Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-12-05
Report Of the Comptroller OF the Cur.
Fencv.

ganlzatiOn, or which have made app]i
cation to organize. No further appli-
cations can now be considered, and it
is probable that the whole 1854, ,OOO, 600
of bank notes authorized will be issued
some time previous to the meeting of
the Forty-third Congress.
After the issue of the whole amount,
the law provides for the redistribution
of 81, ,0O0, 200 by transferring that
amount from New York and New Eng.
land to the West and South. The Comp
tro!ler considers the law impracticable,
and recommends it, repeal and the il
Sue of 5000, 900 of bank circulation,
annually, for the next five years, to
States which have not received their
full proportion. -
The amount of taxation, State and
national, paid by the national banks
during the last four years is given. All
earnings and dividends of the banks in
each State are given semi-annually
since March, 1869, in comprehensive
table, which has been prepared with,
great care. This table will show that
the ratio of dividends to the capital of
the national banks in the .; aggre-
gate, without deducting debts, is
about ten per cent; of divi-
dends to capital and surplus, less,
than eight aud half per cent. A com,
parison of the dividends of the national
banks with 142 English banks, repre-
.senting t14O, ,00Q OO0 is also given. The
propriety of the law in refereHce to re-
serve is discussed and fun statistics
given, showing the ratio of reserve to
circulation and deposits of national
banks in the different States of the
Union for the PAST four years are given,
and reference made to the Chicago and
Boston fires as conf1rm9tions of the
wisdom of the law In requiring i suffi-
cient reserve and the aocunulatiuo of =
large surplus fund.-. IT,. ,.,;., IN
The Comptroller is opposed to any
change If law in reference 20 the
amount of reserve required, but ,sug.
gests method by which it may be to
the advantage of the banks to hold a
a large proportion of reserve: in their
own hands instead of placing deposit,
in city banks, where it is largely used
for speculative purposes. sod
A number Of applications zhsye been
made to the Comptroller TO commence
proceedings for The fol lfeiture Of the
charters of banks on account of usur-
ious transactions. The law providej
as q penalty for usury . forfeiture of
twice the amount of interest, and Con-
gress is requested to interpret the Law
and state whether or not it intends to
forfeit the charter of the bank In addi-
tion to the imposition of the penalty
referred TO. The different state laws in
reference to usury are incidentally re.
ferred to. The facility with which
these laws may be evaded is pointed
out, and q repeal of the usury laws
suggested 90 far ~ they apply to na-
tional banks. .r....-4. -. '-.-:- !:
A full statement of broken national
banks, the amount of dividends paid,
and an estimate of the probable divi-
dends, is given, which will show that
the national banks, exclusive of four
banks, which were deposiitories of the
public money, will pay to their credi.
tors, in the aggregate, dividends
amounting to eighty-six Per cent Fou,
of the baaks which have failed during
the past year have paid dividends in
full to their creditors, and other divi'
dends of 70 and so per cent, with other
dividends yet to be distributed. z -
The locking up of greenbacks in New
! York City is referred to, and the
amount Of coin, gold, treasury notes
aud checks payable in specie held BY
New York City banks for four Year,
past, given separately; amendments t.
the act Withholding interest, and i'm
posing q penalty upon banks whose
capital has been impaired, and Who re
fused to go into liquidation, to pre-
vent the circulation of shinplasters il
the Southern States, and authorizing
banks to organize without circulation
under the present law by q deposit o
> $40, 600 Of United States bonds, insteai
of one-third of the capital as now re
Quiretl, are suggested.
The principal feature of the report il
} the full statistical information which i
/ contains upon subjects likely to he dis
( cussed in connection with the nationa
( bank system. An estimate of th,
. amount of circulation per capita, an
, also the ratio of circulation to wealtl
. in this country and in other countrie
is given. A comparative table showin
3 the rates OF bank circulation to capital
+ to deposits, to population, and t
0 wealth under the old. State system
t and under the national for each Stat
8 of the Union, and new tables exhibit
! ing the different kinds of reserve held
r and the amount of dividend and th
i profits in each State of the Union, al
h given, in addition to the usual statii
l. tics contained in the volume.
y Suburban New York.