St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-15
sment and clearing house legislation. has

agement and clearing house legislation, has
mace apparent the necessity Of a large and inde-
dendent institution in the city of New York,
where the banks of other cities can keep their
reserves and surplus Misunderstanding certain Of
their controllability when needed, and also shar-
ing In the interest that can be safely earned Oh
such balances-a bank that will be to this coun-
try what the bank Of England is to Great Britain.
Ihe Time Is now auspicious for organizing such
an institution, and the national bank law is
adequate, and invites its organization. The
stock of this controlling bank should be taken
mainly by banks, trust and insurance companies.
The idea has been advanced that the National
banks cannot subscribe to the shares of such an
institution. This is an error. They do invest
III stocks and bonds less legitimate than such o
subscription. An interchange of opinion in this
movement, to ascertain its chances of success, is
recommended, and after the presidential election
meeting of bank officers should be held that it's
merits and dement's may be fully discussed.
1t is a source of pride and congratulation that
we have waded through such enormous deprecia-
ton, such wiping out of wealth. and still in the
main, are in good condition. We must expect
to remain in har1-pan for while, for vast deal
of settlement. adjustment aud compromise is now
in order. Those that have suffered most will
know the most in the future.
Many features of this panic are unique; form
erly panics preceded depression, this time the
great depression preceded the panic; former
pancs were accompanied by stringent money
market; now. money has been abundant and
cheap, with good promise for an import of
gold
All that is wanting is confidence; from these
facts, reason that speedy restoration may be
expected.
MR.. CAMPS REMARKS.
State banks in Wisconsin are required by
statute to report under oath of president cash
ier on the first Mondays of January and July a
true statement of the following items before any
business done on these days.: ssLoans and>dis-
counts; our drafts; due from banks; due from
directors OF said banks due from brokers; real
estates; cash items; stock and promissory notes
bills Of solvent banks bills of suspended banks :;
loss and expense accounts; capital; circulation
amount due to state treasurer; amount du to
depositors on demand; amount due not included
under either Of the above heads This report
to be made to the state treasurer, and also file a
copy of said report in the Office of register of
deeds of the county where such bank is located,
on the first Mondays of January and July of each
year, penalty for neglect, 500.
Private bankers shall report semi-annually to
the state treasurer 'samount due depositors, the
amount of funds on hand, the names of the per-
sons interested in or carrying ON said business,
the total amount of capital stock in said bust
ness, and such other items as far as practicable
as banks under the state banking law are re-
quired to report, and shall be verified by the aff-
davit of such person or some member of such
association or corporation" The penalty of vio-
latlon OF these provisions is 500.
There is general statute law authorizing saw
ings banks in Wisconsin, but there are no savings
banks organized in the state. There are several
banks organized under the state banking law
with the word 'sSavings incorporated in their
name, and there are banks and private bankers
with ''Savngs departments" but in all such
cases in Wisconsin the so-called savings deposits
are used with other miscellaneous deposits, and
subject to the same vicissitudes.
There is no provision in Wisconsin for the in
spection and examination of state banks, savings
banks, private banks or trust companies.
No banking institutions are in existence in
Wisconsin doing business under special char
ter.
In concluding this brief reply to the questions
proposed to me, would suggest that the conven-
ton should ask of congress ample appropriation
to pay express charges both ways ON not only ma
tional bank but legal tender notes and gold and
silver certificates for redemption and returns
when not fit for circulation. A large amount Of
the paper circulation is really disgraceful; banks
do not like to endure the cost Of express charges
and ought not to be required. Congress and the
mercantile community ought to be told what 1
presume scarcely one in ten knows, that the
Bank of England never reissues a note.
LARGE NUMBER OF LETTERS
from prominent members of the association all
over the country were read. communication
from Fred Walsh, of Oregon, on ''prevention of
panics as regards imports of the country was
referred to the executive council. paper from
E. b. Judson, Of Syracuse, on ''national banks
was read by the secretary.
Geo. S. Coe, of New York, was asked to speak,
and made few complimentary remarks in favor
of the association, and some extended remarks
upon the national banking system as it now
rests.
JAS Patterson, of Philadelphia, considers the
silver question one of the most important fea-
lures Of the time, and urged members to work
earnestly and carefully to have it repealed.
Mr.. Studenburger, of Louisville, made a few
remarks in favor of larger cash reserves, and
thought it was promotive of the true interests OF
banks. The maintenance of liberal cash re-
serves lay at the very foundation of, correct
and safe banking system.