The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1894-12-08
OUR CURRENCY.
mtere sting Facts Presented ~
Comptroller Eckels.
He Favors the Establishment Of q Conn
mission to Devise Sound System Of
Currency, and Offers Some
Suggestions to Congress-.

aWAsHINGToN Dec 4-Suggestlons have
poen received, says Comptroller of the Curren-
~ Eckels in his report, from many eminent
financial sources that the whole question of .
banking and currency system ought to be re-
ferred by congress, to commission to be ore
ated by law, appointed Ry the president, and
clothed with proper authority.
"A commission non partisan in It's character"
he says, composed of men OF eminent Abilities
rould unquestionably devise a currency sys-
tenn sound in every particular and one which
OF the country. 1t could largely take
the question out o, politics. and have
1t considered simply in its business aspects
and upon merit alone but II the present con-
Gress Is to enact law upon the subject, the
Appointrn Of commission could avail moth
Ing If, however, nothing more definite can
be accomplished, the question OF the creation
OF such commission ought to be considered and
acted upon"
National Bank Statistics.
The report also gives full information in re-
gard to the organization. supervision and
liquidation OF the national banks for the year
ended October 81, 1894. It shows that during
this period but 80 banks were organ
ICED. with capital stock of S5,285, 900,
the smallest number chartered, as well as the
minimum amount OF capital, in any one year
since 1879. The charters OF forty-one banks
were extended during the year, having
an aggregate capital stock Of s5.l43,OO0
and circulation of Sl.67s.05O. Ten banks,
with capital stock OF S1575 600 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 stock of $685.. O0). and circulation
amounting to $3.50 $50, 1pired by limitation,
five of which were succeeded by new associa-
tions, with capital stock Of s6o0OO and cir
IN
1894, the total number Of national banks In
operation was 3756, with an authorized capital
stock of G672671 365, represented by 7,956,O7o
shares Of stock. owned by 2a7, s42 shareholders.
Resources and Liabilities.
On October 2, 1894, The date of their last re-
port OF condition. the total resources of the
banks were sa,473,9 22, Oe527, Of which their
loans and discounts amounted to s2oo7' iS S
l0l 30, and money of all kinds In bank S422, 49,,
1926. OF their liabilities Sl728, 4lS $40. IL
represented individual deposits, 1894 121 ,OO2 10
surplus and net undivided profits, and
4172, 1871 .97s circulating notes outstanding The
total circula ton OF national banks on October
81, 1894, amounted to $207.472.6 $685. net decrease
during the year of 81 ,74l 56S, and gross de-
bonds.
During the year - banks, with an aggregate
capital stock of S10.475,000, passed out of the
system by voluntary liquidation, 81, including
g which failed In 1893, with q capital stock Of
4e,77O, 900, became lnsolvent and were placed In
charge Of receivers.
Dividends.
The average annual dividends paid by the
banks between March, 1869, the date earnings
and dividends were first reported to the office,
and March, 1894, is shown to be $44,S ,814 and
tho net earnings S55,2S7,454 The rate per cent
OF dividends declared varies from 10b
In 1870 to a8 in 1884, The average
49, Ava icQ THO not {ncyo
during the past year have amounted to only
SO per cent. and dividends to per cent, the
smallest percentage Of dividends ever paid by
tho banks, and the percentage of earnings falls
hollow ell the years except 1873 and 1879
State and Private Banks.
The usual statistics are furnished in regard
10 the banks other than national, which show
authority and in active operation July
i, 1894 was $685. and reports Of
condition were received from 4,384 Reports
were also received from e04 private banks and
bankers, and these, together with the state
bank reports have been abstracted and their
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 %, eliminating mortgage com
panies not doing banking business.
A Safety Fund.
The comptroller suggests the maintenance Of
q safety fund to be provided by graduated tax
alton upon the outstanding circulation OF the
banks until the same shall be equal to
not less than per cent OF the
total of such outstanding circulation, this
fund to be held by the government as an agent
only and for the purpose OF Immediately re-
Aeeming the notes of insolvent banks 1t is
Immediately to be repleniahod out OF the as
sets of the banks on which it shall have q first
and paramount lion and from assessment to
the extent Of tho double liability on the share
holders.
Should Quit the Banking Business.
Continuing. the comptroller says; The
general government ought to be wholly free
from the direct issuing and redeem1ng Of
notes to pass as money among the people. No
government has ever yet successfully engaged
In 90 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
ontsiled upon the government and the repeated
periods of uncertainty as to the government
credit and the stability OF our monetary sys-
tenn, have been so great as to make the legal
tender and treasury issues Of 1890 one OF the
extraordinary burdens placed upon the people.
The issues ought to be redeemed and cancelled,
and the government thus enabled to retire
from tho banking business, business for
which 1t is SO poorly equipped"
Evans IL Now Governor.
j COLUMBIA, 8. c., Dec. 5.-At noon
Tuesday John Gary Evans was inaug-
nrated governor before the two houses
OF the general assem- bly, in the hall of
The lower house. Chief Justice Nc
liver administered the oath. Evans