The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-12-01
ComptrOllcr's Report.

WAsHISGTON. Nov. 80.
The report of the comptroller of the cur
rencv receipts and the history of the late
financial panic, with the conditions of the
country attending It, says the crisis in n
great degree may be attributed to the init
mate relations of the banks in the city of
New York with the transactions of the
stock board more than one-fOurth, and in
many instances nearly one-third Of the bills
receivable Of the banks since the late civil
war having consisted of demand loans
to brokers and members of the stock board,
which transactions have tendency to i'm
pedc and unscttle instead of facilitating
the legitimate business interest Of the
whole country. Previous to the war the
stock board is said to have consisted Of $50
members, and its organic principle was
strictly commission business. under q strin-
gent and conservative constitution and
laws. At the close of the war the mem
bershp of the stock board increased to
|, 100, and was composed of men from all
parts of the country, many of whom had
congrcgated in Wall street, adopting
for their rule of business being the motto
of 1loratio, make money; make it honest
ly if you can, at all events make money"
The law Of the state of New York which
had been retained on the statute book since
1913, restricting the operations of the stock
board, had unfortunately been repealed in
1853, 50 that its members and mantpulators
were enabled to inscrease their operations
to gigantic scale.
The quotations of the stock board are
known to be fictitious, and yet these fac
tons control the business and commerce of
a great country, and their influence is not
confined to this country, but extends to
other countries and seriously impedes our
trade with foreign nations with fictitious
debts of railroads and other corporations,
which they have bolstered up, which
have obtained quotations in London and
other markets of the world, have now been
reduced to more proper valuation or
stricken from the list.
Whether the Congress of the United
States or the lie legislature of New York may
not rc-enact the law revivng similar re-
strictions with great benefit to the business
interests Of all parties, is respectfully sub
mttcd. Many measure. of reform are
proposed in order that the lessons Of the
crisis may not be lost and others be led
hereafter to commit similar errors.
Unity of action among the leading courts
of great cities will do more to reform
abuses than any congressional enactment,
for unless such corporations shall unite
and insist upon legitimate methods of con-
Quoting business, the laws of Congress in
reference thereto will be likely soon to be-
come imperative; such enactments will be
observed in their true respect by few,
while many will cvadc them to thus invite
the repetition of similar disasters. If,
however: banks are disinclined to unite for
such purpose, the legislation required of
Congress will be such rs will induce assoc
Citations outside of the city of New York.
to retain in their values such funds as are
HOl IctNlttl dt tlIN commercial 'tItlC ipl
legitimate purposes Of business. The fol
lowing statement showing the whole
amount of national bank currency, legal
tender notes and fractional currency, is
sued up to October 18th and November
| list, 1873 National bank currency, $780,
Gao, 05G Nov. LIST, $3.50. 332, SS3 legal
tender notes, $3.50, 500, s3s; Nov. LIST, $780,
952, POI fractional currency, SAG, 500, 10l
Nov. LIST, $47,S7G, l40 total, Oct. 18th,
$3.50, 3l5, 135; Nov. LIST, $3.50, 1G1 ,239 de-
duct amounts held by the Treasury and by
the banks, Sl16,i9G,997 and $12S,-
140,127,, which will leave unac-
counted for October 18th, $G39, SIS, 1873,
Nov LIST SG3l ,O20, 5l2. After making due
allowance for the currency held by the
state and saving banks, trust companies and
| private bankers. these are larger amounts
than can be supposed to have be in the
| pockets of men or the tills of small dealers,
| but it may be left to the ingenious in such
matters to divine what portion thereof was
boarded by the timid, the ignorant or the
or the coyetOus.