Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-12-15
ECKELS REPORTS.
Interesting Document by Comp
troller Of the Currency.
IMPORTANT SUGGESTIONS ARE MADE.
Amendments to the National banking
Observation-Disclosures OF Branch Banks
Urged-Other Topics
Mentioned.

Washington, Dec. s.-Comptroller Of the
Currency Eckels has considerable to say in
his annual report about financial strin-
gency and congestion, and he makes
remedial suggestions of interest. Various
amendments to the national bank act look
Ing to giving relief are proposed by the
comptroller, among them the following:
That In places having population of less
than 1000 inhabitants national banks shall
| be permitted, under regulations to be made
by the com ptroller Of the currency and APP
proved by the secretary of the treasury.
| to be organized with q capital stock Of not
less than $4,000. and with a corresponding
reduction in the amount OF bonds required
to be deposited with the treasurer Of the
United States.
That national banks shall be permitted,
| under such regulations and restrictions as
shall be made by the comptroller OF the
currency and approved by the secretary Of
| the treasury, to establish branch banks in
towns and villages where no national banks
are established and where the population
does not exceed 1000 Inhabitants; such
branch banks to have the right to receive
deposits, make loans and discounts and
buy and sell exchange, but in no case to
be permitted to issue circulating notes
other than of the parent bank.
In support of his recommendation for the
establishment of branch banks the comp
troller says: THE construction placed upon
the national bank act as now in force by
the supreme court preCludeS the establish
Ing and maintaining of branch banks under
IT." and he continues: 1.-THE permitting
of branch banks would be the Forming Of
agencies through which better trade dis
tributton of currency could and would be
made;" and further on in his report he
remarks that "the time must come when
the banks shall be such agencies of distri-
button of loanable capital as will make
credit everywhere equally available to tho
extent to Which those seeking 1t are Just.
~ entitled. So. too, must a point be finally
reached when banks shall issue all of the
credit currency of the country and stand
wholly responsible, instead of the goyern-
ment, for Its redemption in gold coin when
ever and In whatever quantities pre-
sented."
Further on In his report the comptroller
remarks: IA policy in finance wrong in
principle never becomes right in practice.
Ihe truth of the statement Is fully illus
trated by the course Of the legal tender
treasury issues of the United States. Thew
have always been disturbing element In
business, and their current redemption a
continuing weakness and anxiety to the
treasury" He recommends that lepisIa .
ton by congress, based upon safe and pru-
dent lines. having In view the gradual
payment and cancellation of the credit
currency now maintained by the govern.
ment and the issuance hereafter Of all ~
such currency through the banks. with full
responsibility therefor placed upon then,
should be had at the very earliest nra -,
ticable moment. The results which Womb
follow such enactments would be benefi-
cial. and neither would monopoly be ore.
ateo nor favor shown thereby"