Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-12-04

MANY NEEDED AMENDMENTS



port al James ii. Eckels. comptrnller q
the carrency. shows / a7ss 1aflenll hanks
20 have been m operation al the eiasa
of the rcpcrz year. with a capital stock
Of ssisa.oaS Ia represented by s.f00p
shares. held bs &0noo shxrchollers
Al the last repofi 81 oonditios The total
resources u tho hanks then Ia opnratioa
MAS sll0. .adS. .3ss.3k TIE total snounf
~ circulation gas On October n. s3o
SIl.ka net increase during the year
u s'Hssi9s2 Daring the year ll9
banks we're organizrd IA thirty -tws
STATES aud territories sith a carlfai
stock u sll.3nosa Within the sAmt
period iiss banks s0spsndea. With q cap
ilal stock % s30.Joa0D Of fhis nambef
eighty six. With . capital stock u as.
5000 resumed. aud si9ty i've gzz.sod
into the hands q receivers. With a csn..
tai stock of fi0.sn3.0ol Al fbs.clo.F a.
the year seven remained la the charge
u examiners pendlns resnnpt.oa. The
aggregate resources o. liabilities <7n
octolDer II. lS,gi the date II tie last ~
port of condltion. compared With shnfn
of September 80, lSr1 wers ESQ. o.a1 .6l3
iess.
Hcsamptioa ~ National Banks
Upon the question ~ resumption Of
national hanks cnring the year The
comptroller sass. .Wth tuli kncsi
edge 81 the general s,lveary q fhsxe
institutions aud tue canee nhsssh
brought about their saspensson. the
policy was inaugurateo ~ giving ali
haulEs which under ordinary r.rcum.
4 = =
whose management hal bes-n honest. an
opportunity 20 resume Lnsiness This
policy WA one which seemed q Aosi
mend itsnh 10 the conptroiier as proper
90 pursue under the circumstance. and
10 - believed the results have luaisIiod
the experiment u its adoption IT, d.
instance has hank been permitted IL
resume on money borrowed or for uhich
as al association IL has become liable.
Whenever those active IN the msneFe-
fnent of the banks rceuming. either hs
executive officers or dlrecfoTs. have been
debtors. their indcbteinees has feen
paid or secured aud whenever impair.
inont IL capital stock has existcd such
impairment has bcen made good. either
by voluntary or enforced assessment %
the Stockholders ln 4 number of ia
stances changes have beea made ia the
directory aud ofiicial corps 81 tho hanks
The one general criticism. however. 90
be made on the mansgrnient of these
banks as the ;mpropef distribution 20
their leans-s circumstances which
greatly retarded the convsrsion % such
loans into cash and thereby esusng Sue
pension
Amendments Recommended
Thefollowing amendments we're recon.
mended:
I. That every association may issue
circulating notes equal to tie par value
uf the bonds deposited.
- That the semi annual duty on cir
culation be - reduced a. 90 equal one.
I fourth of one per cent per annum.
/ 4 That the comptroller of the currency
with the approval Of the recretar, % The
treasury he empowered toremove officers
and directors ~ bauk for violations 81
/ Law. frst giving such officers and direc.
tors an opportunity % be heard. leaving
vacancy 40 created % be filed IN tho
usual way.
4. That no executive officer % bank.
or emrlo,e thereof. b. pesmittesi % Dor.
row funds OF such banE in any manner
except upon application o. and approval
by the board ~ directors
:. That the assistant cashier ia the
absence OF inability of tho cashier q
national bank 10 act. be sUfhorkcd and
empowered 10 sigG the circulation notes
! 81 such bank
G That the law may he amended by
appropriate legislation - ~ 20 empower
eogae class a public officers 90 admins
ter the general oaths required by the
PROVISIONS % the national bank sci
= That the bsEk eza.niners he re
Quired % take an osfh 81 ofiioe before
entering upon the d.ecbsnge - their
duties aud 60 give bond in suci
amount and eith such soretios as the
comp;roller of the currency may re.
quife
= That the comptroller 81 The cur.
rency with the approval - the secre-
taFy of the treasury be empowereo 20
appoint two general eKau8lners - al,il.
| ity aud experience - lse psid cut q the
reimhursable funds wboee dutirs. shall
he 10 visit. asset sne supervise tise vsri
Gus examiners in their several districts
IN order 90 secure uniformity an uieihud
and greater efficiency IN work
a That the iaw H. - amended a. T.
provide tat TIE compensation ~ al
tsauk examiners lse hsrd ~ the comp.
troller a the curreocs win approval
- the secreisrs ~ the treasury
The 'arr~pc, Qpestson.
Upon the subject ~ the currency
question. is ihe foliouinr. The comp
frOiler have beer urged 10 tnske eofnf
recorfr8endation. vth sesge respect q
the resssion - the iaN. - fsf ss a oi,
fAins r. the issue ~ the eufrehcs. Aftai
careful erafninrfion See cpeftfpllef a
/ ~ The opinion. the pai'ise gosd eli b.
t,est lEnehiied this tinf ~ making "a
radical chanres IN fie lsv - u nee
STANDS Tie tlnanfisi sifBaflon - th.
past months was not the Result - eifhsl
"A = lnrk IN TIE yoinme e the corfsuc,
~ which - tfetnora az Harf - eiasfitil,
IN the present stsiru - issnifzc q. bu'
srust from q ios ~ csS11eilce on tp'
part 81 the peopie - The ssisene, .
the filetinrtiFely t3oisetsrs instifptien
q the conBtry n - wnrthY - pot
and - serif,us consideration HAT m ~
vefs tiuse the ecaFcssf ~ sorreDsg ft
f,tfriY,s.s trrgpsees was a. - hfirht nj
r,nuufrt. Tulu11e - enrFebrg ese iil
,sreasinc 49, u,ost fnpiiy nnl a.
snaont g,ef capita vac rnvch isrrrf fbs|
IL nHY recent ysax IT, sfee a. ihr -.
that ihefe - nye q very great aiFani l4ns Z
a une-rf.l.rsd cufrefsey ~ tila euutfi
ss - rhrxn - fifs dails soeses fefurb
frci1 flfe c0rBneriai teuters u weFi
s-sui thst uhatsrpr ps-ef sf1psuscd sofp
n1orths snet Ter suiHfRfrT 70 sc
fraTkef erifrf The eircniatinz Brfifsif
las rar tssst3 q sriet apd fi.srfsr
{ r--sQses. - sflosdcG "a rffortunsff Z
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