Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-03
COMPTROLLER ECKLES' REPORT.
HE SUGGESTS CHANGES N n,yk.
ING LAWS.


'he currency. submitted 10 congress.
siNes iuil Information in regard to
the organization. supervision and lla-
uidation Of the national banks 4 e
year ending October 81. 1884. 8, Q.
II shows that during this pc. "a =
ifty banks Were organized, with u.
ital stock OF s5.2S5,OOO, the SINAI
number chartered. as well as the MINI
mum amount Of capital in any one
year since 1879.
or these new banks q are In the
Northern and Eastern states. 10 in
the Southern states and 10 In the West
ern states, or the trans mississippi d.
vision. on October ~. 1884, the total
number Of national banks in operation
was 1856, with an authorized capital
stock OF s672,67i $685. represented by
7s55.07G shares OF stock owned by 2g7,-
S92 shareholders. On October 9. 1891,
the date Of the last report OF condition.
the total resources OF the banks were
SS,i7S,922 O55, OF which their loans and
discounts amounted to 5000, l22. 1911
and money OF all kinds in banks si22.-
42S'ls2. or their liabilities si,72s AIS, St9
represented Individual deposits, 1884,
l2l.Os2 surplus and net undivided prof
It's and SIZE, 1881 .97S circulating notes
outstanding.
m, 80, t,
Niieu'etioh OF hatlohaI
banks on october 81. 1894. amounted to
'2OH4I2,6o9' a net decrease during the
=, ~. -''''' "'u d sioss ueViease
Vi Fo'oif'ooi IN circulation secured by
bonds,
During the veor aavarty-rt,o ha,t,,
,,.,,,.
VIZ d" 'ssIesu'e eaplial STOCK OF WV
4io,OOO passed out OF the system by vol
untary liquidation; twenty-onp. includ-
ing two ,yhioh ,,uoa t. 100, ,,.,,,
-, ~ ~, ~ ~ 's''' "''''
'ap''"' SIOUX OF S-'''V'VVo' became IN
solvent and were placed In charge OF
receivers.
Tho raa,u,o q. ,h, ,...,,..,, -,
VIC 'U.i'p''O''e'
port is nus discussion OF the currency
question and the defects which are
said TO exist In the note-lssuing power
vested In the uutional hanks
On his sumter he savs, mo section
of inc law should be uisit,ru.d wnteu
cannon be- mareriaiIy imnrnvea unon
AND M amendmenT ane,rnrted uninss
such Amendment viii work ant better
results than now from the existing or
der OF things.
For the present law 1t must be con-
coded IL has been successful In every
material feature, except In the matter
o. fianR IIotc issue. and here the .fall-
ure has been but q pnrtial one. The
lac no
ernmental supervision have been uni
form In appearance and under any
ana all circumstances of the full face
value which they purport to carry.
They have possessed the nrst requisite
converubility into coin upon presenta-
ton.
II Is propaple tnat thtre couiu pe
no better plan Tor Simply lnsuIihs the
note holder against loss than me pres
ent requirement OF uepOsit oi Dohus
TO secure pahks eircuiauoN' pue II
Is equa'y certain however ulat
method could DC usNlAeu hot Icss sun
IN TINS IesPec' ~ "a auu'liOu III ~,
70 possessing u,at M,,asn % ,,s,,,i,,.
and Is now wholly wanting eiastclt!
Of issue.
THE complalnp therefore made
against the present system ~ ih9t,
lacking ia elasticity OF issue u lalls
to meet as inlly as II ouslt 20 Wy "a
rying wants OF the country iraut at'
commerce.. This deieet must 9.tn .i
to every scheme Tor currency Is u.
by the banks against usposlt OF
bonds, the market OF when huotuates
while the percentage OF isaue, vi
than the value oil me oohus' Sis, So,
the banks remain unchanged ~ mus
also be wanting in such method De-
cause OF the delay In the race o.
pressing need, accustomed By uBhl
money market or other reasons IN
securing and deposlting the oohds re-
uulred aud taking out the circulation
thereon.
but serious rs this fanlt anu r.
tardful as 1t is TO the business inter
est OF the country, any attempt 70
remedy 1t should lose sight OF or IA
any wise make less certain tile pi its,,,..
unuucstiOned credit ana cohNerNol'i.s
OF the bank issues OF the country
could not be Justified. II Is uuly y.
government To see that the curr'hys
which clrculates among tne p tpp,,
snail always be Of the very hlsai ,1n
character. the soundness OK N VII,
should never be subject oil mum
FOR thirty years the american l'ep ~,
have had such a bank eurIshss 49, ~,
have tested the value Of II noen ~
and abroad and tney VIII ~ 80, NJ
tent 10 haze any innpvauoil ILL., ~,
less such new departure nsu's
only equal but better Iesais s ,,,t No.
lit Is respectfully sussessu, ~ MD
only as good but better fys t,is,,,,- al
be obiainen u tns penesiing Inc pro-