St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-04

national bank to act, be authorized and
empowered to sign the circulating notes
of such bank.
q. That the law may be amended by
appropriate legislation SO as to empower
some class OF public officers to admins
ter the general oaths required by the
provisions of the national bank act.
z. That bank examiners be required
to take all oath of Office before entering
upon the discharge of their duties. and
10 give bond IN such amount and with
such suretieS as the comptroller of the
currency may require.
=. That the comptroller OF the cur
rency, with the approval of the Secre-
tary of the treasury, be empowered to
appoint two general examiners of con-
splcuouS ability and experience. to be
paid out of the reimburSable funds,
whose duty it shall be to visit. assist
and supervise the various examiners in
their several districts. i'm order to secure
uniformity in method and greater eff
cheney in work.
8. That the law be so amended as to
provide that the compensation OF all
bank examiners be fixed by the comp
troller of the currency, with the APP
prevail of the secretary of the treasury.
THE QUESTION OF LOANS
ton drawn between directors who are
merely directors and those who are con-
Stituted the executive officers of the
bank, ana are paid by the bank for
their services. Upon the subject of
currency legislation is the following:
The comptroller of the currency has
been urged TO make some specific rec
concentration with respect to revision
of the law SO far as it pertains TO the
Issuing of currency. After a careful
consideration Of the question the comp
truller is of the opinion that, aside from
the amendments heretofore suggested
allowing banks 10 issue circulating
notes equal TO the par value OF the
bonds held to secure circulation and
abolishing portion OF the tax
on national bank circulation-the
public good will be best subserved at
this time by making no radical change
i'll the provisions of the law as 1t now
stands. The financial situation of the
past months was not the result of either
lack in the volume of currency, of
which there is now plethora, nor a
want of elasticity in the present system
of issuing it, but arose from loss Of
confidence on the part of the people in
the solvency of the distinctiyely none
tary institutions of the country. In view
of the fact that there is now very
great abundance of
UNEMPLOYED CURRENCY
in the country, as is shown by the daily
money returns from the commercial
centerS. it would seem THAT whatever
need appeared some months since for
enlargIng 10 any marked extent the cir
culating medium has now ceased to
exist; and, therefore. congress is afforded
an opportunity of giving to the whole
subject that careful research and in
vestigation that its Importance in
all OF its bearings demands. 1t
will not do to place upon the statute
books any experimental legislation
upon this subject, but whenever new
law governing bank issues is enacted,
it must be one that, Immediately upon
going into operation. commands in
every respect the confidence of the
whole and inSureS them system of
| currency Issue as safe in every respect
as the present one, but with none of its
! defects. In the meantime it is respect
| fully suggested that congress, either
| through monetary commission Gre
ated for such purpose or through the
| appropriate committees, obtain detailed
| information of the various systems OF
banks of issue now in operation, and
also such Information as is to be aScer-
tanned from skilled students of finance
and practical tnanciers, that it may be
| able to formulate system complete and
| harmonious.