mi 1 Ym0 Ie20 1 Leaving a_surplus of estimated receipts over % ¥ ¥ estimated itures of. aeuon 390,856 04 url 5 m"fl : 2 5300 :.fi "T'he receipts for the next fiscal year ending ), 1868, are | Kentucky.. 15 2,840,000 00 lfi: . 2,311,270 estimated as follows : 4 Tovnesscer, 10 . 17000000 1306200 1696790 From customs. vaensses §143,000,000 00 3 L0000 353,000 fi” From iuternal revenue, v 205,000,000 00 g p -.:u 180,000 150,000 From lands. veceesorsses 1,000,00000 7 fomo ’1’?.:-' m"” ¥rom miscellaneous sources..o 23000,000 00 8 13% o e v The expenditures are estimated a8 follow: S e N e For the civil service. $50,007 42 08 2 200,000 00 200,000 179,309 « and Ind 25,388,489 09 3 500,000 00 304,000 262,500 Ao {oEES SR B AW0LE DU 110,801,961 80 Locemm wmw ww For the * avy Deparf sent. 251,05 26 Tor ite & on the 1 bie debh, 10,0724 W P e o o o i - e §330,247,641 32 | Total. 16 1647 417245154 0T 267,00 202,671,780 From the number of banks organized, :m lll;t‘n‘,lld be deducted 16, leaving the number in active oper- “The banks to be excluded are the following : NEVER COMPLETED THEIR ORGANIZATION S0 A8 TO COM- MENCE BUSINESS. « Tho First National Bank of l.muln{, Michigan. “The First National Bank of Penn Yan, New-York. The Second Nutional Bank of Cauton, Obio. The Second National Bank of Ottumwa, Towa. SUPERSEDED BY SUBSEQUENT ORGANIZATIONS WITH THE SAME TITLES. ‘The First National Bank of Norwich, Connecticut. Lhe First National Bank of Utica, New-York. IN THE HANDS OF RECEIVERS. The First National Bauk of Attica, New-York, The Venango Nutional Bauk of Franklin, Pennsylvania. “The Merchants' National Bauk of Washington, District of Columbia. CLOSED AND CLOSING UNDER THE PEOVISIONS OF SECTION 42 The First National Bank of The First National Bank of Carondelet, Missouri. The First National Bank of Leonardsville. New-York. “I'ie National Union Bank of Rochester, New-York. The Pittston National Bank of Pittston, Pennsylvania, con- solidated with the First National Bank of Pittston, Peunsyl- vania. ‘ “Thie Berkshire Nationl Bank of Adams, Massachusetts, con- solidated with the First Nationnl Bank of Adams, Massuolius- vtts, The Fourth Nutional Bank of Indianapolis, Indiana, eon- .r‘ulirlnlml with the Citizens' National Bauk of Indianapolis, In- ana, An abstract. by Shates, ot the quarterly returns made to this ofice for tie quarters ending Jouary 1, April 2, July 2, and October 1, 1566, with a detailead statement of the condition of ench ;nmk at the close of the last' quarter, js herewith sub- mitted. A statement showing the names and compensation of the elerks and emplovés and the total expenses of the bureau for the fiseal year endllli.lune 30, 1565, is also appended. “Two baaks which had given notioe of goinig into Tiquidation ander section 42 of the act, prior to the date of the last report. have paid over to the Treasury of the United States the amount of thetr outstanding circulation in lawful money and taken up the bouds which they had on deposit with the Treasurer for the security of such notes, as follows. vi “The First National Bank of Columbia, Missonri, §11,990. The First National Bank of Caroudelet, Missouri, $23,500. wese banks are now elosed. During the past year the First National Bank of Leonards- ville, New-York, and the Nationsl Union Bank of Rochester, New-York, bave voluntarily given notice of going into liquida- tion as required by law. “Ihe First Natioual Bank of Leonardsville has a Capital of cevvee 0000 Bonds deposited. Cireulation % The National Usion Bank of Rochester b Capital of . #100,000 Bonds deposited. CIRBIMMOR, . - coz: 15 -4 rotrro s ibmhks case The Merchants’ 2 Bauk of Franklin, Penasylvania, having cireulating notes when presented for that pur- placed in the hands of receivers as required by e circomstances attending the failure of these two Dank were fully investigate and reported by a committee of the House of Representatives during the last session of Con- gress. “Lhie receiver of the First National Bank of Attiea, N, Y., has [t vve been broaght his labors uearly to a close, and a dividend will be de- clared to the geaeral coaditors of the bank on or about the lst of Januar) The bonds deposited to secure its cirenlating notes, na £11.50 of six per cent aud $17,500 of five pes geut old ut pubite auction in the City of New-York on of October Inst, in accordance with the provisious rrency act. ‘The net amount real the sale was §31,55 25, Of this sum, $44,000 in lawful money 1 with the Treasurer of the United States for the wption of the outstanding cireulation of the bank, and, un- der instructions of the receiver, #7,556 25 was paid into the treasugy. uccording to the provisions of section % of the act for the befetit of the general creditors of the bank. The smount of outatanding eirculation redeemed to October 1 was §3,320, With theas exceptions, the natioual bauks throughont the ed States seew 10 be i3 a sound and healthy w..ln i, 48 r quarterly reports to this offfce, veritied by ations made byjagents appointed for that purpose. st of October last were §1,525,43,- je for cireulation and deposits u surplus of $501,221,574 for capital wise & pledge for the payment of all bonds, w ke and 1, 1866, by circulation of been national folloy of capitalpald in ..o Inerease in bonds deposited to secure cireniation Increase of circulation issued This statement sbows an increase of one hundred willions of national currency; bt duriug the same period uational banks which have been converted State hauks have d fully fifty millions of their State cireulation, + making the actual iucrease in the volume of currency only about tifty millions. To correct a misapprehiension whieh exists in the minds of e amouat of national cireulation issued has ‘something more than periond Just prior to the inauguration of the natioual system. The bank cireulation of the United Statos in January, I huudred aud eighty-four millions of dollars, dhmhfi w8 follows. Northern and Western States.... Southern States Subsequent to ¢ thie Southern States, Immodiately following the suspension of specie payments slon of bank note eireulation, which reached rthern States alone $200,000,000, onse i ur of 836,000,000, Relieved of all m, the evident tendency of the banks was to asion. No trustworthy returns later than Jan- saible; but the prevailing tendescy of the times toward inflation, and the great temptation to ks to avail themselves of the opportunity to put in circnlation very large mnounts of their potes, without any restraints in the way of redomptions, would favor the opinion that this was not the highest poiat reached by the circulaton of State banks. The #10,000,000 of currency in the Southern States may now be ad- ded {nm an aggregate of #240,000,000 State bank circulation, which has been in great part repiaced by national eurrency. Without making any invidions comparisons. it i no injustice to sy that the substitution of & currency based uj Tnited States botds, secnre besond any contingency, for the miscells- neons issties of State banks, how doue much toward vustaining ublle confidence and preventiog distrust and posstble fiuaucal isnster. ~.§144,000,000 5 A 40,000,000 te 00 further returns were received from in January, | Bisbility to re REDEMPTIONS. The 1aw a3 it now stands provides for the redemption of na- tional currency in the Cities of St: Louls, Loufsville Chicago, Detroit, Milwhukes, New Orfeans, Cincinnati, Cleveland, Pitts- burgh, Baltimore, Philadelphia, Boston, New-York, Albany, Leaverworth, San Frageisco aud Washington. Anamendment to the law was proposed during the last session of Cougress, yequiring all national banks to redeem either in Boston, New- York or Philadelphia, but was postponed until the present ses. sion. Some system of practical and effective redomptions is desirable for the preservation of a healthy currency, and as s safeguand n.mhm redundancy. Under the existing require- ments 1,350 banks out of 1,647 voluntarily redeem in fiw ork Boston, and Philadelphia. These banks represent $240,000,000 rrency, of which three-fourths are redeemed in New-York. The samie arguments arged in favor of reguiring redemptions in these three cities would, if earried to their logical conclusion, establish the expediency of rv-Lumn, redemptions at one cen- tral point. Every pationat bank in the l'!llm)’flnlu 18 obliged by e eceusities of business to keep an account in New-Vork clearly showlng tho current of trade and the tendancy of A affording evidence thas New-York is the great comuiercial and financial eenter. A curreney of uniform valie in all seetions of the Union is of the highest importance o the commercial und tndustrial inter. ests of the country. The notes may be of uniform design and have the same ultimate security, But these conditions, slmh steps i the right direction, will not compass the end in view, unless the notes are available at par for the payment of debts and settlement of balances at the fitancial center. Banks of issue are a uscessity of our financial system, ulzed, encouraged, and protected by the Government public good. [ return for privileges conferred they should be required to make their issues conform to the demands of trade. ‘The demands of trade m‘nln currency that will pay debts at the center of trade. If the bauks do ‘not furnish a circulatior that will conform to this standard, their issues will be depre. cinted and tho loss will fall upon the business of the country. The ?nuunn Is whether this tax shall be borre by the people, while the banks reap the profit, or whether the bm‘- hiull per- foru their whole duty by furnishing a currency which shall b available for the payment of debts o here, and thus com- plete the condi necessary for a " uniform valne.” This question is one of growiug importauce, and one that presses for an_early solution. National banks in Boston, New.York, and Philadelphia re- coguize their obligatious to meet every demand in lawful money "for the of the United States, whother it be’ gold and silver or legal tender notes, They are obllr.l by law to regeive in payment of debts the notes of every other Natlonal bank; but they ean- not compel their customers to receive the same notes for their Dbalauces due from the banks ; and here les a difficulty whick flq subject the bauks in those cities periodically to very great ol weat, ‘The tendency of money to accumulate in these centers of trade—except at certain seasons of the year, when it is to bring forward the products of the M ‘Western, und obligation, wecondly, fi tional ourrency notes may be from the to its custouiers ; or else, thirdly, eur: rency may be kept at par by redemptiou at the great centersof ‘Without discussing the expediency of acting In recordunce with either of the two suggestions first named—because first wethod would leave the elnr:l-ncy in & worse condition than redom 'l:%lu Under existing. e o th auny ofredompions, Deng specie, as ", cens of sha currency to be redeemed, wnld:‘m ::Ifllllyu—n central redemptions foasible and ealeHally 1 €5 inangura- whether this object w proposed in House bill No, 771, which was postpoued to the present wession. This bill provides that eyery shall redeem ity wireulating notes at an association in one of the 17 cities nsmed in section 31 offiecumu&nl, but that each bauk in those cities shall redeem in New-York, Phi hia, or Boston its own notes aid the notes of every other bauk for which it ma Do the redemption agent. The object of the last provision indireotly to compel overy bauk to redeem either in N.w-'fl Philadelphis, or ton; not so indirectly, however, but R lumvmw"u-wd Y o ) g wader worth more at home than at any other poiut, il go home for the payment of - than to K:' \'ork'lu ption ; cnu:;‘menuy will be no hurd‘fllp in the t nirement. It the lrm-m\l not based o, is an argnment for the other sido of the p;:-liu: for a hardship to redeem in New York, tho pis m;{“fi‘n‘:{‘i{‘ 1al banks required al i % are to New York, reciprocal obligations banks of that city. The balanoos ::‘n amount in the aggregate to a very g . eomgmnwn between them for the its of the banks. Such competition already exists, and has led 10 the dage gerous practice of paying intorest on “This practios condomued by all mdm ‘bankors; but where one does it others must do it or the accounts of corres, A bank that r.vflnm-l on current s o to keep its funds in copstant use, or lose money. In onler to do this, loans payable on call are made upon collateral se of more or less value; and there is 80 much competition for sueh rd of security re- quired. Evervthing which causes extraordinary facilitios fn monetary trausactions tands to produce exciicuent, overtrad. ing, and speculation, sure to bring compen: ation sooner or later, if not ehecked, in pressure, distress and disaster. -~ Loang of this ducn‘uwn are made ehicflg o lan-ulnmu and that s reason enougli why the practice sfonld be rezurded ay unsafe, Conservative banks should not countepance or uid speculation ; and New-York City banks, made by law the custodinns of the available moans for redeeming the cireulation of wil the banks in the Unlted States should be the most coaserrative of all banks. They sionid not be allowed to jeopardiz: the funds of the country bauks by loaning them for ‘speculation, and they would not, if they were not obliged %0 pay isferest on them. Stop the payment of interest, and the temptation to make im- ptm use of such funds is removed. only way i which the evil n question can be reached, if it can be remedisd at all, s by & law prohibiting every national bank from paying or receiving intorest on bank balances, snd :ln propriety of such a law is recommended to the consileration “oa, . Coucurrently with a practical system of redemptions, & gradual_reduction of the volume of legal tender notes would operate benelicially upon the character of e nationa crrrency, by nhechnfi}u expansion beyond the pecessitics of husiness, 11 legal tenders wers reducad to such an extent that the amous$ in circulation should not exceed the sum required to perform the fanctions of Law ful monay as the substitute for specie, redemp. tions would be more stringent, and banks would Le cumpelled 0 Nflhlue their issues by the demands of trade. A ted daring the last session of (o rr'u'rwlh that the Secretary of the mflu’" dimisish the volume of i $00 00030 o th poit s whien ), as the poiat from the diminution commences, 8 regular ndncll:’nl of 4,000,000 each month wouldleave at the expiration of tw ) years I, 000,000 of legal tender notes in existence ; or $1 in lawful moncy for the redemption of each of natioual currency wuthorized, Thig ratio would hardly render redemption suslicieutly stringent to nee much effect on bank circulation ; but if this mmf:fl reached by the expiration of one year, the cffect would be more decided, 3 Four million dollars per month would be at the rate of §133,000 per day ; bt if bankers should see the means for the redemjption Of their issues diminishing at the rate of 150,000 pe: day, they would natarally and unavoidably curtail their eireuiation to tue lowest point their husiness would t, wud the benefits arish m & practical sysiem of ptions woud begin i eoposition is sl upon e bt it will bo i tion upon ion that it the puhlu of the Government to flmp:ll its notes for cireulation as fast as it shall haye the power to do so. The fact is not overlooked, however, that an opinios o some extont adverse to this view of the ease. 1t is froquently and strenvously urged that the Government » .oull Keep its notes in circnlation, and thus bave the use ot » wuck money without interest. It i proposed very briefly to consider this quesiion. United States moten onpzud o’ tho necessities of 1 am wot in the necessties of trade and commerce. Thoir w was regulated, not by the business vecessitics of 1 A but by the necessitins of o great emergeney, and was limited by reaching the maximum of expenditur during the time of war. The amount issued was entirely arbitrary o fap as the business interests of the country were concer altogether in excess of the demands of trade, as is o\ ident by the bigh prices borne by every kind of communlity. wud tom the surplus of money nulyoct to the coatrol of spcculators. This eurrency cannot coutract or expand from uatural causes I§ wan s 0 save the country from bankrupter (nria & pro- tracted struggle with arm rebellion, snd can contcacted by legal enactment of Congress. There slemont about it in sympathy with the commercial and widuse trial interests of the conntry. “Lue power of issuing Botes o cirenlate s m gorous to be placed at tue mercy of politicnl ment like ours, and is fraught possibiiit and disaster ealoulated to oxcite the gravest The minds of prudest, men. Having servci i = poryose for Which it woa clled i0t0 #xisteace, provision should be made fop its Ullhhdhll;'fll. ke o < U the other iand, banks ars in direct syrpathz with trade, dopendent upon I for el profits; tey Hacer 1is wants by dise ‘connts and by furnishing & medium ; it eurreney i fusued in excoss of demand, it 18 re- *‘:‘ returued for demption, and contracts expands s requires. Tn & word, banks are smenable 10 the laws of trule, while the Government issues are not. Furthermore, the bauks bave rendered important aid to the Goverument throughont the war, and they have been largely instrusental in developing our_national resourccs and in ig creasing onr national weaith. The m « and stockbolders comprise a large, useful and public-spirited claws in the commae nity, numbering over 200,000 citizens. During the pasi yeaf they have loaned to the businiess of the counts; an aierage of 600,000,000, They now hold oae-fourth of the eatire 1 ness of the United States. They bave redecicd aad res to the Treasury of the United States over $14.000.000 of math lated legul-tenders, and have redeemed §25,000,000 of 7.30 cog- s, to the very great convenienco of both the public and the ’l!‘munry Department. They bave beon insti uwcntal in {-I;: in the bands of the people more than $1,100.000,000 of U States securities. They have received angd dishursed from the revenues $1,774,000,000 of public moveys of exper Governuent. The expense of transporting and conoentratin g for dishurse- ment this imumense sum by orlinary means, withoul the ageney of uationul baks, would liave been, st & moderaie estiviatly ot less than §3,000,000, The net loss sustained by the Government through the failere of two banks, which were depositories of public moseys, probably not exceed $520,000, or about one-thirtiet oi Vue Ccent of the total amount involved, and about vne itk of amouxt it would have cost the Government to 4o tie busines withoat the aid of the banks. From this statement it wil bo evident that nativual bankh although organized and m: by individuais for their oWl profit, are yet capable of re: { | & serviees both @ the Government and to the publio, and have demonstrated, thelr entire willin to perform such servico: wnd thab losses have oceurred to the &nrnmml through their the smount is small compared with the ontlvy that W lave been necessary to carry on the business withont tiem. mnmum on-rn: cumm.::;)' szl?ldll?li BY LAV, Lhe ori act of March 25, , provided for an -Eflh ment of the natiopal enrrency to the several Stites ani Ter tories a8 follows: $150,000,000 according o representative popr :%D:Mm‘ $130,000,000 according to banking capiiah resourcsl ess. This requirement was repealed by the act of June 3. which left the distribution t the discretion of 1o Coytroller! the Currency. By the ameadment of March 3, 1865, the claws requiriug ag apportionment to be made was reénacted, but b the same date an amendment to section 7 of the lnterual Rere nue act w that all existing State bazks sliguld have 4 right to national qu'-huiul nlwuu} b i..» P over new organizstions up t the st day o 1865, .Hm.m,’ " or If the opr by $he amcadment to sectios These two smendments were uot jonment was made as required 1, the State banks then in existeace could not have con- verted without exceeding in many instavces the umount of e culation to the differeat States. But, as it seemed ® be the inteation and policy of tho act to absorball existing baske :',‘1' institutions rather than to create new bauking fa lition thereto, the Coutroller of the Currency s0 ¢ the amendments s to permit the conversion of State basll without limitation. The effect of this action wus to maked very unequal distribution of the currency, some of the State receiving more than they were entitled to by the ment, and leaving but & very limited amount t be the tho Western States, Now, as the Goverimont has assumed eatire control d= curreney onhem\mry‘ mvolving a direet supervision of Bl e e b e ‘wdequate banking facilities to 3 Fily tn Rebeltion. ot ‘Soing in to uvail themselr® £ i 8 the nati of the privileges granted in currency act st B9 time when they Were offered, and When it was » obtain them, are now left almost en! tute facilities. This deficioacy is the oceasion of