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It appears that the amount of national-bank notes in circulation has decreased during that period $114,109,729, of which $37,799,229 is chargeable to the last year. The withdrawal of bank circulation will necessarily continue under existing conditions.
From internal revenue 130,642,177.72 From tax on national-bank circulation, etc 6,523,396.39 From Pacific railway companies 749,861.87 From customs fines, etc 1,136,442.34 From fees consular, patent, lands, etc 2,284,095.92 From miscellaneous 412,254.71 State of the Union Address Ulysses S. Grant December 1, 1873
From internal revenue 130,642,177.72 From tax on national-bank circulation, etc 6,523,396.39 From Pacific railway companies 749,861.87 From customs fines, etc 1,136,442.34 From fees consular, patent, lands, etc 2,284,095.92 From miscellaneous 412,254.71 State of the Union Address Ulysses S. Grant December 1, 1873
At the beginning of the rebellion the bank-note circulation of the country amounted to not much more than $200,000,000; now the circulation of national-bank notes and those known as "legal-tenders" is nearly seven hundred millions. While it is urged by some that this amount should be increased, others contend that a decided reduction is absolutely essential to the best interests of the country.
Your attention is respectfully invited to the recommendations of the Secretary of the Treasury for the creation of the office of commissioner of customs revenue; for the increase of salaries to certain classes of officials; the substitution of increased national-bank circulation to replace the outstanding 3 per cent certificates; and most especially to his recommendation for the repeal of laws allowing shares of fines, penalties, forfeitures, etc., to officers of the Government or to informers.
The national-bank act has ably served a great purpose in aiding the enormous business development of the country, and within ten years there has been an increase in circulation per capita from $21.41 to $33.08. For several years evidence has been accumulating that additional legislation is needed. The recurrence of each crop season emphasizes the defects of the present laws.
The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country.
Your attention is respectfully invited to the recommendations of the Secretary of the Treasury for the creation of the office of commissioner of customs revenue; for the increase of salaries to certain classes of officials; the substitution of increased national-bank circulation to replace the outstanding 3 per cent certificates; and most especially to his recommendation for the repeal of laws allowing shares of fines, penalties, forfeitures, etc., to officers of the Government or to informers.
At the beginning of the rebellion the bank-note circulation of the country amounted to not much more than $200,000,000; now the circulation of national-bank notes and those known as "legal-tenders" is nearly seven hundred millions. While it is urged by some that this amount should be increased, others contend that a decided reduction is absolutely essential to the best interests of the country.
It appears that the amount of national-bank notes in circulation has decreased during that period $114,109,729, of which $37,799,229 is chargeable to the last year. The withdrawal of bank circulation will necessarily continue under existing conditions.
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