The Meeker herald., 1894-12-08
AK. ECKELS SCHEME.
=AvoHs THE NATIONAL BANKS.



B.s@s 90 p~e..sss Of Fifty f~v C<sI
81 tA< Cfr<x1ssSsa.
wsshHnx-dn. Dec The r.rHe *
\ Hau- Jarr=4 h EcS.lx. e,1znptroZse< Of
+ currency, 10 b. srblnfsred 10 Cssnsress
tn.nror-u~. gsrss full inforrnsASsoo In
regard To 1h-s orgnuHzarS,z- SUPERVISOR
and liquidation 0S u4zSoral banks tsr
rbe yer ended Ok %. 1854 IL shows
that during this period bur ffry banks
sTers ocgaulze-t- with capital sock o.
s. Isl GsfJ. The smallest nSs-Dt-r char
tered as well a. th= minimum kl1S1nt
o. capital. In any one year since 1873
OF these 1eB hanks. q are u 1ns
Sorzlssrn and Eastern STATES. 10 i. The
s-sr5ziseru states and Is II the VTeszsrn
-raas-nEssGss5yyi division
On O4cE q. 1884. sts tOzzI number Of
nAzSoaal hanks IN oE.=rz<Ss,l WIS 5s15fs.
with al authorized capital stock of
ssST2 E7I 80. represented by 1-sss.saS
sklzre-holde-s-
On Oet 2 1888. the date Of thst- hsss
rsrss-1 Of cgud5tiOl. tbs total resources
u tte banks were s3-473 ~. 155. q
which their EoGns N1t Gkscgz1is
amounted, 10 81 1O7. - 1s1, and rsoueT
u al kinds IN bank ssz2 IS 49, o.
rhe.t- Liabilities. LIS s1sIs7S rs.-s-
saa-eGs iD5tri5z4I deposits szz--Ss ~ So
surplus Mnd undivided profits and
sIT2 BIS circulating r0zes 01rsca1d-
inz- TIE rO-al circulation q 1z-logszl
banks u Oct 81. 1853 Amounted 70
szg1 Arse MT decrease during Tie
Fssa- o. SI.7GJs-s. aud grOss d.
CHASE Of ..SIs-stsi In circulation -
cured By bonds
During The yezr. Il banks with Al
aggregate capital stock u s1O.z5JAsyJ.
J1J4sef SEz Os ste system By ttss v,sun-
tzrV liquidation; II incsudfnz TWO
which failed II 80. with = capital
aznek Of s2T71.ls-G. became lns0iTsrt
and Te-s placed IL charge o. rs=cz=sTs.rs-
TIE feature u I'M cD-1p-OlSer's r.
1yrT = alz tsisS-8zsiOn u -AE currency
Quess-iOa and tD= deseers w:1ie1 are
said 10 szist IN tsle DOsE--i-suiTsz g,DTs2-n
rested IL nzz5DEa! hanks On this sub
tsc- he says
no section u tbe Law Should b
dss1ursJsd which cznD0t u materially
tuIgDTe-d upon, and no zEnsr1tlDeut
1-AAt- ---AeT1~ --fl- a~s------A-=-~E--a
viii work oUr s>stzsr results tfszu fol-
Jpg from EsIe existing order 0, things
Il IL respectfully suggested tslzr o0-
Oraly as good bur better results TOuI
De attained " The present. bank art
YVES amended vy rsIS=alsnz sac1 bank
az q prerequisite 20 eDza-5nz The Ey-~
-ern and issuing bank note currency 70
de,Jaair government DyssGS. In Leu %
such J,-OTls5D.. zisyEiG b. substituted
OLE permitting The hanks 70 Issue CIR
cuia-iug noses against rbesr sss-sEs 90 an
amount -ssua. 70 81 least 80 vesr cent
u -beir UuiIDIsziret capital
The comptroller follows the Suzze--
tion with the further orse for the main
Sensance Of . safery fund to be- ygVTjS-
ing By graduated s2zaSjOn upon the
outstanding circulation Of ttse banks
uu-l the saE1e shall b. equal 20 10,
lsss@ than sper CENT o, the total q
sneA Outstanding c1rsa5Ia ci0a. ttsEE fund
10 b. held By the government az an
agent only and for The purpose Of in
lzsssiiaEely sedezr1inz the notes N IN
solvent banks. II - Immediately 10 b.
reyi.e1slsi5ed cut Of The sssets Of tne
banks On V-isicl IL shall have q first
and paramount Hs.l and from zsoessss-
roent 10 The extent Of double liability
On rae SHAREHOLDER Tbs coEnyrr0iIs~
saySs
Whatever otEser changes. II any. q.
would b. Necessary 80 make sa the
prevent systeEa relative 80 current re-
csZnpEion " hank ooies and the gov
ernnse=Lyis ppsiEs1n toward the ZANE
and Kindred matters. Il ~ no- neez-s-
szyy 10 net forth. II the recommends
ions here tnaIe, tOzetssey with that
which will follow. should receive con
a
bill drawn after careful study and IN
ve.ssg&ti0n Of -ns whole S9bJect would
necessarily eEDbO9y all rbe details In
cstteIst 10 q change FROM q bond % a
safety fund necessary az basis Of
bank circulation"
The comptroller tn@n citss such prot
and glves such s7aElsties az se7eD 20
hin 70 make The plan suggested e per
fs7ctly safe one 70 enter 5D1n. Ee sayss
The changes thus outlined will, ng.-
on investigation. II II DeIIesea, prDys
% b. safe 30 sffDsdiDz eDEspIete sec1s-
ny - tie nDtek.0l5er and s,Iye 10 the
business interests Of EGe country bank
note lsssge responsive 70 Ehe5r needs"
Continuing, the comptroller says.
+-Tise profit upoa the issue OF eircslz-
ton 70 the banks ~ SUCH change would
"; 10 augmented that II IL giving ~
them q franchise for which Il 81 sgz-
zestesd they should be eaIled Upor ~
make proper return 70 the general g0y-
ssrnTazssr- This return should not. bow
ever. " Of such q character ar " de-
feat the eEds sought tn the privilege
given. Tie currency redemption Of the
!ezaI ;efster issu4s end tic treasury
lsaEes under The act of 1870 and ,Ess.
rs-sssuiBg Instead Of CANCELLATION N the
same, must always create t5fstS1s. Ut
Ekse g1yernJHens's credit abroad and ~
isSLne 80 long AZ the laws EDY UPON
sf4e statute book remain unchanged.
'~The general gDve5uroeDt ot5zht ~ b.
Wfsosly free from tie direct issuing and
rendering Of f0tGs 70 pass AZ nkDGsSy
among she p4oyle. NO ssOFe.rpnsept has
eF@r Jet successfully engaged So ~
doing and the e1psrience Of the g1v-