The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-05
THE CURRENCY.
Annual Report of tho Controllers, III.
Il, Hurlburd.

The report OF the Controller of the Currency
submission to Congress on Tuesday. It CON
tains important recommendations and sugges-
tions regarding the national banking system
and national hDances. not heretofore Included
In the very brief abstracts which have been
published. The following Is substantially the
On the subject OF banks in voluntary llquida-
lion, Mr. Hubbard says that section AZ OF the
Currency act proviSes that any association may
90 into liquidation and be closed by vote OF
shareholders owning two thirds of the stock;
that due notice OF such action shall be pub
ltshed. etc; and AZ any time after the expira.
uon OF one year from the publication OF such
notice the said association may pay over to the
Treasurer OF the United States the amount of
It's outstanding notes in lawful money of the
United States, and take up the bonds which it
has on deposit with the Treasurer as security
for such circulating notes, leaving IL optional
with the bank or It's representatives to takeu
the bonds or not Under this provision a
bank may 60 into liquidation, pay Off Its
depositors and other creditors, do no business,
have no existence as a bank of discount and
laiion guaranteed by the Government In
some cases the ownership has been concen.
tratea IN The hands two or three individuals.
who continue TO do business as private bank
ers. avoid taxation, evade the requirements of
the Currency act, and sun retain the most pro.
htable features OF national BANK. To correct
abuses OF this kind, IL is suggested hat national
banking associations which go into vo.
luntary liquidation be required 10 pro.
VIDE for their outstanding circulation in
lawful money, and take up tner bonds
within three or six months; in default OF which.
the Controller shall have power to sell their
bonds by auction in New York city, and. af er
paying TO the Treasurer the amount of the out
stanOing circulation of the bank in lawful
money, 10 pay over any excess that may be
realized from the sale OF the bonds To the asso
ciation or It's legal representatives Banks that
are winding up for the purpose OF consO dating
with other banks, or with view OF reorgani-
zing at some other and more desirable points
should be excepted from the foregoing require
mente.
The Controller speaks as follows In regard to
the periodical stTingency in New York city:-A
careful study OF the bank statements of New
York, taken separa ely, ana the application of
the facts so obtained To The aggregate statement
or abstract of the whole, affords valuable and
Instructive information. The abatract shows
the toLal OF loans TO be Sl63 6S4 600 An exami-
naJion OF the statements In detail shows the
character OF the loans to be substantially as
follows;-Commercial or business paper, 800 000-
O0O demand loans, $68 100000; accommooa-
Ting loans, $500 0OO: suspended loans Sl-
500,OC9; total, Sl63 500 600. Nlne.slxteenths or
rather more than nalf the loan is legitima ate
business paper; the balance rs upon call or for
accommodation. The amount loaned on call
for commercial purposes is not stated, but
trustworthy information leads to the belief
that It is very small The customs and neces.