The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-17
Carnps roller Of ito GurTency---FEzs
Powers :sS In National Banks.

SSHfttEStsSE o2 Is.S y ---ENa
Powers az Ia National SauI<S.
The New York Erekuny Post has an article
on the above subject which, just at this time
Of bank coiia!,>cs, &c, is suggestive, and,
l"! ~ add, startling. Ii says:
The Comptroller Of the Currency is the
chief Of that bureau of the Treasury to
Which is committed 'thc execution Of all
laws passed by Congress respecting the issl;c
and regulation Of 4 Rational currency secured
b" United >.2tes bonds He holds office for
five ycars, subject 10 removal by the Presi-
dent. who must communicate to the Senate
his reasons for il. He gives security in
DoHd, Il Tie amount Of one hundred thou
sand dollars.
The iir>; national currency act, passed
February -, 1868. was repealed by the net
Of Jan" 3. 1864. which. with its amendments,
tional banking system now. This act was
shaped with view 10 remove the Banking
Bureau from the direct control of the Score
taiy and yirri; mainly M independent status.
If VIC are n,t mistaken, jealousy of the cor-
ccutrltion Of such vast power in the hands
Of :: >in%lc officer WAS at the bottom Of the
change. il weld appear so from the fact
that tic Comptroller Of tie Currency adj
dressed his annual rcpoi; to the Secretary of
the Treasury under the old act, while under
The new ii is specially required to be sent to
tie jiruSc Of Representatives.
1.-THE late bank fixtures III New York bring
the Comptroller Of the Currency into prcmi-
ncncc is the executive officer on whom the
guardianship Of Our financial interests de-
ponds"
Tie Post then proceeds to give the points
Of I'll" law Of june >, 1864, (onitting those
which arc merely mandatory and of nomi-
mai cimr&ctcr.) wherein arc enumerated the
vast and dangerous powers ofthe Comptroller
OF tie Currency, who is independent OF the
secretary 81 the Treasury. These points arc
nt,ill cred from Que up to twenty. Tie fol-
lowiu. structures Of tic Post "a TO those
DoWcr&. OF ri the possible misrulc under
them. Give 4 slir;i l. idea Of their character ::
& triiling commission on the stationery
alone, under cl'usn |, would soon yield Il
small fortune. 10 say nothing Of furniture
and fuel. UEIcr clause 3. 4 dcfaulting bank
with capital Of tive millions might better
give away half a million than incur the SUM-
maryland, we may say, atrocious-penalty
placed in The sole discretion Of the Comp
trollcr. Clauses 8, 5, &, and contain sug-
gcStious Of methods by which an officer Of
il"xibic conscience might serve himself while
paving t ne way for indefinite frauds upon the
community. Clause 8 practically puts the
custody Of the whole mass OF bank securities
in the personal charge Of the Comptroller by
giving him access 10 them at all times
without any attendant officer. Under clause
, Il the Comptroller is authorized to deliver
! new notes g Oh due proof Of the destruction"
OF old oHcs, which proof Of destruction
might rs wei! be c2ncoctcd in Arkansas us in
Washington. Clause l. puts the counting
and preparation for destruction Of all mutila-
ted currency, amounting to many millions
yearly. under the exclusion direction OF the
Comptroller. True, officers are appointed to
witness the burning to ashes; but that
is the very act that would forever
hide from human discovery tue re-
tcution Of part Of them. Clause
fourteen makes the Comptroller a supreme
Judge OF the fitness Of the southern States to
enjoy the privileges of the banking law.
Clause nineteen permits him to sell the bank s
bonds al private sale in his discretion-a mat
ter III which minute percentage might yield
large profits. Clause twcnty-one allows him,
i'll Iii. discretion, TO release any banks from
.lic Obligation 10 make regular quarterly re-
ports, and to prescribe special times and
forms for statement of their condition !;
thus reducing the supervision of any particl:-
lar banks 10 the possible discretion OF their
own directors or officers.
."rhcrc is much more in this extraordinary
act of Congress 10 invite examination; but
surely we have said enough to draw public
attention to it, and that is all we have in
view. As it stands III present, the Comp
trulIcr of the Currency is i'll some respects
the moSI$absolsIte OF dictators over the tinan-
cul interest OF the country, and consequently
dictator also over It's industrial and its COM
mGrcial interests.
"Although the organizing act says that
the Comptroller Of the Currency shall lie
under the general direction OF the Secretary
OF the Trcas,try.' it is plain that the greatest
care was lakcu 10 make him practically indie
puudcnt Of That officer and Of any general
supervision Of the Treasury Department. III
but single one of the foregoing specifics
tons Of authority is there any reference to
the Secretary. Everything is placid in tie
hands Of the Comptroller, from the supplies
OF furniture, stationery, fuel, lights. and
otter conrenicnccS Of his Bureau, TO the
dictation Of tue terms Oh which, the whole
hanking business OF the country Is TO he con-
Quoted. Whether the furniture privilege
was copied from similar authorization with
respect to our new courthouse, Or the court
house Instructions copied from the act Of Con-
gresS, we cannot undertake to decide.
alt would be difficult to frame more
comprehensive covering for abuse and fraud
than is provided for in this grant of powers
TO the Comptroller of the Currency. That
officer may be ever so honest, but he is yet d
mortal, and he has other mortals under him
in all parts of the country to whom his per-
sonal oversight and knowledge cannot ex-
tend. Besides, the business in charge is pc
csiarly exposed 20 iudirectiou aud conceal
Een,. There is not single clause in the
twenty-oue specifications given under which
the .rOsscst manifestations may not be prac-
tistd continuously with very little chance Of
detection"