It will be seen from this table that the aggregate gain for these four months over the corresponding months of last year is $1,074,735.05. From a careful consideration of all these figures, I venture to express the opinion that the receipts for the current fiscal year will be $120,000,000. If no change is made in the rate of taxation, it is fair to assume that the percentage of increase of taxes for the fiscal year ending June 30, 1878, will be equal to the percentage of increase in the population of the country, and such increase of taxes might with safety be put down at $3,000,000, giving the estimated aggregate collections for the year ending June 30, 1878, at $123,000,000. Very respectfully, Hon. LOT M. MORRILL, GREEN B. RAUM, Commissioner. Secretary of the Treasury. REPORT OF THE COMPTROLLER OF THE CURRENCY. TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, Washington, December 2, 1876. SIR: I have the honor to submit for the consideration of Congress, in compliance with section three hundred and thirty-three of the Rerised Statutes of the United States, the fourteenth annual report of the Comptroller of the Currency. During the past year thirty-six banks have been organized, with an authorized capital of $3,189,800, to which $1,305,140 of circulation has been issued. Nine banks have failed, with an aggregate capital of $985,000, (including one which had previously gone into liquidation,) and thirty-three banks, with a total capital of $3,030,000, have been closed by votes of shareholders owning two-thirds of their capital stock. The total number of national banks organized since the establishment of the national banking system is 2,343. Of these, forty-nine have failed and two hundred and seven have gone into voluntary liquidation, leaving 2,087 in existence on November 1 of this year. Three of these banks, located in the city of New York, have no circulation, and four hundred and thirty-three have reduced their circulation and withdrawn a portion of their bonds, under the act of June 20, 1874. The act of July 12, 1870, sections 5185-5186 of the Revised Statutes, provides for the organization of associations for issuing circulating notes, payable in gold, of denominations not less than five dollars, at a rate not exceeding eighty per cent. of the par value of the bonds deposited, which notes are printed upon yellow paper, with a distinctive engraving of all the gold coins upon the back. These associations are required to keep on hand not less than twenty-five per centum of their outstanding circulation in gold or silver coin of the United States, and to receive at par in payment of debts the gold notes of all other associations which at the time of such payment are redeeming their circulating notes in gold coin; and they are subject to all the restrictions of the Revised Statutes applicable to other national banks. The First National Gold Bank of San Francisco was organized on November 30, 1870, with a capital of $1,000,000, which was subsequently increased to $2,000,000, and with circulation of $500,000, which was subsequently increased to $640,000. There are at present nine of these banks in operation, all in the State of California, with an aggregate capital of $4,450,000, and an aggregate circulation of $2,090,500. The following table exhibits the resources and liabilities of the banks at the close of business on the second day of October, 1876-the date of their last report, the returns from New York, from Boston, Philadelphia, and Baltimore, from the other reserve cities, and from the remaining banks of the country, being tabulated separately: The reserve cities, in addition to New York, Boston, Philadelphia, and Baltimore, are Albany, Pittsburgh, Washington, New Orleans, Louisville, Cincinnati, Cleveland, Chicago, Detroit, Milwaukee, Saint Louis, and San Francisco. |