The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-01
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= Especial dispatch 10 the BATH more suns
Report OF ahe Controller or the Cur.
rency--,Banaking CircnlnfaeR- Recoan.
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WASHINGTON, November 29.-- The report
of the Controller OF the Currency has Just
been completed. Much of the report is de.
voted to q defence Of the national banking
system and urging lie continuance. The
report presents q table showing the opera.
tioas OF the currency acts Of June 30, 1874,
and January IA, 1875, to the first Of this
month. The net increase Of banking circ,l.
latiou from june Q, 1875, TO January IA, 1875,
WAS al 967 ,26s.. The decrease from January
Ia, 1875, to November 1, 1875, was q, 274,.
5is. The bank circulation redeemed from
June 20. 1914, to November 1, 1875, was
sl7,3a7, 537. The amount OF legal!ender
notes permanently retired under the act
of january l.. 1875, Is cssTeS,756. The
amendments to the banking laws recon-
| mended by the Controller are as follows !:
First, an amendment authorizing the Con-
troler to appoint receivers Of the national
! banks, whether ,transaclipg business or 10
liquidation, when Insolvency shall become
levident from the protest Of drafts or of
| checks drawn upon such associations or
| otherwise, IL after due examination It shall
appear that the assets are Insufficient for the
liquidation Of existing ipdeb tedness; second,
| for the appointment OF receiver when the
charter of bank Is determined and adindged
| forfeited BIZ United States court before hieh
suit Is brought as provided in sections 80
and 80 of the Revised Statutes third, pro.
yiling thst after full payment shall have
been made Of all the debts of an asso-
citation an agent may be appointed by
the shareholders OF the bank for the pur-
pose of liquidating Its affairs and dischsrging
the Controller aud the receiver by virtue of
such legislation, from all further responsible.
I ity; fourth, for the investment OF the funds
or deposits with the treasurer in interest,"
bearing securities when dividends are de-
layed by reason Of protracted litigation;
fifth, providing that II any shareholder or
shareholders Of banks whose capital stock is
impaired shall refuse; after three months
notice, to pay their assessments as provided
in section 5,205, Revised Statues, q sufficient
amount of capital stock Of such delinquent
shareholder or shareholders shall be sold to
make good the deficiency; sixth, an amend
! ment to section $500 of the Revised Statutes,
extending the Limits Of any liability OF any
association, person, company, or hrm for
money borrowed from ten per cent. OF the
capital paid in to fifteen per cent. of capital
and surplus for banks located in the redemp.
ton cities, and one tenth of capital and
surplus for other banks; seventh, pro-
sibting the deposit of more than ten
per cent. of the capital Of national bank
with any private banker, or with any person
or association other than national banking
association eighth, that no national bank
, shall be liable to make good any deficiency
! which may hereafter arise 10 any special de
, post made with such bank unless receipt
, Shall be produced by the owner OF such de
post, iii which the liability of the bank shall
be distinctly stated; ninth, the repeal Of
the two-ceut stamp-tax upon bank checks
tenth, requiring the word counterfeit" o.
"altered," or "ilegal" to be stamped on al
counterfeit or unauthorized Issues; eleventh
he repeal of that portion of the section o
Revised Statutes-section 4, June IL, 1870
providing for the organization of saving
bankS.in the District Of Colupbia.
No amendments are recommended to tht
acts Of January 20, 1874, and January IA
1875, with the exception of suggestion il
reference to the expense Of the redemptio
of national bank.notes.