he Thus it will be seen that the aggregate amount of the unclaimed deposits in the savings banks for five years is only $779,542 87, and of that amount only $89,227 04 has been unclaimed for a period of twenty years. A very large proportion of the sum reported as unclaimed for five years is, really, as much claimed as any other deposits in these institutions. One of the chief objects of a savings bank is to take proper care of the moneys entrusted to its safe keeping, and large amounts are deposited with them in small sums, simply because the depositors have confidence in them as safe custodians of their moneys. Thus it is with guardians and parents who make deposits to the credit of their wards and children for the very purpose of having their money in a place of safety until the latter shall have become of age. Indeed, unless a depositor wishes to make a deposit or draft, there is no reason why he should visit the bank at all, in order that may be safe in his interest as a depositor. There is no inducement whatever for an active intercourse with the institution. Interest in all savings banks in the State is declared semi-annually, and it matters not whether a depositor presents himself or not, his proportion of interest is entered regularly to his credit upon the books of the institution, and at once becomes a part of the principal. When pass-books are presented after interest has been declared it is entered regularly upon them, but it is simply a matter of convenience to depositors as to when they will present their pass-books for an entry of interest. It would be unwise, therefore, to set down any deposits as unclaimed unless they have remained so at least twenty years; and as to the right of theLegislature to appropriate to itself even such deposits, we believe no such right exists. Besides, even if it did, to exercise it would be the gain to the State of but a paltry sum, and a great loss to institutions of savings throughout the State, by unncessarily alarming depositors and destroying public confidence. SURPLUS MONEYS. The surplus moneys of savings banks are the aggregate amount of a certain per centage, reserved from their gross earnings, for the purpose of preventing or making good to the depositors any loss resulting from a reduction in the market price of the public stock and securities held by them, below the par value thereof. The first legislation on this subject in our State took place in 1831, when the "Bank for Savings in the city of New York was authorized to accumulate a fund of that kind at the rate of three per cent on the amount of its deposits. In 1836, another act was passed giving the trustees of that institution the right to increase the rate of their accumulating surplus to ten per cent. Prior to 1839 there was no general legislation on the subject, but toward the close of the Legislature in ..... that year, when there had gone into operation some twelve savings institutions in the State, a law was passed giving all savings banks the right to gradually accumulate such a fund at the rate of ten per cent on the amount of their deposits. Since then this fund has been gradually increasing. On the 1st of January, 1858, it had reached the sum of $2,437,623, and on the 1st of January, 1863, making a period of five years, had increased $1,408,279, making a surplus at that date of $3,864,102, which amount was then held in detail, by the several banks, as follows. We also give in the table below the deposits for January 1862 and January 1863, which show the satisfactory result that these deposits have increased about $18,000,000 in the last year. Albany Savings Bank Atlantic Savings Bank, New York.. Bank for Savings in the city of New York. Central City Savings Institution, Utica... -January, 1863.-- Jan., 1862. Amount due Amount duo Surplus. depositors depositors. $56,270 64 $1,498,977 $1,199,628 9,121 09 261,036 123,216 Dime Savings Bank, Brooklyn.. Dry Dock Savings Institution, New York.... Yet, until a bank shall close up we do not see that the Legislature has anything to say about the matter, except to regulate the amount the banks may hold. So long as these saving institutions are in operation, this surplus money remains to make good to depositors any losses consequent upon a depreciation in the par value of their investments. This is, of course, as it should be. At the present time, especially, the condition of our country is such, that the necessity is liable to arise any moment for them to consume their entire surplus, in order to carry themselves safely through the trying ordeal to which all financial institutions in the country must, sooner or later, be subjected, in consequence of the unsettled state of our present currency. Under no circumstances, however, should this fund be allowed to accumulate too rapidly, and all banks should be required to regulate their rate of interest with a view of preventing such a result. The amount of ten per cent, now allowed by law as a surplus, is large enough, and anything over that should be divided among the depositors for the year in which the additional surplus is made. Any other legislation on the subject would be, we think, extremely unfortunate. A small amount of sur plus, in a well-regulated savings bank, shows a fair rate of interest to the depositors, and discourages unprofitable investments. On the other hand, a large surplus in the hands of bad men encourages dangerous investments, and jeopardizes the interests of depositors. JOURNAL OF BANKING, CURRENCY, AND FINANCE. BANK RETURNS THE PAST MONTH. THE decrease in circulation by the banks throughout the country has continued through the past month, as will be seen below. The latest returns of New York country banks are those of March 28th. Had we later returns the same fact would be shown, only more decidedly : Thus, since the year came in, there has been a decrease of circulation at the points above mentioned of about $11,000,000. The deposits also seem to have increased the past four weeks, which was unexpected, in view of the large amounts being invested in government securities, while in New York city the specie has increased over $2,000,000. Below are our usual tables for New York, Boston, and Philadelphia, brought down to the last week in May. Date. 64 17,..... 16 24,..... February 7,..... 66 14,. Loans. NEW YORK BANKS. NEW YORK BANKS. (Capital, Jan., 1863, $69,494,577; Jan., 1862, $69,493,577.) Specie. Circulation. Net Deposits. Clearings. January 3..... $178,810,009 $35,954,550 $9,754,355 $159,168,246 $186,861,762 44 10,..... 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 176,606,558 37,581,465 9,241,670 164,666,008 314,471,457 179,288,266 38,549,794 9,088,419 168,269,228 298,861,866 179,892,161 38,243,839 8,780,154 166,342,777 802,352,571 173,103.592 38,426,460 8,756,217 167,720,880 265,139,104 178,335,880 37,981,310 8,752,536 170,103,758 291,242,929 179,958,842 89,512,256 8,739,969 173,912,695 340,574,444 181,098,322 39,705,089 8,693,175 174,689,212 344,484,442 177,875,949 36,110,085 8,657,016 172,944,034 307,370,817 173,829,479 83,955,122 8,609,723 167,004,166 277,831,351 28,.... 172,448,526 34,317,691 8,560,602 163,363,846 281,326,258 4,.... 173,038,019 34,257,121 8,348,094 160,216,418 287,347,704 11,..... 170,845,288 85,406,145 8,178,091 159,894,731 264,468,080 " 21,.. March April 28,.. ... 7,.... 14,..... 25,..... 2,..... 23,..... 169,132,822 36,761,696 8,039,558 164,122,146 259,417,565 171,079,322 37,175,067 7,555,549 167,863,999 258,654,781 177,364,956 86,846,528 7,201,169 167,696,916 355,557,782 9,..... 180,114,983 88,002,633 7,080,565 168,879,130 367,560,781 16,..... 180,711,072 88,556,642 6,901,700 168,879,130 358,346,664 181,319,851 88,544,865 6,780,678 167,655,658 880,304,748 BOSTON BANKS. BOSTON BANKS. (Capital, Jan., 1863, $ Date. Loans. ·; Jan., 1862, $38,231,700.) Specie. Circulation. Deposits. Jan. 5,.. $77,339,046 $7,672,028 $8,190,496 $33,372,648 16 66 66 12,.. 77,427,000 7,751,000 8,373,000 33,063,800 17,006,000 13,520,000 19,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700 26... 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13,958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 84,076,800 16,889,000 14,490,000 9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,188,000 16,.. 78,431,000 7,794,000 8,001,000 84,903,000 17,070,700 14,095,500 23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 Mar. 2,.. 79,127,500 7,553,000 8,001,980 35,245,500 17,523,500 15,004,000 9,.. 79,274,700 7,582,000 8,225,000 35,215,000 17,340,400 14,446,500 "16,.. 79,636,134 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500 "80,.. 77,935,000 7,572,600 7,593,800 81,604,500 17,074,400 11,601,800 April 6,... 76,933,600 7,703,800 7,963,500 32,687,000 15,444,000 12,280,600 "13,.. 74,551,013 7,812,895 7,762,915 82,494,822 14,557,000 12,947,800 "20... 73,459,160 7,799,815 7,278,506 33,209,742 14,132,000 12,658,000 "27,.. 73,558,000 7,838,800 7,040,000 32,781,500 13,303,000 11,966,700 May 4,.. 73,218,155 7,854,781 7,433,496 81,949,762 13,237,700 11,622,600 11,.. 73,062,789 7,847,849 7,688,233 81,309,985 13,147,000 11,800,000 18,.. 73,068,598 7,794,046 7,167,327 32,192,770 12,863,500 11,732,000 "25,.. 72,874,000 7,777,000 7,011,700 33,000,000 12,787,000 11,748,000 PHILADELPHIA BANKS. PHILADELPHIA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970,130.) Loans. Due Due Date. Specie. Circulation. Deposits. to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,928 64 12,.. 37,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,932 37,416,694 4,549,369 4,382,520 27,877,069 7,050,847 2,275,905 37,479,712 4,572,419 4,284,947 28,773,517 6,755,980 2,638,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 37,710,851 4,272,347 3.888,185 28,759,049 7,452,563 2,432,078 66 19,. 37,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,703,196 37,901,080 4,267,626 3,696,097 30,178,518 7,185,670 2,758,852 38.603,871 4,249,035 3,608,870 30,679,259 7,100,258 2.499,139 39,260,028 4,247,817 3,534,880 80,549,587 7,476,603 1,939,449 39,458,384 4,247,688 3,295,862 30,106,135 7,418,482 1,985,014 38,937,612 4,311,704 8,369,194 29,171,283 6,504,758 2,158,007 87,516,520 4,339,252 3,374,417 29,531,559 5,768,558 2,770,129 36,250,402 4,343,242 3,296,685 30,117,527 5,953,809 8,014,229 36,295,644 4,343,988 3,185,042 31,059,644 5,306,809 8,018,727 36,482,058 4,346,377 8,078,921 31,021,799 5,448,124 2,559,868 36,587,294 4,355,824 2,989,428 30,859,231 5,328,898 2,891,087 36,593,179 4,359 865 2,901,600 30,949,781 4,975,939 2,542,792 36,887,301 4,357,119 2,866,121 31,892,308 4,640,623 2,536,279 2,808,109 82,455,953 4,623,392 2,480,714 11,... The following statement of the condition of the banks of Pennsylvania out of Philadelphia, we have prepared from the official tables: |