Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1869-12-16
REPORT OF THE COMPTROLLER OF
THE CURRENCY.

According to the report OF the Comptroller Of the
Currency nine National Banks have been organ
lied within the year, of which eight are new asso-
Citations and one a conversion from a State bank,
making the total number organized up TO October,
1869, sixteen hundred and ninetyfour. The num-
Der in active operation is sixteen hundred and
twenty.
The total amount of notes of all denominations
outstanding on the Goth of September, 1864, was
S299, 1S9, S9545. The amount of United States
bonds held by the Treasurer of the United States TO
secure the redemption of the circulating notes OF
National Banks on the Both day of September, 1869,
was S342. AIS, 100
The Comptroller cites attention to the fact that,
as the law now stands, bank may, by avote of the
shareholder owning two-tAirds of its stock, 90 into
liquidation and close up lis affairs. After the ex-
piraton of one year from the publication of notice
to its bilholders and creditors required by the
statute. II may deposit with the Treasurer Of the
United States legaender notes for It's outstanding
circulation, and take up the bonds held rs security
therefor. This section was undoubtedly intended
to provide for the winding up Of banks under
the ordinary conditions incident to specie
payments But under existing circumstances. banks
go into liquidation, and call upon note holders to
present their notes for redemption by publishing
notices, as required by law, but, during the whole
year that follows, are not obliged TO redeem any
thing except, now and then, WORKOUT or defaced
note. This facility of circulation, and the absence
of all cost of redempdons, have probably induced
some associations To take the legal steps for going
into liquidation with the expectation of continuing
TO reap the benefit OF that outstanding circulation
while they continue to do banking business under
State laws or as private bankers. This is an abuse
that could only be practised under suspension OF
specie payments, and during the absence of all de-
mand for redemptions but for the time II IL none
the les an abuse that requires correction. The
Comptroller recommends that Congress should pass
an act In one section, unconnectcd with any other
subject, requiring all banks that go into liquidation
TO deposit legatender notes for their outstanding
circulation, aud take up their bonds deposited with
- Pa M no oil Atatna al,
such circulation, within sixty days from the date
OF the vote of the shareholders to go into quds.
ton.
1t is recommended that all taxes imposed on Ma.
tiona Banks by the United States be made return
able ana payable TO the Treasurer OF the United
States, in the same manner that the larger portion
OF them now are.
The employment by the government of agents to
examine into the affairs OF National Banks with
out previous notice hiss done more than any other
one thing 70 promote the safety and sound man
agemet Of the banks, and the good results brought
about directly and Indirectly by such examinations,
have iully indicated the wisdom of the provision.
Congress is urged to make provision for an Increase
In the compensation of these examiners as d mat
ter of necest lty a. well as matter Of Justice.
The sala-.ss OF the clerks employed in the Comp
trollers Office are Inadequate to the abilities and
integrity required. and the Comptroller recon.
mends that they be increased. He recommends
that the Deputy Comptroller be paid salary OF
$500 the hesd Of each division 81 400 two cor.
respondents, s2,2uu cachi and TWO bookkeepers,
$1,000 each,
The recommendation contained in his last pre-
ceding annual report, looking to the establishment
OF an agency in the city Of New York in the In.
terest of the National Banks, owned and controlled
by them. for the redemption OF an heir business i
again submitted 10 the consideration of Congress
Concerning the interest on deposits and call loans
the Comptroller says that the law for the oresn "a
ton Of National Banks defines their power
with precision. They are empowered 10 exercise
under the act, all such incidental powers a. shall
be necessary 70 carry on the business az banking
by discounting and negotiating promissory notes
drafts, bills OF exchange. and other evidences OF
de0t; by receiving deposits by buying and selling
exchange coin, aud bullion; by leaning money
on personal security; by obtaining. i.suip-
and circulating notes, 6e--from witch
IL will be seen tbs. National Bank.
are authorized among other things. 10 rs24rs h
posts " that IL when money il brought 10 them
they are authorized 70 receive Il Thew are not
However, authorized 70 hire deposits and the law