Press enter after choosing selection

Financial Questions And Answers

Financial Questions And Answers image
Parent Issue
Public Domain
OCR Text

A Millington oorrespjndent submits the following inquines : 1. What is the total amount of national-bank bilis in circulation ? 2. Amount oL bonds the Governnient holds to secure them ? 3. Amonnt of interest the Government pays on said bonds? 4. Amount of tax the national banks pay per year for doing a banking business ? 5. Amonnt of national-bank bilis that are supposed to be lost, and how mueh the Government makes by suoh loss ? 6. Amount appropriated for public improvemente by the Government for the last year V 7. Number of national banks doiag business. 8. Number that quit during the last fiscal yea 9. Total amount of revenue and expenditures of onr Government ? 1. A statement issued a day or two since by the Treasury Department shows that the national-bank circulation outstanding Juno 30, 1878, was $324,514,284. 2. The last weekly report issned during the month of June, which corresponds with the date above, shows tbat 8349,126,400 in United States bonds was then held as security for outstanding circulation. 3. Iq November, 1877, when 8343,048,900 in bonds were held to secure circulation, the annual interest paid thereon by the Government was $17,588,000. Although the amount of bonds I now held is somewhat larger, the inter. est is a little, if any, greater, and may perhaps, be a trifle lcss, by reason of, changes in the denomination of the bonds on deposit. 4. National banks are required to pay to the Federal Government a tax of 1 per cent., annually upon the average r - - - - x tj amount of notes in oirculation, one-half of 1 per cent. npon the average amount of deposita, and a like rate upon the average amount of capital stock not ■ vested in United States bonds. The ] ainount derived tnerefrom for the fiscal year ending June 30, 1877, was $2,889,037.09 on circulation, $3,415,252.74 cu deposita and $654,636.96 on cxpital, making a total of $6,998,926.79. During the preceding fiscal year the national banks paid $7,076,087 in United States taxes, and $9,701,732 in State, county and municipal taxes, making a total of $16,777,819. 5. We have no figures at hand from which to answer the queetion. Only a very rough estímate could be mado at best. The percentage is, however, probably very small. 6. The expenditures for public works for the fiscal year endcd June 30, 1877, were abouf f11,000,000. Those for the last fiscal year were considerably less. The expenditures for th currout year, including upwards of $8,000,000 for rivers and harbors, aggregate about $13,000,000. 7 and 8. The numbcr of national banks doing business Oct. 1, 1877, was 2,080, a decrease of nine from the previous year. During the year ended June 30, 1877, ten national banks, with an aggregate capital of $3,344,000, failed, and twenty-six banks, with a total capital of $2,589,500, volnntarily discontinued business. Unprofitable business was undoubtedly the cause of the failures and withdrawals. Since the organization of the banking system, about one bank in eight has j gone out of the business, either i tarily or on eompulsicn. During the six months ending Sept. 1, 1877, 288 banks, with a capital of $41,166,200, paid no dividend s. For the year ending with that date, the 2.072 national banks in the country, having an aggregate capital of $486.324,860, and a surplus of $124,319,254, paid in the aggregate dividend8 amountmg to $43,921,088, tfhile their net earnings were $34,866,990. The average anuual dividends upou capital were 8.93 per cent., the ratio of dividends to capital and surplus 7.09 per cent., and the ratio of earnings to capital and surplus 5.62 per cent. Por the latter half of the year the ratio of earniogs to capital and surplus was 2 5 per cent. , being at the rate of 5 per cent. per annum. 9, The receipts of the Government for the fiscal year ending June 30, 1878, were #2;JH,091,818, and the expeuditures $235,620,017. These figures are approximate. - Detroit Fres Prestí. The Insaue Dclnsion of " Fiat Money." Bnt, says our Greenback friend, we are going to ni'tke this new issue of paper money a legal tender. Admit for tho sak" of argument you can. What can Government make it a legal tender for ? A legal tender for the pnytnent of debt. Oh, yds ! Here we are all in debt, and the news oomes that the Government lias printed 2,000,000,000 pieces of paper which are legal tender for our debts. Good pracious! how we wanttoget ai that $2,000,000,000 ! How caa wo ? Ibero is no man in this hall that eau teil me any way to a dollar that is worth a dollai without paying for it in work or worth, unless you steal it. They say they are going to have cheap mo:u y; well, it will be cheap money. I asked s one of their leaders the other day. He replied: " We have not concluded how the people are to get it yet [laughter ] ; bnt my idea is that the Govcrnmeut slionld" print them and appoint a Sub-Treasnrer in every county in the Unitfd States, andsend himsome of this money - I suppose a balo or basketful - and that he shouid loan this out to Torn, Dick and Harry, at a low rate of interest, and take mort gages on any thing a man had who wantod money." What a inagnilicent field this wonld be for the Androsooggin bar ! It would take every miuuto of onr time to draw up the papers and protect the Sub-Treasurer; and the Judge would take all lastime entering up judginents ! You go over to Augusta and piek out the craziest man in that Insano Asyluni, and you take that erazy man, and you piek out the ilurkest night that ever existed, and you put that man in the deepest sleep that ever was, and you get an angel to bring hiia the wildest dream that ever came to the craziest mau iu the darkost night on this earth, and it wouldn't begin to compare with this insane delusion I [ Roara of laughtor. - Spetchby Congressrnan Frye, at Auburn, Me. - - - - - -_ - - - They have rather got the tramps in Cc sta Kici. Vagrants under 50 yenrs of age are turned over by the magistrates to the cjmmandants of dfpartments, who, in turn, turn them over to the State Railrc ad Superintendent, who is employed in the construction of the een ral división oí the Costa Rica railroad. What the Eailroad Superintendent does with them can be easily imagined.


Old News
Michigan Argus