The record-union., 1893-12-04
Their Condition Reported Upon by
the Comptroller of Currency.
LARGE INCREASE IN CIRCULATION
THE PAST FISCAL YEAR.
j. j. Van Allen Refuses to Accept the
appointment as United States En-
bassador to Italy in Spite of the
Presidents Request That He Re-
consider His Declination of the
Honor Conferred Upon Him.
Special to the REooRD-UNIoN.

Special to the RECoRD-UNIoN.
WASHINGTON, Dec. 3.-The annual re-
port of the Comptroller of Currency
shows 1896 national banks in operation
at the close of the fiscal year. The capital
stock is $685., ,55S, 100, held by 100000 stock
holders. The total resources of the banks
are So, l09, ,563, ,2S4, and the total circulation,
$209, 81 1893, net increase during the year
of $50, 1888, ,962.
During the year 119 banks were or
ganized. with capital stock of $11, $780,,
O0O-44 in the Eastern States, with cap
ital of $5, 136, 900; Al west of the Missis-
sippi River. with a capital of 81, $40, ,000;
"A in the Central and Southern States,
with capital Of S3,755,000. Banks sus-
pended, 15S, with capital of S30,300,000
Thirty-six resumed, with a capital Of
SIS, 900, and 90 passed into the hands
of receivers, with capital of $40, ,8S5, ,000
At the close Of the year seven remained
in charge of the Examiner, pending re-
sumption.
The shrinkage in liabilities during
the year was S400, ,53l, ,6l3, caused by de-
crease of the capital stock Of SS,O32, 67,
and Individual deposits of $314, 29S, ,653;
a decrease in resources of S465, Az, IA.
The cash of all kinds increased $50, $685.
606, including s., 4l0,315 in gold. United
States bonds held for all purposes in
creased S40,000,000.
The Comptroller followed the policy of
giving all suspended banks an oppor-
tunity to resume business, with most
satisfactory results.
He defends the policy of issuing clear
.v,cr nr,.1 he
mer, preventing an acute panic, and tend
ing to restore public confidence.
He recommends amendments to the
law as follows: Every bank may issue q
circulating note equal to the par value of
bonds deposited; to reduce to one-fourth
per cent. per annum the tax on circula-
ton. The Comptroller, with the ap-
prOval of the Secretary of the Treasury,
to be empowered to remove bank officers
and directors fo- violations of law; NO
executive officer or bank employe to be
permitted to borrow bank funds, except
on approval of the board of directors;
the Bank Examiners to be required to
take the oath of office and file such bond
as the Comptroller may require; the
Comptroller to be Authorized 10 appoint,
with the approval of the Secretary of the
Treasury, two general examiners to as
siSt and supervise the various examiners.
the above, no radical changes in the pro-
visions of the present law should be
made. In view of the fact that there is
now a very great abundance of unem-
ployed currency in the country, it would
seem that whatever needs appeared some
months since for the enlargement to any
marked extent of the circulating medium
has now ceased to exist, and therefore
Congress is afforded an opportunity of
giving the whole subject careful research
and investigation. Meantime it is re-
spectfully suggested to Congress, that
either through monetary commission,
created for such purpose, or through ap-
propriate committees, to obtain detailed
information Of the various systems of
bank issue now in operation, and also
such information as may be ascertained
from skilled students of finance and
practical financiers as may enable them
to formulate system competent and
harmonious.