The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-11-26

wAsuIyaroS, D. C., Nov 25,-Tho
forthcoming report of Mr.. A. B. Hep
burn, the comptroller of the currency,
shows that lG3 banks, with an aggre-
gate capital of $685. 900, we're organ
lied during the year. Fifty-three went
into voluntary liquidation and seven
teen became insolvent, leaving net in
crease for the year of ninety.three
banks. Nearly 80 per cent OF the new
banks are located west OF the Missis-
sippi river and So per cent in the south
ern states. The number Of banks in
operation October 81, 1892, was S,7sS,
having an aggregate capital OF s60S, $685.
Cos. surplus and undivided profits $780,
524, ,179, individual deposits Sl,765, ,422,-
9sS, bank deposits $3.50, ,653,202, and
total resources sS,51O,094,s ,s97. The cir
culation outstanding shows net in.
crease for the year OF slO,4sz226. The
gold held by banks, as compared with
September 25. 1891, shows an increase
OF 1885,, ,115; surplus and profits, in
crease, S9,663, ,020; individual deposits,
increase S177,l04,a02; and bank de-
posts, increase Sl00 05S, ,42S Over two
thirds OF the liabilities OF the seventeen
banks reported as having failed belong
to the Maverick bank.
The comptroller recommends that
the tax ON national bank circulation be
repealed. The banks have already paid
into the treasury S72,670.4l2 in taxes
upon circulation. The banks should
only be assessed in amount sufficient to
defray the actual cost OF the govern
ment OF providing circulation. That
the limit Of the amount which may be
loaned to any person, company or COR
poration or firm to 10 per cent of tho
capital stock of the bank be SO amend
ed as to read Capital and surplus, and
also that an exception be made in favor
of temporary loans secured by collateral
in our largest business centers.
That the government issues bonds
having twenty, thirty and forty years
to run, at low rate Of interest, with
which to retire the present bonded
debt Of the United States, which bonds
may be used as q basis to secure ma
tional bank circulation.
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 viola
tions 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
That the comptroller OF the currency
be allowed to appoint two general ex-
aminers, OF conspicuous ability and ex-
perience, TO be paid out OF the public
funds, whose duty it shall be to visit,
assist and supervise the various exami-
ners in their several districts, in order
to secure uniformity IN method and
greater efficiency in work.
That the law be so amended as to pro-
hibit officers and employees OF a bank
borrowing its funds in any manner ex-
cept upon application to and approval
by the board OF directors.
In order to facilitate the collections OF
assessments upon stockholders Of failed
national banks that the receivers of
such banks be required to file with the
in which any stockholder may reside,
statement showing the names Of stock.
holders who reside in such county and
the amount OF stock held by them re-
spectively, the filling OF such statement
TO constitute lien upon any realty OF
said stockholders, which lien may be
vacated on motion and giving proper
bond and shall be discharged by the re-
ceiver upon payment Of the assessment.
The constitution OF the United Statea
prohibits the states from coming money
or making anything except gold and
silver legal tender. State bank bills,
when issued, add just SO much to the
liabilities of the bank. They would cir
culate freely in times Of prosperity and
confidence. In times OF monetary
stringency and general distrust they
would return TO the banks for redemp-
ton. They would have to be redeemed
in legal tender money provided by Con-
gress. Congress must, under the con-
stitution, provide all the money that
possesses a full debt paying power. BY
every consideration Of sound business
principles 1t should provide all the
money that the country requires. No
puDllC lul6Eebt Cdu 10 1SANSu DJ aANA0-
ing this function with forty-four states.
Every period of financial depression in
the past resulted in suspension Of
special payments, more or less general,
by the banks: that is, resulted in the
inability Of the banks to redeem their
notes. The same conditions would pro-
duce similar results in the future.
If state bank notes are allowed to cir
culate their acceptanceis notvoluntary;
1t becomes necessity. Many mine
owners, manufacturers, and large en-
ployers Of labor practiced paying their
help in store ordersPin order to con-
troll their trade, and made the extra
profit. Surely, under the law, the ac-
ceptance or rejection Of such orders was
purely voluntary and yet their accept
ance for fear Of losing their employment
was general. The restoration Of state
bank circulation porlends disaster to
that class OF our citizens who most
need and havo most right to ask proteC-
ton from tho government.
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