Triumphs and wonders of the 19th century, the true mirror of a phenomenal era, a volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress .. . urplus have been only a littleover 7 per cent. Since the establishment of the national banking system 5171 banks have PROGRESS IN COINAGE, CURRENCY, AND BANKING 463 been organized, of which 1224 have gone into liquidation, 368 have becomeinsolvent, and 3579 are in operation (February 4, 1899). Th
Triumphs and wonders of the 19th century, the true mirror of a phenomenal era, a volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress .. . urplus have been only a littleover 7 per cent. Since the establishment of the national banking system 5171 banks have PROGRESS IN COINAGE, CURRENCY, AND BANKING 463 been organized, of which 1224 have gone into liquidation, 368 have becomeinsolvent, and 3579 are in operation (February 4, 1899). There is a marked falling off in the number of new national banks organ-ized in recent, years. In 1890 there were 307 organized, but in 1898 therewere only 56 organizations reported, and that was the highest number re-ported since 1893. The capital of the national banks is also decreasing, butthe deposits show a large increase. At present the State banks are gaining in numbers more rapidly than thenational banks. Profit on National Bank Circulation. — Many suppose that nationalbanks make an undue profit on the privilege they have of issuing notes tocirculate as money, based on a deposit of bonds with the United Statestreasurer. Official figures disprove this. The total national bank notes out-. BANK OF ENGLAND, LONDON. standing, February 4, 1899, was $203,636, The law permits thesebanks to issue notes to the extent of 90 per cent of their capital. This capi-tal, on February 4, 1899, was $608,301,245. Therefore they might have hadnotes at issue on that date to the amount of $545,871,, instead of only$203,636, This is conclusive evidence that there is no substantialprofit in the issuing of such notes. In the figures furnished by the Comptroller of the Currency for 1898, heshows that the profit which a national bank could make by taking out circu-lation on a deposit of $100,000 of United States bonds, on October 31, 1898,was less than 1 per cent. On that date e
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