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INDIANA

(Conti

(Prepared expressly for Statement showing No., Names, Location, Capital, Stocks

filed by the

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FREE BANKS.

Qued.)
the Cincinnati Gazette.)
deposited, Notes issued, and Description of State Stocks,
Free Banks.

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JOHN P. DUNN, Auditor of State, en 2007

Per W. H. MCDONALD. 83 to 85 pers cents. Indiana 21s, dodo at 50 to 55 do.doc tion. We have also paid off over $100,000 of the principal of our State debt,

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Bata $100,000 circulation has been returned, and Bonds taken up. Every day this

AJ. P. DUNN.

..buti samo bas leth dd) the Railroad Record Sept. 7., 1754. .........: " m

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neral pract, it shing and value the Generathe Stateo

Singer Banking Associ$17,360,000, 850,987.72.

Tweld, and

We have delayed to notice the progress of "Free Banking” in Illinois for some time under an expectation that we should obtain the report of the commissioners made some two months ago, but failing to get that report, we publish the following notice of it from the Allon Telegraph :

ILLINOIS BANKS—COMMISSIONERS' REPORT.-We have just received the annual report of the Bank Commissioners, in regard to the affairs and business of the Banking Associations of the State, made in compliance with the requirements of the General Banking Law. The report is an interesting and valuable document; and if its statements are correct, it shows that the Banking Institutions of Illinois are generally not only in a prosperous and flourishing condition, but that they are conducted with much financial ability, and compare favorably with those of any State in the Union.

Since the adoption of the General Banking Law, thirty-one Banks or Banking Associations have been established, with an aggregate capital stock of $17,360,000, on which have been deposited public stocks to the value of $2,650,987.72. Two of this number, however-the Bank of Lucas & Simonds, Springfield, and the City Bank, Quincy-have closed their operations, and are now being wound up; several are just commencing business, and their operations are yet rather limited. The following table will show the aggregate resources and liabilities of the twenty-nine banks now in operation :

RESOURCES. Amount of public stocks at the rate received ....... $2,475,741 62 Amount paid for stocks over the received value.... 196,162 13 Real estate....

31,158 22 Notes of other banks on hand ...

358,339 45 Amount of debts owing to banks.....

1,368,203 68 Specie on hand...............

565,152 04 Loans and discounts..........

316,841 76 Deposited with other banks.........

876,612 58 Expense account...........

24,874 97 Checks, drafts and cash items.....

63,892 41 Total resources ...........

......$6,305,978 86

LIABILITIES. Capital stock paid in.........

$2,513,790 17 Amount of debts owing by banks...

294,034 50 Amount due depositors.......

...... 1,286,102 25 Profit and loss account .......

71,787 00 Total liabilities..........

$6,449,239 92

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The Commissioners make a number of suggestions, in regard to the practical operation of the law, bank taxation, and other defects which need to be corrected. It seems that under the present revenue law, some of the bank corporations manage to escape their proper taxation, by shielding their active capital, and consequently pay tax only upon their bonds deposited with the Treasurer. Of the thirty-one banks in operation, only nine, among which is the Alton Bank; make return of their loans, discounts, bills purchased, &c., upon which taxes are assessed in addition to their stock deposits. The remaining twenty-two make no such return, and consequently pay taxes upon their deposits only. The Commissioners, in view of this inequality, recommend that the taxes be transferred from loans, discounts, &c., and be placed upon the circulation.

The Commissioners state that the General Banking Law discriminates unfavorably as regards Illinois stocks, and recommend that these stocks be considered more nearly in their relation to their market value, as a deposit, than the law at present permits.

The circulating notes of our own banks, as yet, sustain but a very limited relation to our entire currency circulation, perhaps not more than three-tenths. This disproportion will, however, gradually diminish, as our domestic issues find their way into the State, from the distant points where they were originally put into circulation. Of the remote or foreign paper which makes up

the residue of our paper circulation, a portion rests upon a stock security basis for its redemption, while a large proportion rests upon a foundation always liable to suspicion.

The Commissioners think that the Banks have generally observed, what is usually denominated the Small Bill Law, in their business transactions. The effect of this law, in those localities where it has been observed, has, without doubt, tended to force small foreign notes from circulation, but its observance has not been so general throughout the State as was expected, or at least hoped for. Some of the banks, with a view to meet the demand occasioned by the withdrawal of foreign small bills, have increased their aggregate issue of small notes, and withdrawn those of a larger denomination. Still, there is much embarrassment attending the want of small change, owing to the scarcity of specie.

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