Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-01-27
REGARDING STATE BANKS
Comptroller of Currency ECkelS
Asks Governors for In
formation.

Washington, D. c., Jan. 23.-Mr.
Eckels, the comptroller of the currency,
has sent the following letter to the gov
errors of all the state, relative to state
b-nks:
L have the honor to direct your attention
to the act of Congress passed IN 1873, in
corporated into the revised statutes OF the
United States as section $685. authorizing
the comptroller of the currency to lncor-
porate III his annual report TO congress, in
addition to specific , information tic t teta-
ment exhibiting under approximate
heads the resources and liabilities
companies and savings banks organized I'M
der the laws of the several states and ter
ritories, such information 10 be obtained by
the comptroller from the reports made by
such banks, banking Companies ana savings
banks to the legislatures or officers of the
different states and territories, and where
such reports cannot be Obtained, the de-
ficiency to be supplied from such other au-
thentic sources as may be available.
Since that date and III compliance with
this provision of Jaw, reports Issued from
this bureau have contained all possible in
formation obtainable in respect OF the con-
GitiOn of banks and banking institutions.
AS you are doubtless aware. there Is no
other officers of the United States charged
by law with the duty of collecting and pub
listing banking statistics and 1t is there
fore necessary that the comptroller OF the
currency shall have the required lnforma-
ton and, in order that the most satisfactory
results may be obtained, that the data shall
be compiled, approximately at least, rom
reports of the same data. At present there
are Il number of states which make no pro-
vision for the submission of reports from
banks and bankers 10 any public officer OF
the state; others, which provide merely for
annual report to resources and Liabilities
of incorporated banking institutions. and
still others which provide for the compila-
ton and publication of quite complete re-
turns, but too late in the year for use by
this bureau in the current report: cOnSc-
auently in such Instances the information is
not available until about a year after its
receipt.
In order that uniformity in time and man
nef of reporting may be secured, have
the honor TO suggest that the attention OF
the Legislature OF your state be called TO
the subject, and that it be requested to en-
act such legislation as VIII result in the
submission to a designated public official
of the state of reports OF condition by all
banks, banking institutions and private
banks doing business in your state at the
same date on which national banks are re-
qured to make their reports 70 the comp
troller of the currency. Provision should
also be made for the prompt tabulatiOn and
publication of these returns
/ enclose for your information forms for
reports of condition and dividends and earn
ings furnished to national banks by this
bureau and suggest that similar forms be
adopted and used by state banks and bank
ers. a copy of my last annual report to
Congress containing compilation of the
national bank act and Il digest OF national
bank decisions, together with other infOr-
nation of interest regarding foreign and
domestic systems of banking, has been adj
dressed to you
I trust that at the earliest practicable date
you Will give this matter careful conSid-
GRAFTON and make such specific Recommended
lions to your Legislature on the subject
will result in the enactment of laws where
by the comptroller OF the currency may full
~ comply with the act of Congress herein
kefofe quoted.