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United States 4 per cent bonds of 1925.

[Sold February 1, 1896, at a price to realize 24 per cent to investor; money at 4 per cent.]

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Gain on maximum circulation obtainable, 0.52 per cent.

United States 4 per cent bonds of 1925.

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[Sold February 1, 1896, at a price to realize 24 per cent to investor; money at 6 per cent.]

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[Sold February 1, 1896, at a price to realize 24 per cent to investor; money at 8 per cent.]

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[Sold February 1, 1896, at a price to realize 24 per cent to investor; money at 10 per cent.]

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Loss on maximum circulation obtainable, 1.82 per cent.

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APPENDIX K.

TREASURY DEPARTMENT, OFFICE OF THE TREASURER, Washington, D. C., January 27, 1896. The CHAIRMAN COMMITTEE ON BANKING AND CURRENCY,

House of Representatives.

SIR In compliance with the request made in your letter of this date, I have the honor to transmit to you the following tabular statement, which shows the largest and the smallest sum of money belonging to the Treasury of the United States, including amounts standing to the

credit of disbursing officers, on deposit with national-bank depositories, at the end of any month in each of the years from 1881 to 1890:

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These figures show that in all the banks closed where the receivers have been discharged, 141 out of the whole number of failed banks, failed to have assets enough to pay much more than the currency they could have had out, under the Walker bill.

The Comptroller of the Currency informs me that they were in much worse condition than the average of failed banks since the national system was inaugurated. It therefore follows that there could not have been a loss equaling $500,000 during the whole life of the national banking system. It shows, furthermore, that the tax of two mills on the reserve notes will pay into the Treasury from $200,000 to $300,000 more each year than the total losses covering the whole thirty-three years, viz, $800,000 per year.

I have gone over carefully each of the 58 banks that failed in the year 1893, the worst year of bank failures the country ever has seen, and there was not 1 in the 58 whose assets would not have very much more than paid their currency notes.

Please examine this appendix carefully.

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