New-York tribune., 1884-11-27
REPORT or CONTROLLER CANNON.

WAsuIyGTON Nov. 26.-Thc annual report
OF Mr. Cannon. Controller of the Currency shows that
iOl banks have been organized during The year with an
aggregate capital of SlGOi2,23O. aud that circulating
notes have been IL ucd 10 these now a'sOcihtlon7
amounting to S3.sG6,23O.
The corporae existence Of ninety National banks eN-
plrcd during tho year ending November 1884, Of which
have been extended unuer the net Of July
~ 1890 and one has been placed In voluntary nquida
tion The corporate existence Of 1ji National banks,
with an aggregate capital Of S56iGl.370. viii expire
during November aud December of thls year and the
coruorc existence Of 72O National banks with an
rorntc capital of ~ so7i i75, viii expire during iSs5
Eleven National hanks with m agrrrentc capital of
pas 0oo have failed aud Dccn placed In the hands ~
receivers during The year.
Tho total number of haul,s attn IN operation The
pctois n ancco,sion " which will terminate unloss
hconcr renewed during The yc,rs rrcyoun to 1900 f..
iiN with capital ~ F3i i6ll - ana rlrru hinh oi
Tlpl l7ib.lot. The liabilities of the banks nay" '"'
rron scd during the year 4Ol,uoOOuo The IN luoAf de
PRECISION of May used general reduction oI ohuH hl'u
Tho Controller tnyH MAT the Government 'innoi n',u
mulitc aud hold ~ surplus frNcnuca from 1887 10 So
without great disturbances To the huHine77 lrlc'l q"
the couutr, md much lcs can % do II during hc oh,'
pcrod of 500 o 1907. when the percent hpndS VIII mn
lure lie suggests the nndng of these bonds into oihr
which hall mature In ropor'ionto AMOUNTS ~ Irl%lu M Tam
fixed Intervals lie Suggests. IN view OF the rnndnH nr
future payment OF the pnhiic debit an issue 10y tne M
tonn banks oi 100 icr cent o the value oi me hohds
dcpocd cad of 80 per cent. also that the proht on
circulation bc increased 10 point Whlch WIN eul
1Grtr pg circulation Which is now occurring by
rrpralng hc law taxing such circulation at tho rate OF
one Lali Of per cent scmi-annually.
The controller IN conclusion, says that ho does
not favor imitation. lie believes that the
present paper circulation is amply suhi-
cicnt. He thinks. however. that the sudden con
trac'ion Of the bank circulation which IS imminent
without proper legisation Will seriously cnbarflSs
the country and II not checked VIII lcai to
entire dlscontnuancc Of the qsue OF notes by Naona
banks ON the question of circulating med
um based upon silver or upon BON BON
gold and silver he thinks that under certain
restrictions such plan would bc better than the present
one which il arbitrary and pcruicous. lie thinks that
there is shown disposition To hoard gOld gr0WG out
of the present law. lie says that the compensate on
allowed bank Insufficient and that their Iees
ought 10 be based upon the capital and average deposits
of the National banking associations. Government
espionage on business.1 banks is delicate matter
often At,
The Controller makes special reference to the
troubles in May. and calls attention TO
the fact that only one National bank failed.
lie says that the department was never
fully aware the dangerous character or the bhsincs
carried on by the Marine Bank. IIo thinks that 1t Is
surprising that the failure Of small National bank
caused more talk and surprise than immense failures III
DriVate I'M iutiOns.