The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1894-12-05
SOUND CURRENCY.
Annual Report of Comptroller
Eckels.
He Recommends the appointment by Con-
gress of n Non-Partisan Commission
to Devise a Currency system
Which Shall be Sound In
Every Particular.

WASHINGTON, Dec. 3.-Suggestions
have been received, says Comptroller
OF the Currency Eckels, in his annual
! report, which will be submitted to con-
gress to-day from many eminent fnan-
cial sources, that the whole question
of a banking and currency system
ought to be referred by congress to a
commission to be created by law, ap-
pointed by the president and clothed
with proper authority.
"a commission non-partisan in its
character" he says, composed of men
OF eminent abilities, could unquestion-
ably devise a currency system, sound
in every particular, and one which
would commend itself to every interest
OF the country. 1t could largely take
the question out of politics and have it
considered simply in its business as
poets and upon merit alone; but if the
present congress is to enact law upon
the subject, the appointment of COM
mission could avail nothing. If, how
ever, nothing more definite can be ac-
complished, the question of the creation
OF such commission ought to be con-
sidered and acted upon
The report also gives full informa-
tion in regard to the organization, SUI
pervision and liquidation of the ma
tional banks for the year ended Octo-
Der 81, 1894. 1t shows that during this
period but fifty banks were organized,
with capital stock of S., 2s5, 900, the
smallest number chartered, as we'll as
| the minimum amount of capital in any
one year since 1879. OF these new banks
twenty-seven are in the northern and
eastern states, ten in the southern
states and thirteen in the western or
trans-Mississippi division. $. The char
ters OF forty-one banks were extended
during the year, having an aggregate
capital stock of $5,144,OOO and circu-
lation of S1,67s,O50
Ten banks, with q capital stock of
$1,575,000, which were in the hands of
| receivers at the date of the last report,
resumed business during the year, and
the charters of six, with capital stock
of $685., 900 and circulation amounting
to $2S3,950, expired by limitation, five
OF which were succeeded by new asso-
| Citations with capital stock of $780,
900 and circulation amounting to $92,-
500.
On October 81, 1894, the total number
of national banks in operation was
1876, with an authorized capital stock
of $672, ,671, 1865, represented by 6,955, ,076
shares of stock owned by 277, S42 share
holders On October g 1884, the date
of their last report of condition, the
total resources of the banks were
So, 473, 922, ,055.27, of which their loans
and discounts amounted to 81, 2,007, 122, =
1870 and money of all kinds in bank
1922, 42s, 192.45. OF their liabilities,
81, ,72s, AIS, ,S19.12 represented individual
deposits, 1894, l21, ,0S2. 10 surplus and net
undivided profits and $172, 331, 1918 circu-
lating notes outstanding.
The total circulation of national
banks on October 81, 1894, amounted to
$207, 472, 603, net decrease during the
! year of $1,741, 563 and gross decrease
of $8,614, 1864 in circulation secured by
bonds During the year seventy y-nine
banks, with an aggregate capital stock
of $40, AIS, 900. passed out of the system
by voluntary liquidation; twenty-one,
| including two which failed in 1893,
with capital stock of $2,77O,OO0 be-
came insolvent and were placed in
charge of receivers.
The specie held by the banks on De-
cember 0, 1892, amounted to 5000, 1885,
260, and gradually decreased to $780,
761, ,173 on July 10, 1893, after which it
increased to $3.50, GAL 1903 and decreased
thereafter to $237, 1854 on October 3,
1894
1t is suggested that if congress shall
repeal the provisions of the present act
requiring the national banks to make
deposit of government bonds in order
to secure circulating notes, and substi-
tute therefore provision giving them
instead the right to issue the same
against their assets, it incorporate
therein and as part thereof, that as
prerequisite of so doing, the banks be
compelled to deposit with the treasury
of the United States legal tender issues
under the act of 1890, equal in amount
to the difference between the percent
age of their capital stock of issues
granted against their assets and the
total of such capital stock.
The deposits thus made ought to re-
main with the treasury until the bank
ceased, either through voluntary or in
voluntary liquidation to do BUSINESS,
and in either case the government
ought to then redeem and cancel such
treasury issues deposited.