The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1892-11-29
Our MONEY.
Annual Report of the Comptroller of the
Currency.


WASHINGTON, Nov. %. Mr.. A. B.
Hepburn, comptroller of the currency,
in his annual report just su omitted,
makes these important recommends
tions:
THAT the minimum deposit of gov
ernment bonds required of national banks,
be 81, OJ9 in case of banks of $50, 900 capital,
and 5000 in lease of banks whose capital
exceeds $50,OO0
2-That banks be allowed to issue cir
culating notes equal to par value OF the
bonds held 20 secure circulation.
3-That the monthly withdrawal OF
bonds pledged to secure circulation, shall
not exceed $500, 600 in the aggregate.
4-That the tax on national banks cir
culatiOn be repealed. The banks have al
ready paid into the treasury S12,610, 1920
in taxes upon circulation. The banks
should only be assessed in amount sufi-
cient to defray the actual cost to the gov
ernment OF providing circulation.
5-That the limit of the amount which
may be loaned to any person, company,
corporation or firm to 10 per cent. of the
capital stock of the bank be so amended as
to read capital and surplus" and also
that an exception he made in favor of tenn
porary loans secured by collateral i'll our
largest business centerS.
6-That the government issue bonds
having twenty, thirty and forty years TO
run at a low rate of interest with which
to retire the present bonded debt of the
United States, which bonds may be used
as a basis to secure national bank cir
culation.
The comptroller shows that by ex-
changing a two per cent. bond having
the same length of time to run, for the
the four per cent. bonds outstanding at
the market value of each on the 3lst of
October. 1892, the government could
have saved $61, ,161 .55l.47. In addition
to furnishing permanent basis for cir
culation, it would prove a great bless
ing TO the taxpayers of the country.
THAT the comptroller of the currency
with the approval of the secretary of the
treasury be empowered to remove officers
and directors of banks for violations of
law leaving the vacancy so caused to be
filed in the usual way, first giving such
officers and directors an opportunity to be
heard.
S.-That bank examiners be required to
take an oath of office before entering upon
the discharge of their duties, and give
bonds in such amount and such sureties
as the comptroller OF the currency may re-
Quire.
9.-That the comptroller be allowed to
appoint two general examiners of con-
spicuOus ability and experience, to be paid
out of the public funds, whose duty it
shall be to visit, assist and supervise the
various examiners in their several districts
in order to secure uniformity in method
and greater efficiency in work.
lO.-That the law be so amended as to
prohibit officers and employees of bank
from borrowing its funds in any manner,
except upon application TO and approval of
the board of directors.
The report further shows that 1853
banks, with an aggregate capital of
$15. .2S5, 900, were organized during the
year, fifty-three went into voluntary
liquidation and seventeen became in
solvent, leaving a net increase for the
year of ninety-three banks.
The number of banks in operation on
Oct. 81, 1892, was 3.7o8, having an ag-
gregate capital of S693, 1853. .665, surplus
and undivided profits S34S, 524, ,179, in
dividual deposits 81, 765, 422. .9o3. bank
deposits $3.50. .653. 202 and total resources
$3.50, ,094. .597.
The circulation outstanding shows a
net increase for the year of Sl9, ,4S7, ,226.
The gold held by banks as compared
with Sept. -, 1891, shows an increase of
$2l ,994. 115; surplus and profits, increase
So 663, $50: individual deposits, increase
SLIT, lO4, 902, and bank deposits, increase
500, 14S, 43S.