The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-12-02
The National Banking System...Im-
POttant Amendments to be prOpo-

ed. a.
tPton tho Philadelphia Ledger.l trea.
The report OF the comptroller Of tho
currency OI the condition of the. national
banks, called for on the Sd Of October, Is
important in view Of contemplated legls.
Iston at the approaching session Of cor +
gresa. Its Of special value as exhibiting
The condition Of the banRsrat the period
Of the greatest strain on their resources
which they have encountered since the
Inauguration Of the national banking sys-
TEN. There arc 1910 national banks or
ganized to date, with an aggregate capt.
Al OF S479,O00,0O0, with $f57 100000 Of
surplus, or undistributed profits. The
money capital, therefore, which the banks
acd Is security to their depositors is
A3SOOO,OOO. Their deposits were $780,
GVWOOO, and their circulation 1888, 900, 900.
From these figures It would appear that
Iae loaning ability OF the banks, making
IN allowance Tor the 25 per cent reserve
required by law, would be 81 400 000, 900,
while the actual loans Of the banks, ac+
cardlng 10 the comptroller's table, were
t44O00O 0O00in all the states at the close
o. business on that day. 1t is understood
VhAt three important amendments to the
national banking act are TO be pressed
upon the consideration Of congress. First
10 dIVest the system offs distinctive char.
sctet as a monopoly, and make banking
iFee; second, to repeal the section of the
aWequiring reserve to be kept against
circulation, already fully secured by a do.
pCSiI OF national bonds for more than its
!uu amount; and third, TO require the
UAnKs 10 hold as part OF their reserve all
Me coin interest they may hereafter re-
9IVe on the bonds deposited to secure
circulation, until the amount OF coin so
aeId shall be equal 10 the whole amount
" AWluI reserve required. The first
proposition has powerful support in all
SECTIONS Of the country, and meets with
eaI Avor among some Of the most intel.
"sgn' Of our bank managers. The prin-
SSpIe o' monopoly Is an odious one, and
yalE managers might as well make up
SuelF minds that It will not be tolerated,
ouI mat banking will become as free as
say olheF business sooner or later. The
'G 'uIu proposition Is quite as important Us
sSAeF oIthc others, and If It had been
SuuFted and enforced at the close OF the
"1, the national banks would before this
SStS Oeen in condition to resume, their
c,aTit "aTie reserve being held in coin, and the
Seu1 imitation that now vexcs the coun-
Il n would have been kept within reason
S U1s pounds. lCadoptel now it will DO
~S,n1 % m! great step in the direction OF D
Glu tedeemable currency; and, withal,
SSlauual SDS!u as MOTTO seriously disturb the
: s.aess saN oI The country. Tho question Of
ELsSgu LsTuaa currency Is the most vital one
nae, "s.y 70 agiAte the country within the
s',iaa sV1S Iew years, and the people will not be
T"sNd ATs9ed with It's postponement The oh.
rSUl %soa on the part Of the banks to keep
HSS petent reserve will not and should
T;,t MI Ue abandoned. 1t Is In strict harmony
nm nv :. pSohc opinion, and should be fully
r|,S%e requirements Of o sound iinan-
' iS1' g9hcy. II any change Is desirable III
mSau maSHectlon 1t is that the banks should be
S stronger and not weakened. Their
NInO NISeaqs % and surplus profits attest The
Sst sI ,bo =. the privileges they enjoy, and
rp,,,;1Te ;Le IS margin enough, for all proper
tnIIas tIIs"Sns' The tables Of the comp,
Of ss tSa q Saevelop the fact in strong light
n, Wy ny disposition Of the banks 10 extend,
On W. ~. SAKE AZ Of profit, to the utmost limit.
hS,S iue ), Su OF October the banks had Ia
h. ,H OF OF per cent, OF their demand liabil..
srS %Us exclusive Of bonds and ether prop-
ye;, y ~ ISss year, 30 per cent; tho previous
sut sOT; N ,Orc ~ 1879, Ss, in 1868, Al per cent
1o, ~ si tsOV, 43 per cent. Their circula-
n. SaS,s saSss them no trouble, as every hold
'sCu'ed rs good when the bank issu