[I] At first they were required to invest only in _six_ per cent. bonds. But more recently they have been coerced or "persuaded" to invest sixty-five millions ($65,000,000) in _five_ per cent. bonds. And very lately it has been announced that "The Comptroller of the Currency will not hereafter change United States bonds, deposited as security for circulating notes of national banks, except upon condition of substituting the new five per cents. of the loan of July 14, 1870, and January 20, 1872."--_Boston Daily Advertiser of February 5, 1873._ From this it is evident that all the banks are to be "persuaded" into investing their capitals in _five_ per cent. bonds. Next, is the risk as to the permanent value of the bonds. Any war, civil or foreign, would cause them to drop in value, as the frost causes the mercury to drop in the thermometer. Even any danger of war would at once reduce them in value. Let us call this risk another burden of _one per cent. on the circulation_. Next, every bank in seventeen or eighteen of the largest cities--Boston among the number--are required to keep on hand, at all times, a reserve--_in dead capital_ (legal tenders)--"equal to at least twenty-five per centum," and all other banks a similar reserve "equal to at least fifteen per centum," "of the aggregate amount of their _notes in circulation, and of their deposits_." Doubtless, two thirds--very likely three fourths--of all the bank circulation and deposits are in the seventeen cities named. And as these city banks are required to keep a reserve of dead capital equal to twenty-five per cent., and all others a similar reserve equal to fifteen per cent., _both on their circulation and deposits_, this average burden on all the banks is, doubtless, equal to _two per cent. on their circulation_. Next, the banks are required to pay to the United States an annual tax of one per cent. on their average circulation, and half of one per cent. on the amount of their deposits. Here is another burden equal to at least _one and a half per cent. on their circulation_. Then the capitals of the banks--the United States bonds--are made liable to State taxes to any extent, "not at a greater rate than is assessed upon the monied capital in the hands of individual citizens of such State." This tax is probably equal to _one per cent. on their circulation_. Here, then, are taxes and burdens equal to _seven and a half per cent. on their circulation_. Next, the banks are required to make at least _five_ reports annually, to the Comptroller of the Currency, of their "resources and liabilities." Also reports of "the amount of each dividend declared by the association." Then, too, the banks are restricted as to the rates of interest they are permitted to take.