The Irish standard., 1893-12-09
q j. Ban
.1heir Oondltioan Told ~ the Comp
troller .o1 the Currency.

rHE CORRESPONDENCE REPORT.

the comptroller Of the currency win be sub
mttted 70. congress more briefly than the 70
port usually made by that officer, Itdiners from
former reports IL that no tables appear In thu
body OF the text 1T shows 8 7o6 national banks
70 have been in operation ct the close Of the 10
port year, with q capital stock OF s696. 566. l30
represented by Z, $4,000 shares, held by 500. 00(
shareholders.
At the last report OF condition the total 10
sources of the banks then In operation was
%, 100, 66S.284 The tc al amount Of circulation
was on; October 81 s2Oo 8ll,9se. 3 not Ifncrease
during the year Of t96, $50, 072 During the
year 119 banks were organised IN thirty
two states and territories with 9 capital
stock OF Oil. $50 0oa distributed as follows: For
tysfour witha capital stock OF b.1ao, 600 In the
eastern ststea Al with Q capital stock Of e.
3d. 600 west OF the Mississippi river and 81 With
q capital stock OF a. 755,OVO in the central and
southern states
Many Banks Suspended.
Within the same period 1888 banks suspended,
with capital stock of $50, 800, O00 OF this num-
Der ~ with capital stock Of sl8.2J5 00l, re-
sumed and IS passed into the hands Of receivers,
with capital stock Of $40, $4,000. At the close
of the year remained in the charge Of exam1n
ers pending resumption
shrtnkage in the Figures.
The aggregate resources ard liabilities on
October, g. 1893, the date OF the last report OF
condition, compared with those Of September 80,
1902, were s400 53l. 6l3 less. The shrinkage In
liabilities is accounted for by q decrease be-
tween the dates mentioned In the following
items:
Capital stock, ts,os2, e77; individual deposits.
1911, 298, oo8, and bank and bankers deposi ts,
1851, 938 l25 The decrease in resources is as
follows: Loans and discounts, 1921, 406. e26;
stocks, etc. Is We. 56A and due from banks and
bankers, tl32U54, 654. Cash Of all kinds In.
creased GO, 90e6u6 including s6, 40 81b in gold
United States bonds held for all purposes In
creased &0.60l, $50.
Cause Of tho Depression.
The comptroller reasons from the changes In
these conditions that the business depression
OF the last mon tbs was occas1oned by the action
Of depositors Withdrawing so much money
from the banks, which caused q sudden CON
traction In the volume OF money needed or
employed for business wants, and by the banks
beng compelled TO call in loans and discounts
to meet demands OF deposltors, which prevented
the making Of new loans aud rendered it haz-
ardous on the part Of banks 10 grant renewals
Of credit or extensions.
His Resumption Policy.
The suspension OF national banks during the
year ia discussed, and also that Of resumption
Upon the question Of resumption the comp
troller says: ''W1th full knowledge Of
VIC 80IOG0A SSA'SAS3 ~" s'ASSo A']Su0SA~SS
and the causes which brought about
their suspension, the policy was inaug-
urated OF giving all banks which under or.
binary circums tances would not have closed.
and whose management had been honest. an
opportunity to resume business. This policy
was one which seemed to commend Itself to
the comptroller as proper to pursue under the
tances and IT is believed the results
have justified the experiment OF It's adoption
No Need Of More Money.
Upon the subject Of currency legislat ton Is
the follow1nG
1.-The mbtroller has been urged to make
some specific recommend atoms with respect TO
revision Of the law 80 fur as 1t pertains to the
issuing OF currenov. After a careful considers
ton of the question the comptroller ts OF the
opinion that, aside from the amendments here.
tofore suggested allowing banks to issue cir
culatfng notes to an amount equal to the par
value OF the bonds held to secure circulation
and abol1shing portion OF the tax on ma
honal bank circulation the public good will be
best subserved at this time by making no rad
oal change in the provisions OF the law as 1t
now stands. tE
In the meantime it is respectfully suggested
that congress, either through a monetary COM
mission created for suoh purpose or through
The appropriate committees, obtain detailed in
formation Of the various systems Of banks OF
ISSUE now In opera ton, and also such 1hforma
ion as is to be ascertatned from skilled students
II finance and practical hnauciers, that 1t may
be able to formulate system complete and