278 BANK 577,088 thalers ; notes either in circulation or in the hands of the bank or its branches, 360,- 723,312; bills of exchange, 114,856,512; Lom- bard loans, 23,617,365; gold and silver coin and bullion, 277,528,846. Its total transac- tions, receipts, and disbursements for 1871 amounted to 6,365,839,600 thalers. At the close of 1871, the Prussian branch comprised the chief bank at Berlin and 163 branches in the several provinces of the state, including Alsace and Lorraine. For the year the average rate of discount was 4'16 per cent., Lombard rate 5-16 per cent. Although this institution is a government one, it does not possess mono- poly privileges, but other banks are permitted throughout the kingdom. Indeed, much free- dom in banking, under certain restraints, has been for years past permitted in northern Germany. The popular or cooperative banks established under the initiative of Schultze- Delitzch have proved a highly important and most beneficent class of institutions in enabling workmen to combine their means for mutual financial assistance in business in a small way. Their study is a subject worthy of the attention of the workmen of this country. They are es- tablished without the assistance of capitalists, and make advances only to their members. The Royal bank of Nuremberg, Bavaria, is an old institution, which does a business of ex- change, discount, loan, and deposit. It is con- nected with the state, and its affairs are man- aged by finance ministers. It has several branches. No publication of its affairs is made. The Loan and Exchange bank of Bavaria began operations in 1835, and was chartered for 99 years from 1834. It lends on goods, and dis- counts bills of exchange, Bavarian securities, and specie, and effects fire and life insurance. Its issue is limited to 8,000,000 florins, 2,000,- 000 being based on specie. The bank of Leip- sic, Saxony, was founded in 1839, with a capi- tal of 1,500,000 thalers, which has since been increased, provision also being made for a large reserve. The Saxon bank in Dresden was founded in 1865, and on Dec. 81, 1871, held of coin and bullion 9,215,000 thalers, treasury and other notes 1,400,000 thalers, bills of exchange 11,678,000 thalers, Lombards 4,282,000 thalers, and had notes in circulation 20,988, 000 thalers. There are four banks at Stuttgart, Wurtem- berg. There are also banks at KOnigsberg, Frankfort, Cologne, Darmstadt, Weimar, Bruns- wick, Bremen, Dessau, and other points in the German empire, issuing circulating notes. Switzerland. Basel and Geneva have long been famous for the character and wealth of their banks, but the earliest Swiss bank of issue, that of St. Gall, only dates from 1836. At the end of 1869 there were 19 such banks in that country those of St. Gall, Zurich, Vaud, Basel, Geneva (bank of Commerce and bank of Gene- va), Thurgau, Glarus, Neufchatel, Fribourg, Aargau, Valais, Lucerne, Soleure, Bern, Ticino, Grisons, and Schaffhausen. They make divi- dends of from 4J to 7 per cent. Their condi- tion, Dec. 31, 1869, was as follows: circulation, 18,468,122 fr.; deposits, 49,166,405; specie, 19,380,922 ; capital, 73,357,784 ; loans (exclu- sive of those of the bank of St. Gall, capital 5,358,613 fr.), 71,667,700. Italy. The oldest existing bank in Italy is that of the Monte di Paschi of Siena, founded in 1622. The Na- tional bank of Italy, created by royal decree Nov. 14, 1849, was the result of a union be- tween the two banks at Genoa and Turin, the former founded in 1844, the latter in 1847. Its charter lasts till Dec. 81, 1889, and its capital, originally 40,000,000 lire, is now 100,000,000. By act of Sept. 3, 1868, the circulation of bank notes was limited to 700,000,000 lire. They are a legal tender by act of May, 1860. The bank has gradually extended its action over Italy, and besides seats in Genoa, Turin, Milan, Naples, Pa- lermo, Florence, and Venice, had in 1870 55 branches in all parts of the kingdom. It is a bank of discount, deposit, and circulation. Its condition in 1870 was as follows : Discounts, 828,666,172 lire ; average circulation, 775,879,- 712. On Oct. 81, 1868, it had specie and bullion 178,000,000 lire. The state is a large debtor to this institution, and its financial oper- ations are mainly conducted by the aid of it. There are also the following : Bank of Naples, bank of Palermo, National bank of Tuscany, Credit bank of Tuscany, Mercantile Establish- ment of Venetia, Anglo-Italian hank (founded in London in 1864), Farmers' Credit bank of Pisa, National Discount bank of Tuscany, Gen- eral bank of Genoa, Italian Credit bank of Turin, Discount and Silk bank of Turin, &c. In August, 1871, there were in Italy 39 credit in- stitutions and banks (the National bank and branches counting as 1), and 57 people's banks. Of the former 31 publish reports showing a paid-up capital of 86,141,268 lire; and of the latter 51 give reports showing a paid-up capi- tal of 17,501,855 lire. Spain, Portugal, Den- mark, Sweden and Norway, JKussia, and Greece, all have their banking systems, more or less in- timately connected with the fiscal operations of their respective governments. BANKING IN THE UNITED STATES. The Sank of North America. During the war of the revolution, the country being extremely poor, with few industries but agriculture, and quite denuded of the precious metals, from a heavy and long continued adverse foreign trade, the congress of the United States experienced great diffi- culty in providing the requisite means for car- rying on hostilities. On May 10, 1775, soon after the battle of Lexington, congress made pre- paration to issue continental paper, $2,000,000 of which were put in circulation on June 22 following. From month to month these issues, which in the aggregate reached $300,000,000, depreciated, until eventually they became en- tirely valueless, notwithstanding the passage of laws making them a legal tender for the payment of debts. On May 17, 1781, a plan of a national bank was submitted to congress
