The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-08

Main Points In the Annual Report OF MT.
Eckeis.

Eckeis.
WAsHrNGroN. Dec a-Suggostlons have
been received says Comptroller OF the Curren-
cy Eckcls Ina his report. from many eminent
financial sources that the whole question OF
banking and currency system ought TO be re-
1 ferred by congress. 30 q commission 10 be cree
ated by law. appointed by the president, and
clothed with proper authority.
"a commission uon'partisan Ia It's character
he says, composed OF men Of eminent abilities.
could unquestiOnably devise a currency sys-
TEN sound IA every particular. and one which
| would commend Itself 10 every interest
OF the country. IL could largely take
! tho question out OF politics. aud have
1 Il considered simply In It's business aspects
| and upon merit alone; but II the present con-
gress Is 10 enact law upon the subject. the
! appointment OF commission could avail moth
Ing. II. however nothing more definite
be accomplished, the question OF the creation
OF ssch commission ought 70 be considered and
acted upon
The report also gives fun information IN re-
4 gard 10 the organization. supervision and
i liquidation OF the national banks for the year
ended October 81, 1884 II shows that during
| this period but 30 banks were organ
J ICED. with q capital stock OF s5.2sj 900,
the smallest number chartered, as vel as the
, minimum amount OF capital, ia any one year
/ since 1879. The charters OF forty-one banks
we're extended during the year having
an aggregate capital stock Of o., $4,000
( and circulation OF Sl03s.0o0 Ten banks.
with capital stock OF Al 10000 which
were In the hands OF receivers az
the date OF the last report, resumed business
! during the year, and the charters Of six. with
q capital stock OF 1865 00), and a circulation
rn ouniing 20 s2sSq50 expired by Limitation,
i've OF which were succeeded by new associa-
| ti0ns. with capital stock Of f6l0.009 and cir
| culation amounting 10 SOC $50 On October ~.
| 1904. the total number Of national banks In
! operation was 1856, with an authorized capital
/ stock OF S652G5i 800 represented by 7pa5,O6
shares OF stock. owned by ss7,sis shareholders.
on October .. 1894, the date OF their last re-
| port OF condition, the total resources OF the
banks were S3,4730!2.05a27. OF which their
| loans ana discounts amounted 70 t2,O)l i22,-
| 1871 80 and money Of all kinds ia bank efs2 i2s,
| i9245 OF their liabilities 81. 7eS. fls $40 ~
represented individual deposits. (33i i2l .00ai
| surplus and net undivided profits, and
si72. 1871 ,g7s circulating notes outstanding. The
| total circulation OF national banks on October
| 81 1894 amounted 70 SeOs COS net decrease
| during the year of l563, and a gross de-
/ crease OF Ss,6iis3i Ia circulation secured by
| bonds
During the year ~ banks. with an aggregate
| capital stock OF SIOf55OO0, passed out Of the
system 10y voluntary liquidation. 81 including
| which failed In 1893, with capital stock OF
| ts.57O,OO1, became insolvent and were placed In
| harg OF receivers.
The average annual dividends paid by the
banks between March. 1869, the date earnings
| and dividends were FIRST reported 10 the ONCE.
and March. 1894 Is shown 20 be si355.sl4, and
| the net earnings SOS 237 .i5i The rate per cent
OF dividends declared varies from 10 s
! in 1870 TO 6s in 1894 The average
for twenty-fy years IS SO The net earnings
during the past year have amounted To only
30 per cent and dividends 90 per cent. the
smallest percentage OF dividends ever paid by
| the banks, and the percentage OF earnings falls
| hal ValI he
The usual statistics are furnished Ia regard
20 the banks other than national, which show
that the number organized under state
authority and IN active operation July
/, 1894 was b033. and reports OF
y condition we're received from 438t Reports
we're also received from oOi private banks and
bankers and these, together with the state
| bank reports have been distracted and their
resources und 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
daring the year the number OF which Is
| shown 10 be O., eliminating mortgage com
panes not doing banking business
The comptroller suggests the maintenance OF
! o safety fund 10 be provided by graduated tax
| alton upon the outstanding circulation Of the
! banks until the same shall be equal 20
J not less than per cent OF the
total OF such outstanding circulation. this
fund 20 be held by the government as an agent
only and for the purpose OF Immediately re-
dcoming the notes Of insolvent banks II is
Immediately 10 be replenished out OF the as
| sets OF the banks on which IL shall have a first
and paramount lien and from assessment 10
the extent OF the double liability on the share
! holders.
Continuing, the comptroller says The
general government ought 20 be wholly free
from the direct issuing and rodeeming OF
notes 20 pass rs money among the people. No
government has ever yet successfully engaged
In so doing, ana the experience of the govern
ment OF the United States has proven no ex-
ception 70 the rule. The general cost ana loss
cntailed upon the government and tho repeated
periods OF uncertainty as 10 the government
credit and the stability OF our monetary sys-
tenn. have been so great as 10 make the legal
tender and treasury issues Of 1890 one OF the
extraordinary burdens placed upon the people
The issues ought 20 be redeemed and cancelled
and the government thus enabled 10 retire
from the banking business, business for
a..