The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1872-12-06
THE NATIONAL BANKS.

Report Of tho Comptroller Of the Currency.
The report of the Comptroller of the Cur
rsncy reviews at length the working Of the
national banking system since its inaugura-
ton.
of the whole amount of circulation appro-
priated by Congress, $342,0o0,0 900 have been
issued, and balance of $l2 ,0O0, 900 pr missed
to associations that have hled their applica-
tions and taken preliminary steps toward or
gsnizine ss national banks.
The Comptroller cousi ,ers that part Of the
re- eat act which calls for the redistribution
of $2S, ,o0o, 600 in currency by Withdrawing
that amount from the Middle and 4 ,storn
Stalks, and giving it 10 the South ami West,
- impractica bic, aud rec omm, nds its repeal !;
aod also that an amendment be made in
lieu thereof providing for the issue of $4,000
600 bank circulation annually for the next
five years, to meet the wants Of such States
as have not had their full proportion.
He is opposed 10 any change in the law in
reference to the reserve VIII ch banks are re-
quircd to hold, and shows by statistica! ta-
bles ti a. law which has become rule with
ell cautiously managed banks should not be
hastily repealed. He suggests, however, that
it would be to the interest Of banks 10 keep Q
larger proportion Of their reserve in their
own hands instead Of placing on deposit
with city bonds, and points out the way by
which this end may be accomplished to the
general benefit.
Conerets IS informed Of various complaints
ich have been made Of usurious trsusac-
tions, and the Comptroller incidentally rug
gests the proprie,y Of the repeal of all usury
laws, 30 far as they apply to the national
banks.
Full information is given in relation to
banks which have fai!e I, showing the aver
age dividend upon the aggregate of claims
proved, which amounts to S6 per cent.-leav-
| ing IA per GEN., which tho law provides
shall be assessed upon 'hsrehold,rs.
The locking up OF greenbacks in New York
city 10 referred to, and attention called to the
resolution passed by the Clearing House
| and tho belief expressed that its enforcement
will do more TO prevent such illegitimats
transactions among banks than any legisls
ton by Congress.
| Amendments 10 the act are suggested al
follows: The organization of banks without
| circulation, npon the deposit Of $4,000 in
United States bonds. instead Of one third O
the capital; the imposing of q penelty on
and Withholding of interest from, banks
whose capital is impaired, and who refuse Il
20 into liquidation under section ~ Of th'
act to prevent the circulation of shinplaster
by railroads and other corporations Of th'
South; defining more fully the duties OF th'
Comptroller and Receiver in tho final CLOSING
of insolvent banks; and an ame- dment per
mitting banks to loan 10 per cent. on capita
and surplus. The proportion OF taxation II
believed to be much greater than upon othe
property. ,,.
Full statistical tables sre given, exhibiting
the amount of dividends and earnings of na
tional banks for the last four years. Th'
ratio of net esInings Of the national bank
OF the country 70 capital and surplus, withou
making allowance ipr bad debts, is about L
per cent annually, and the rate Of dividend
70 capital and surplus less than A pc
cent. a'4 ~
Tbs apps ldix will contain much new tas
tistical information in reiereuce TO the kin,
Of funds held ss reserve by the banks An
their net profits; also, comparative table
showing the amount Of authorised circulation
together with population and wealth in 1876