River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1894-12-06
THE CONTROLLERS OFFICE.
Main Points In the Annual Report OF Er.
Fckels.

WASHINGTON Dec. 3-Suggestions have
been received, says Comptroller of the Curren-
cy EckeIs in his report from many eminent
financial sources that the whole question of a
banking and currency system ought TO 5e re-
ferred by congress. 10 a commission to be Gre
ated by law, appointed by the president. and
clothed with proper authority.
"AcommisSion Eon-partisan in its character"
he says, composed OF men Of eminent abilities.
could unquestlonably devise a currency sys-
tenn sound in every particular. and one which
would commeld Itself TO every interest
of the country II could largely take
the question out OF politics. and have
il considered simply in its business aspects
and upon merit r.ioce but if the present con-
gress Is TO enact a -aw upon the subject, the
appointment Ct a commission could avail moth
ing. IT, however, nothing more definite can
be accomplished, the question OF the creation
OF such commission ought TO be considered and
acted upon "
The report also gives fun information in re-
gard to the organization, supervision and
liquidation Of the national banks for the year
ended October 81. 1884 II shows that during
this period but 30 banhs org
lied. with a capital stock of s. ,2sS $50
the smallest number chartered, as wei as the
minimum amount Of capital in anv one year
since 1873. The charters OF forty-one banks
were extended during the year. having
an aggregate capital stock of s51f3O00
and circulation Of sl,6iS.050. Ten banks,
with q capital stock of 81 575 900 which
we're In the hands OF receivers at
the date of the last report, resumed business
during the year and the charters of six. with
q capital stot K Of 20 3 00i. and circulation
amounting TO sss3g50 expired by Limitation.
five of which we're succeedt by new associa-
tions, with capital stock OF SO 0.000 and cir
culatlon amounting TO sg2 $50. On October 81,
1894 the total number of I.ational banks in
operation was 1856, with an authorized capital
stock OF se72.671 a65, represented by 7955.07d
shares OF stock, owned by PSI SAP shareholders.
On October ?. 1894. the date of their last re-
port OF condition. the total resources of the
banks were s3.4239-2 o55.27, of which their
loans and discounts amounted to S2.007 l22.-
1871 80. and money of all kinds in bank s422 49,.
1913 or their liabilities s1.72s Ais SIG -
represented individual deposits, 1894 l21 co.. 10
surplus and net undivided profits and
/ gl72, 331 g7S circulating notes outstanding. The
total circula tion Of national banks on Octoter
81. 1894, amounted to Ss07 AZ. COS net decrease
during the year OF 81 al SOB. and gross de-
crease Of IS 6l4sS4 in circulation secured by
bonds.
During the year 70 banks, with an aggregate
capital stock Of 30 $4,000, passed out OF the
system by voluntary liquidation. 81, including
which failed in 80, with a capital stock OF
s.. 40 900. became insolyent and were placed in
charge of receivers.
The average annual dividends paid by the
banks between March. 1869, the date earnings
/
and NJ arch. 1894, is shown to be s4i355 .sl4 and
the net earnings s55 237. 454 The rate per cent
of dividends declared varies from 10 5
in 1870 to 6S in 1894 The average
for twenty-five years IS So The net earnings
during the past year have amounted TO only
SO per cent. and dividends to per cent, the
smallest percentage of dividends ever paid by
the banks, and the percentage Of earnings falls
below all the years except 1873 and 1879
The usual statistics are furnished in regard
to the banks other than national which show
that the number organized under state
authority and in active operat on July
/, 1894 was 5033, and reports OF
condition were received from 1854 Reports
were also received from 904 private banks and
bankers, and these, together with the state
bank reports. have been distracted and theiI
resources and Liabilities are shown in detail in
the tables which form part of the report.
Information and statistics are also furnished
as to the failures of banks other than national
during the year. the number OF which is
shown to be g. eliminating mortgage com.
panies not doing banking business.
The comptro'Ie Ter suggests the maintenance Of
a 5 fety fund be provided by graduated tax
alton upon the outstanding circulation OF the
banks until the same shall be equal &c
not less than per cent. of the
total of such outstanding circulation, this
fund to be held by the COY eminent as an agent
only and for the purpose Of Immediately re-
deemiug tie notes Of insovent banks 1t ia
immedi tely TO be replenished out of the as
sets OF the banks on which ii shall have first
and ramount lien and from assessment to
| the extent OF the double liability on the share
holders.
Continuing, the comptroller says: "The
| general government ought to be wholly free
| from the direct issuing and redeeming OF
notes to pass money among the people. Nc
government has ever yet successfully engaged
| in so doing. and the experience of the govern.
ment of the United States has proven no ex-
| ception to the rule. The general cost and loss
| entdiied upon the government and the repeated
! PER DDS Of ancertainty as to the government
! credit aid the stability OF our monetary sys-
| tern, have been so great as TO make the lega,
! tender and treasury issues OF 1890 one of the
| extra ordinary burdens placed upon the people
! The isst es ought to be redeemed and cancelled
and the goverum mt thus enabled TO retire
/ from the banking business, a business fol
! which il is SO poorly equipped