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By referring to my report of 1838, and the aggregate accompanying said report, as compared with the same this year, it will be seen that the circulation is smaller than in 1838, and that the quantity of specie has also diminished; the diminution of specie, is however, no cause of alarm, as there is but little call for it from the banks in this State, owing to the fact that most of our banks redeem their bills in the cities, to which most of their circulation flows.

The aggregate table will show that the banks in this state, both under the Safety Fund, and those that are not, have in domestic bills or drafts falling due in the cities, together with their deposites, bills of other banks and specie, an amount that will nearly take up their circulation without taking much of their home debt. This state of things is gratifying at this particular period, as other states are embarrassed, while we are comparatively easy.

In my examination in 1838, as also in 1889, where any of the banks have had any proportion of their debt in an inactive shape, I have advised that the whole should be put in the shape of an active debt, and as much invested in domestic bills or drafts as possible, as those banks which keep the greatest amount in this description of paper are able at all times to accommodate the public to a larger amount than the banks which undertake te furnish permanent loans; this description of pape being generally founded on positive business transactions, is consequently all paid at maturity, and at those points where it is most convenient for the banks to take up their circulation. Vermont, being a producing state, naturally furnishes a large amount of this description of paper, sufficient, it is believed, at all times, to take up the circulation of our banks; drafts or domestic bills, being drawn and endorsed by at least two sureties in this state, and additional security obtained by their acceptance in the cities, are altogether the strongest and safest paper for them to discount, and falling due in the cities, throw the burden of payment on other Staces, and at points where the funds are most war.ted to meet their circulation.

In my report of 1838, I stated the condition of the Windsor Bank, and that I had requested the State's attorney for that county to present the case to the Supreme Court, at their next annual session. The case has not been presented for want of time, as alledged by the State's attorney, but will be in January next. The condition of that bank has materially changed since my report in 1838. At that time the circulation amounted to about $112,000; of this amount $32,000 was held by one of the Boston banks, which bank has since parted with it, and it has been applied to the payment of debts then due the bank which were con

sidered the most doubtful. The application of the above $32,000, and the further sum of $14400 in Windsor bills in payment of notes up to April last, leaving the circulation at that time about $66,000, stimulated the stockholders to come forward and pay a large assessment to take up the balance of the circulation, in hopes of recovering from the suspended debt, at some future period, some portion of their original stock. This, however, remains doubtful, as the suspended debt is still very large, and little or no positive security has been obtained. This bank will not attempt to do any business until the question has been presented to the Supreme Court, and their decision in relation to its charter, had.

All of which is respectfully submitted.

HARRY BRADLEY, Bank Inspector,

Montpelier, 11th Oct., 1889.

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136,454 13 2,700 00

46.297 26

Farmers Bank

154.472 79 2,373 75

33.489 91

15 70 10,157 00
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Farmers and Mechanic's Bank 168.377 66 8,498 75

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5,061 78 200,685 24
7,365 97 206,114 67

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Bank of Woodstock

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4,918 64 137,669 73

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