The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1895-12-04
OUR CURRENCY.
Comptroller Eckles submits His Annual
Report to Congress.

Report to Congress.
WASHINGTON, Dec, 2.-The report OF
Hon. James H. Eckels, comptroller Of
the currency, submitted to congress to
day, gives information in detail in re.
gard to the organization, supervision
and liquidation of the national banks
for the year ended October 81, 1895,
and similar information as far as OBJ.
tainable relative to banks, banking
companies and savings institutions Or
ganized and doing business under the
laws of the several states and terri
/ tories.
! There was net increase during dur
ing the year of $40, ,77o, ,597 in the
amount of circulation secured by bonds
J and gross increase of So, ,S29, $40 in the
! total circulation.
In reference to receiverships, the
comptroller says: sin the majority of
instances no bank closes its doors while
it is possessed of quickly convertible
paper, and therefore there comes into
the possession of the comptroller only
that which is slow, doubtful, bad, or
| absolutely worthless. 1t thus follows
that with little or no cash received,
but debts which are slow of payment
and much involved in or necessitating
litigation, the closing of trusts is pro
longed and expense attendant there
on increased The records Of the Office,
however, show that such expense, as
compared with any other class of re-
ceiverships, is greatly less and the re-
During the year 1O1 dividends were
paid, amounting to S3, $50. 552G5.
The following amendments to the
law are recommended:
st-That the comptroller, with
the approval of the secretary of the
treasury, be empowered in all proper
cases to remove officers and directors
of national banks for violations of law
and mis:nanagement, first according
them hearing on charges preferred
Second-That the loans of any bank
to its executive officers and employees be
restricted and made only upon the ap-
proval Of the board of directors, a.sep-
arate written record thereof being kept.
Third-That the assistant cashier, in
the absence of the cashier, be author
ized to sign the circulating notes of
the bank and reports of condition.
Fourth-That some class of public
officers be empowered to administer
the general oaths required by the ma
tional bank act.
Fifth-That bank examiners be re-
quired to take an oath Of Office and
execute bond before entering upon
the discharge Of their duties.
Sixth-That upon Gay in each year,
to be designated by the comptroller,
the directors Of rational banks shall be
required to make an examination OF
the affairs OF the banks and submit to
the comptroller arapott thereon upon
blanks to be furnished COR sucl pur-
: pose.
, Seventh-That the comptroller bl
{ authorized to issue tonational banking
associations circulating notes to the
| par value of the bonds deposited BY
: them with the treasurer of the United
| States to secure such notes.
: Eighth-That the semi-annual Ia,
| levied on account of the circulating
| notes of national banks be reduced 81
: as to equal but one-fourth of PEI
cent. per annum.
''The experience of this and othe
countries conclusiyely demonstrate
that the best and most rational not
r issues are those put forth by banks. l
likewise demonstrates that issues mad
direct by governments are always eX
l pensive, and under every circumstanc
: source of danger to such govern
ments and loss to their peoples busi
Q ness interests. No clearer proof o
a this could be had than that furnishes
: by the difficulties which we have wit
r messed on the part of this governmen
: in it's efforts to maintain the full credi
: Of its practically limitless amount of de
s mand obligations. The advantage &C
cruing to the government by the sub
!, stitution of bank note for treasur,
: note currency would be immeasurabl,
q great. The need of maintaining golt
= reserve to meet the recurring deman,
: obligations, now never retired, would
: within a reasonable time, be obviatcd.
1t is suggested in connection wit
!, the above that as a necessary elemen
to the security of proper elasticity @
) issue in our bank note currency, Sec
tion Of the act of July IL, 1889, regu
: lating tho retirement and issuing Q
r circulation to banks within fixe
period of time, should be repealed.
: A FATAL WRECK.