The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1892-12-02

Various Recommendations offered 10
Facilitate the Banking Bust
ness Of the Country.

ing report Of \. Il. Hepburn. comptroller
Of currency. shows that lc3 banks. with
an aggregate capital Of 5lJ,2SJ,OOO. were
organized during the year, - went into
voluntary liquidation. and l. became in
solvent, leaving Il net increase for the
year Of % banks. Nearly % per cent of
the new banks are located west of the
Mississippi river and 81 per cent in the
southern states.
The number of banks in operation Oct.
81, 1892. was 3,1oS. having an aggregate
capital OF $G93.SGS.Gi5: surplus and un-
divided profits. S34O,52i,179: individual
deposits. 81, 765, 422,9S3: bank deposits.
$50. 4J3.2n2. Total resources. SOLO
u94.s91.
The circulation outstanding shows a
net increase for the year of so. 4S,. 222G.
The gold held by banks. as compared
with Sept. -. 1891. shows an increase of
81 10; surplus and profits. increase
of S9,GG4.O2O: individual deposits. an in
crease of Sl11.l0i.902 and bank deposits
an increase Of S~lOO.OJS.i2S
over two-thirds Of the liabilities of
the Il banks reported as having failed
belong to the Maverick bank.
The comptroller gives detail infurma-
ton as to the clearing house transactions
for the year, domestic exchange drawn
by the banks and shows how, by means
If book keeping substitutes. the use of
actual money is minimizcd. less than ten
per cent Of the business transactions be-
Ing represented by money.
The comptroller recommends that the
minimum deposit Of government bonds
required of national banks, be 1900 in
case of banks of $4,000 capital and
5000 in case of banks whose capital en-
ceeds $4,000. That banks be allowed to
issue circulating notes equal to the par
value OF the bonds held to secure circu-
.atlon. That the monthly withdrawal of
bonds pledged 10 c circulation shall
not exceed 100000 in the aggregate:
that the tax OF the national bank circu-
.ation be repealed. The banks have al
ready paid into the treasury 572,G1O,i Ol
IN tax upon their circulation. The
banks should only be assessed an
amount sufficient to defray the actual
cost of the government in providing the
circulation; that the limit Of the
mount which may be loaned TO any
person. company. or corporation or firm
to be 10 per cent Of the capital stock of
the bank be SO amended as to read.
Capital ana Surplus and also that an
exception be made IN favor of temporary
loans secured by collateral of our largest
business center; that the government
issue Of bonds having 20. 80 and 10 years
TO run, at a low rate of interest. with
which to restore the present bonded
debt of the United States. which bonds
may be used as d basis to secure to the
national bank circulation.
The comptroller shows that by eXchang-
ing a two per cent bond having the same
length Of time to run, for the four per
cent bonds outstanding at the market
value Of each, on the 3lst of October.
1882, the government could have saved
sG1, Gl,51l. in addition to furnishing a
permanent bonds for circulation it would
prove a great saving to the
tax payers IF the country: that
the comptroller Of the currency
with the approval Of the secretary Of the
treasury. be cu pOWcre! to remove oil
GERS and directors Of banks for violations
II law, leaving the yacarcy 50 caused "
be filled IN the usual way. first giving
such officers and directors opportunity
10 bo heard: that bank examiners be re.
guireJ 10 take an oath Of Office be
A'l' 'I4''4I'4- bIJb lllf IlStltTEt
Of tLe.! 'uti.e, and give bond
IN such amount and with such
securities as the comptroller may require:
that the comptroller Of currency be al.
to appoint general examiners Of
conspicuous ability and experience. to
be paid out Of the public funds. whose
duty it shall be to visit, assist and super.
wise the various examiners in their sew
cral districts, in order to secure Uniform
in method and greater efficiency in
work: that the law be so amended as to
prohibit officers or employees of a
borrowing its funds in any man
ner, except upon application to and APP
proval by the board Of directors. In
order to facilitate the collections of as
sessments upon stockholders Of failed
banks: that receivers Of such
banks he required to file with the county
or register of each county in which
any stakeholder may reside a statement
showing the names of the stockholders
who re side in such county and amount
If stock held by them respectively. the
filing of such statement to constitute a
lien upon any realty Of SAID stakeholder,
which lien may be vacated on motion
and giving proper bond, and shall be
by the receiver upon payment
of the assessment.
In a chapter in regard to the c%ircula-
ton the comptroller says "Soiled
polished paper money is popularity be-
lieved to be a potent means OF dis
infectious and contagious
diseases. The Bank Of England never
a note. The statute provides
Tor the redemption Of United States notes
when "they are so mutilated or so in
iured as to be unfit for use'' and for the
of national bank notes when
hey are worn. defaced, mutilated, or
otherwise unfit for circulation" A note
With the accumulated filth of continuous
Use is unfit for circulation and should
De redeemed. |.