The metallic reserves played too feeble a role to have caused failure;
they had varied from $34,000,000 in June, 1870, to $9,000,000 in
September, 1871, $18,000,000 in September, 1873, and $23,000,000 in
December, 1873.

The circulation varied still less: from $34,000,000 in January, 1876, it
decreased to $27,000,000 in July, 1872, and remained at the same figure
during the year 1873, if we can judge of this by the balance sheet
rendered on the first day of each quarter. In each case there is no
opportunity for us to charge an excessive issue.

According to the statement of the Comptroller of the Currency, paper
discounted decreased between the 12th of September and the 1st of
November from $199,000,000 to $169,000,000.

To sum up, the circulation had fluctuated very little; deposits from
$99,000,000 had increased to $167,000,000 between the 12th and 20th of
September, at the most critical period; and when suspension was
universal, they had declined to $89,000,000. After the breaking out on
the 18th of October, and since then from the 22d of November, they had
risen to $138,000,000.

The metallic reserve, after a brief revival from $14,000,000 to
$18,000,000 between the 12th and 20th of September, had fallen back to
$10,000,000, only to rise to $14,000,000 in November.

In the midst of these difficulties, the securities of the various States
held up. Since the first months of 1873, the demands of the English
market caused an upward movement in them; in September it was impossible
to make a loan, without using them as collateral. In order to help the