The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-12-11
ANNuAL euRRENoY REPoRT.
Comptroller Eckeis GsVs6 Faets Regarding
Banks; Circulation and Credits.

COmptFoIIer Eekefs Gives Faets Regarding
Banks, Circulation and Credits.
WASHINGTON, Dec. a-The annual
report Of James b. Eckels, eomptroller
OF the currency, submitted to congress
yesterday, contains information in de-
tail in regard to the organization, 81.
pervision and liquidation Of national
banks for the year ended October 81,
1896 During the year, % new banks
were organized, with a capital stock
aggregating s., Pas, OOO TIE total
number Of national banks organized
since JuEe 30, 1868, the date Of the
granting Of the first certificate Of au-
thority, is 5,O5l, making an average OF
153 for each year, Of this number 81
go were in active operation on October
81, 1896, with an authorized capital
stock aggregating S65O,O14, ss5, repre-
scented by 2ss,9O2 shareholders The
total amount of circulating notes OUT
standing on October 81, 1896, was 1884,.
553, sO7, an increase Of S2I, O99, 429.
The comptroller states that the i'm
/ portance of obtaining a proper clsssii-
cation of the money and currency held
by the banks throughout the country
led to the sending out OF a circular adj
dressed to national and other banks
aud trust companies requesting them
to furnish correct classification of the
amount and kinds of money held by
them on the 1st of July last The con-
clusion drawn from these returns is
that 67.4 per cent of the retail trade
of the country is transacted by means
Of credit paper; that 95. 3 per cent Of
the wholesale trade is so carried on;
95. / per cent of the business other
than mercantile, and 92.5 per cent Of
all business. According TO these re-
turns the percentage of business done
by checks, all classes being included,
is 92.5.
The comptroller also deals with the
question Of the duty of directors with
respect to the causes of failure of ma
tional banks and says:
| The inevitable conclusion to be drawn from
/ & study Of the causes resulting in these fail-
ures is that In the great majority OF instances
those directly responsible for the management
Of the banks involved, both directors and ex-
ecutive officers, have been negligent in theif
duties and wanting in insisting upon the em-
ployment OF methods Of ordinary safety and
prudence.
The comptroller also says:
The monetary problems which confront con-
| gress, embarTass the administrative officers Of
the government, haTass the business world
and bring d plague upon American politics
must ultimately fnd solution in re-
! quired banking Improvements The time
must come when the banks shall be such
| agencies OF distribution Of loansble capital as
will make credit everywhere equally available
to the extent 10 which those seeking it are
! Justly entitled So, too, must point be finally
reached when banks shall issue all Of the
! credit currency Of the country and stand wholly
| responsible, instead Of the government, for its
redemption in gold coin whenever and in what
ever quantities presented
Speaking of the legal tender treas
ury issues, the comptroller says they
have always been a disturbing element
in business and their current redemp'
ton continuing weakness and anxiety
to the treasury"