The herald., 1893-12-04
MR.. ECKELS' FIGURES.
ANNUAL REPORT OF THE COMP
TROLLER OF CURRENCY.
Operations of National Banks During
the Last Fiscal Xear-The Issuing
of Clearing House Certifi-
Gates Defended.

WASHINGTON, Dec. 3.-The annual re-
port OF the comptroller OF the currency
shows that 3796 national banks were in
operation at the close of the fecal year.
Their capital stock, 1896. 5.55S, ,120, was
held by 100000 stockholders. The total
resources of the banks were So, 100, $685.
284 total circulation, 5000, ,3l1 1893, net
increase during the year of $50, ,8SS, 1862.
During the year 119 banks were or
ganizsd with capital stock OF S11,230,-
coo Al in the eastern states, capital,
So, 1855, ,000 Al west OF the Mississippi
river, capital So, $40, 900; "a in the CEN
tral and southern states, capital 1885,
600.
Banks Suspended, 1853; capital, $780,
800, ,000. Thirty-six resumed, capital,
$1S, 900 and IS passed into the hands
of receivers; capital. l0,8S5, 900. At
the close OF the year seven remained in
charge of examiners pending resump-
ton.
The shrinkage in liabilities during
the year was $400, ,531 ,6l3, caused by a
decrease in capital stock. $8,022 ,677 in
dividual deposits, 1914 ,298, 653; banks
and bankers deposits, $l81, 1888, 125; de-
crease in resources, $465, ,427. 144 Cash
of all kinds increased 30,96S, ,606, in.
cluding $8,410, 315 in gold. The United
States bonds held for all purposes in
creased $40, 1000, 900.
The comptroller followed the policy
of giving all suspended banks al oppor-
tunity to resume business with the
most satisfactory results.
He defends the policy of Issuing clear
ing house certificates by banks last sum-
mer, as preventing an acute panic and
tending to restore public confidence.
He recommends amendments to the law
as follows:
Every bank may issue circulating
notes equal TO the par value of the
bonds deposited.
Reduce to "a per cent per annum the
tax on circulation.
The comptroller, with the approval of
the secretary of the treasury, shall be
empowered to remove bank officers and
directors for violation OF the law.
No executive officer or bank employee
shall be permitted to borrow bank
funds, except on the approval of the
board of directors.
Bank examiners shall be required to
take the oath OF Office and file such q
bond as the comptroller may require.
The comptroller shall be authorized
to appoint, with the approval OF the
secretary of the treasury, two general
examiners to assist and supervise the
various examiners.
He is of the opinion that, apart from
the above, no radical change in the pro-
visions OF the present law should be
made.
In view of the fact there is a very
great abundance of unemployed cur
rency in the country, it would seem
that whatever needs appeared some
months eince for the enlargement tc
any marked extent of the circulating
medium, has now ceased to exist, and
therefore congress is afforded an oppor-
tunity of giving the whole subject care
full research and investigation; mean.
time it ia respectfully suggested that
congress, either through a monetary
commission created for such purpose
or through appropriate committees, OBJ
tain detailed information of the various
systems of bank issues now in opera
ton, and also such information as may
be ascsrtained from skilled students o.
finance and practical financiers, as may
be able to formulate a system complete
and harmonious.