The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-06
Annual Report OrthO Comptroller OF
st Currency.

" "AbhANuGuNN OuCS
The annual report OF the Comptroller
Of cufreny, shows go banks In active
operation. Their condition 10 more
gratifying than formeTlyI The oppor.
lunlty afforded Bpeculators to mAnlpu~
late the money market ID almost en-.
tirely done away with, and the banks
have more complete control OF their
adairS. The Comptroller recommends
the psBsage OF the act requiring all
banks that 90 into liquidation 10 de-
posit legal tender notes for outstanding
circulation, and take up their bonds
depoSlted with the treasury OF the
United States as security for such cir~
culatlon within 90 days from the date
OF the vote OF the stockholders 10
wind up. He also recommends that all
taxes ON banks be made returnable
and payable to the Treasurer OF the
United States, Including the special
tax and dividend tax now payable 10
the district collectors; that the compen-
Batlon OF bank examiners be Increased
and provision be made for It's assess
ment upon banks examined, and an
increase 10 fair compensation Of per-
sons employed under him In the Our.
rency Bureau. The recommendation
looking 10 the establishment OF Ger. /.
tral redeemlng agency In New York, In
last annual report, Is renewed. The
Comptroller says the legal prohibition
10 banks 70 hire deposit 10 not Buifi-
oiently explicito positive 10 prevent It,
and hints at legislation to that end,
The Comptroller argues In favor OF
the National Banking system as the
cUuse OF ease In the money market, and
lower rates Of interest than would
otherwise be obtained. He thinks
Government circulation which 10 not
convertible, and therefore; not elastic,
should be Withdrawn and substituted
Dy national bank notes which are
nomlnally redeemable and certainly
smenable 70 the laws Of trade. No
check to Limitation should be imposed
on the latter other than the law OF
supply and demand. A self adjusting
system OF currency Is the only one that
Is adapted to the exigencles OF trade
and 10 the wants OF the country, and It
is a vital question at this time whether
this result can be reached before the
return OF specie payments, II possible,
at all. 1t ls only through the agency
Of national banks that the machinery
OF The government Ia not adapt.
ed TO such ends and further,
II possible. II IL 80 only upon the
adoption Of policy which viii tend
gradually, but surely, TO the resump-
ton OF specie payments. must be a
gradual development OF processwhIch
shall absorb tho legal tenders and put
In their place q paper currency which
shall at all times and under all clrcunn-
stances be exchRngeable for coin, either
olpaper legal tenders or Of gold; q paper
currency which shall gradually In.
crease, while the legal'tenders for its re-.
demptlon shall gradually decrease In
such ratio as healthy demand for,
banking facilities may determine,
While free banking may thus be estSb-
llshed with safety anterior to specie
payments conditioned only on the
withdrawal or cancellation OF legal
tender dollar for every dollar OF bank
currency Issued. Free banking upon a
specie basis may also be permitted with
equal safety and without delay, with
details Of property adjusted. Banks
may be established with authority 10
Issue and put In circulation gold notes,
limiting the amount only 70 the ability
Ofths banks 70 comply with the necessR.
~ conditions, and redeem their Issues
by the establishment OF banks on spe.
ole basis. Resumption Of specie pay.
ment Is only anticipated, and famillari.
" with gold values will do much 10 re-
lteve the subject OF mystery with which
It is associated In the minds Of many
looking forward TO the day when uni.
form values shall again prevail. 1t
may be that by wise Legislation now
banking system can be established,
truly national In its character and
scope, which will furnish sound cur.
rency Of uniform value In every State
OF the Union.