The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-12-03

REPORT OF COMPTROLLER
Important Suggestions Which Will Be
Submitted to Congress.
REVIEW OF BANKING WORLD
Fifty Banks Organized During the Past
Year-The Charters of Forty.One In.
stitutions Are Extended-Ten Banks
in tho Hands OF Receivers Resume.
By the United Press.

Washington, Dec. 2-Suggestions
have been received, says Comptroller
Eckels in his annual report, which
will be submitted to congress tomor-
row, from many eminent financial
sources that the whole question Of a
banking and currency system ought to
be referred by congress, to commits
sion to be created by law, appointed by
the president and clothed with proper
authority.
A commission non-portisan in Its
character, he says composed of men Of
eminent abilities, could unquestiona-
bly, devise a currency system sound in
every part, and one which would COM
mend itself to every interest of the
country.
The report also gives full informa-
ton in regard to the organization, su-
peryision and liquidation of the ma
tional banks for the year ended Oct
81, 1894.
1t shows that during this period but
fifty banks were organized with cap
ttal stock Of S5,2S5O0O, the smallest
mum 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
ns-Mississippi division. The char
ters of forty-one banks were extended
during the year, having an aggregate
capital stock of $5,143,000 and cir
culation of $1,67S,OOO. Ten banks with
a capital stock of sl,575,OOO 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 cir
culation amounting to $2S3.95O, expired
by Limitation, five Of which were sue
ceeded by new associations, with a
capital stock of 100000 and circulation
amounting to $92,250
A Decline In Deposits.
Abstracts Of reports made in response
to the five calls required by law are
furnished by the comptroller, indicating
the changes in the status of the banks
at different periods throughout the year,
and for the purpose of comparison,
similar information Is given for the
previous year. These reports show
that individual deposits declined from
81, 764, 456177 in December, 1892. to their
lowest point, $1,45l, 124, $3.50. In October,
1893, and between the last named date
and Oct. 2, 1894, steadily increased and
reached ON the latter date N,72S. .41S,sl9,
or $36,O00,O 900 less than in December 1892
the highest point reached during the
two years named.
9, 1892, amounted to $2O9,S95,26O and
gradually decreased to $1S6, 173 on
July IL, 1893, after which 1t increased
to $239, ,941, 1923, and decreased thereafte,
to $237 ,250, ,654 on Oct. 2, 1894.
The report contains an interesting
analysis of returns received from banks
in response to an inquiry made by the
comptroller, as to the use OF credit in
struments in daily retail transactions
Mississippi heads the list and South Da-
kota shows the smallest percentage
Alabama shows 65 per cent. in checks
and orders; Georgia 70 per cent, and
Texas 67.
Comptroller's Recommendations.
The controller renews his recommen-
dations of last year for amendments to
existing laws with respect to issuing OF
circulation to the par of bonds depos'
tied unless the method of issuing cir,
culation is changed, a reduction of the
semi-annual duty thereon to one-fourth
of per cent, and other legislation rela-
tive to the administration and conduct
Of the banks. the taking of an oath o.
office by national bank examiners, an6
the fixing Of their compensation by the
comptroller, with the approval Of the
secretary Of the treasury.
The comptroller suggests the main
tenance of safety fund to be provided
by graduated taxation upon the out
standing circulation Of the banks unit
the same shall be equal to not less thar
per cent. of the total of such outstand
ing circulation. This fund Is to be helC
by the government as an agent only
and for the purpose Of Immediately re-
deeming the notes Of insolvent banks
1t Is Immediately to be replenished ou
of the assets of the banks on which i
shall have a first and paramount lier
and from assessment to the extent o.
the double liability on the shareholders
The general government ought to- b,
wholly free from the direct issuing anC
redeeming of notes to pass as money
among the people. No government ha!
ever yet successfully engaged In 81
doing, and the experience of the govern
ment Of the United States has proveI
no exception to the rule The genera
cost and loss entailed upon the govern
ment and the repeated periods of uncer
talnty as to the government credit an(
the stability of our monetary system
have been so great as to make the lega
tender and treasury issues of 1890 on,
of the extraordinary burdens place,
upon the people.
The issues ought to be redeemed an,
cancelled, and the government thus en-
abled to retire from the banking bust
ness. business for which II Is so poorl,
equipped.
In the light Of the present condition
of the governments finances, MI
Eckels says that which ought to hav
been done when there was surplus Il
the treasury cannot now be under
taken, and the same conditions mus
continue to weaken the country's credl
and plague the lines Of business unit
means is devised for removing thes
issues from the channel OF current re
demption until such time as the govern
ment finds itself In position to d
that which at first was the intent of a.
gradually redeem and cancel them.
CABLE CULLINGS.
rayivol of anarchict a nti,it,, q