Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-12-05
MONEY or THE BANKS.
Comptroller Eckels Makes His Annual
Report.

Washington Dec 2-'The annual renorts
or rom -, ro,Iar ~ tho CURRENCY Ec-aie hor.
rows int erest from tha ,,ncerta intv regard.
ing the financial affairs 81 the country. 81
the 5.O23 national banks organized from the
beginning of the system, BIS were In OPP
Grafton October 81. 1896 The total capitali-
cation at that time aggregated SGG4 .136. 915.
divided among 2S5. 1876 Stockholders The to-
tai amount Of circulation outstanding o.,
the date named was s213. 49,, $3.50, of swhiclJs
sl9o. $780, 6l was secured by United States
bonds, and the balance by lawful money
deposited with the treasurer of the lInttei
States. During the year covered by the
report 43 banks. located In 70 different
states. were organized. with I'm aggregate
capital stock of s, $3.50. GOO. OF these, q. rep
resenting $2,5SO.OOO. are IN the north, and 10.
with capltai OF $2,36u,OOO, IN the SCUM
me circulation was increased $HloS' lsf.
Ihlrty-slx banks were put IN the nands OF
receivers during the year, the aggregate
OF whlen ana 70 ana
.Me c!'cu!attvH ~ 9d'W we - sllese, wv.
Win cap " ef.u,u =, Weie ~ poitsu .aet
Us 49, az .ee nSo - anu liie.
-, "eIs u ne y. 1es.
s',hsasnt,,, ras,,sd h,,sine a h,,t 1 1o,s
unable to maintain. their STANDING
~, 90 roger, =. a,+ha,.,.
- .vss ~ . ua - - 70 .,.e .ds.
tben ranorting their total raso,,rcas we've
90 S9a 600 aaa CO ~ which e. mo S0s ao2 ~ ron.
,sa.1ntai their ioona ~ %;s"o"nta ond
coke ~ s0e a nnonav ~ q n LinIa IN hanL
~ ,,.n,,,.,a - 20, ego 20, . -,
,.a,,,t5,,nS Saro.;t eoae COO osn C.
s,sS s9oo
80, e,n 80 AM ne. pio.s anu sioS,
~, ho,So. ~
nv nn,n ~ ,o,,a, SCOOP, roo,,as .a,,oua,
IL LS..a. 80. go =.
49,. 49,. ~, .a,,.s g 1 w. ao 'a6
,' 90 oeiAe .ie UNIV"
no. upon uay III each year. 10 De ues-
lgnated Dy the comptroller. the directors
VI hatIoHaA pai.ks snaii pc REQUIRED 10 make
al examination oi the aHalrs OF the DahK
ana submit 10 me comptroler report
tnereoh upon Dianks 10 De 1urnlshed Tor
sucn purpose. $f4t&s s*B8f3ss s@s
That the comptroller be authorized to
issue TO national banking associations Cir
culating notes to the par value OF the bonds
deposited by them with the treasurer Of
the United States to secure such notes.
'"That the semi-annual tax levied on ac-
count Of the circulating notes Of national
banks be reduced SO as to equal but one
fourth of one per cent. per annum.
With reference to the increase of circu.
latine bank notes. the COMPTROLLER saws:
AT time when the desire is so frequent
~ expressed that there he q 10 rper issue ~
hank notes and comniaint is made that,.4
ttonal banks are tndtnerent to the note
issuing function vested in them II NAV
well he considered nv congress whether 4
would not he wise 70 do that which win
make II of suff1cjent interest to tho ational
banks tn nav greater attention r. note is.
sues. The nrofit Of banking in the Tinted
States is now largely in the deposit feat rr.
If II and thus it IL of greater concern I'm lar
existing circumstances to the hanks to ca
cure deposits than it is to issue notes ,nnn
q return go small as to scarcely Justify the
expense and trouble entailed thereby.
..3anks are not eleemosynarv lnstftu
rions. and therefore engage Fhniv in that
which promises a margin of rrotit. While
on the one hand entitled to no more fayors
than are granted to other corporations or
enterprises carried on by associated intli-
viduals, on the other they should not be de-
MED any privileges which they NAV Justly
claim and for the denial of which no nos
slble excuse can be given 1t is unoues-
tionably true that national banks would
largely increase their note circulation il
the embarrassment arising from the need
less locking up of large part Of their cap
ttal, available for other purposes and the
lessened profit through excessive taxation
now imposed did not confront them. They
certainly would do so if the legal tender
issues Of the government were paid and
Cancelled and the channel now clo-ped nv
them freed for bank note circulation.
1.-THE experience of this and nthar nn,n-
tries conclusively demonstrates that tha
,best and most rational note issues arc
those put forth by banks It likewise
demonstrates that issues made direct NV
governments are always exnensiva and
under every circumstances . source foft
danger to such governments and lose 10
their peoples business interests. No clear
er proof Of this could be had than that fur