Morris tribune., 1881-01-13

Amount appropriated for the years
The thirteenth report of the officers Of the State
reform school affords continued evidence of the
wise management of that excellent institution II
its opening in 1868, of whom 1876 were held in
charge during the rast two years. and that la re-
NAMED at the close of the year. Strong reasons are
gwen Tor chi change OF the law Regulating commit
State rather than county support, as we'll as for q
change of name, all Of which meet my hearty con-
enrrence can see no good reason for singing out
object of local recognition only. The unquestioned
good it has already accomplished, not less than its
widening future usefulness, demands that it be
placed upon the broad basis of State support with
an equal footing with the other cherished objects OF
pubic care.
PUBLIC EXAMINER
By the third annual report of the public exam
liner, 1t will be seen that that officer has completed
his investigation of the financial affairs of all the
Slate institutions, countless banks and savings asso
Citations In the State. Some idea of the labor per-
formed in this work Is afforded by the fact that in
many instances more than one examination was re-
quired, while in others several weeks have been
sumed in single investigation the whole involv-
ing separate examinations to the number of 25S.
The completion of this work permits for the first
time, condensed and more or less ample view to
be taken of the entire financial situation of public
affairs. The summary of monied institutions shows
the existence Of seventeen banks organized under
our State laws in 1880, with aggregate paid up
capital ta Ct e toss leans and discounts
S4,41o,ooZ anu deposits, b0, Il 80, I0Os wnlle tnelr
resources and liabilities amounted each
to SIS, So, 6S6.49 This shows a
marked increase of banking facili-
ties and fourishing condition of business, while
the generally excellent management of these inst
tutions is complimentary to the skill and integrity
of their officers, since the State laws to which
they are amenable almost destitute of restrict
i've provisions. This absence of lawful restraint
was duly pointed out by the examiner in his first re-
port and as then apprehended it has already borne
fruit in the failure of of the State banks as re-
ported. That the loose banking law of this State
has resulted in only this single disaster is due
perhaps wholly to the practice of
sound financial principles dictated by sa-
gacious self-interest.- Commendable as is policy
thus voluntarily followed, it surely does not justify
law-givers in Withholding the legal safeguard.
demanded for protection renew my former rec
ommendation that our State banking laws be thor
oughy revised, and call your attention to the va
rious defects specified by the examiner, especially
to that which leaves any room to doubt whether
cash or merely nominal capital is required for bank
ing in this State deem it also worthy of seriousin-
quiry whether due regard for public security does
not require that the seventy-five private banking
houses of this State some of which are repositories
of public funds, should be brought under some
kind Of official supervision.
The examiner reports gratifying growth in the
legitimate business Of the savings institutions, al