Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-06
NATIONAL BANKS.
Annual Report Of Comptroller
Of Currency, James H. EckeIs.
3617, With $630,230,295 Capital
and $239, l30,005 Circulation.
He Invites Congress Attention 10 Needed
Changes In Banking Laws.

Washington. Dec. 5.-The annual re-
port of James H. Eckels, comptroller
of the currency, for the year ended
Oct. 81, 1897, opens with a review OF
the history of the legislation which
constitutes the present national bank
act, and invites attention of Congress
to amendments to the law recommend
ed in former reports without specif-
cally repeating them.
On the subject of bank note circula-
ton the comptroller says: 1t is notice.
able that in all the changes which have
been wrought in the national currency
act from it's conception to the present
time the feature subject to criticism,
but which was intended. should con-
sti;ute the principal benefit to be con-
unchanged. namely, the note issuing
function. Whatever justification there
was in the first instance for restrict
ing the issuing of notes against the
bonds Of the government. deposited
with the treasury of the United States
to 90 per cent. of the par value thereof.
lnog since ceased.
In the report of every comptroller of
the currency during the past 20 years
the wisdom of changing the existing
law so that banks and through them
the communities in which located.
might have the additional benefit of an
added loanable capital, has been urged.
Despite all this the law still remains
without amendment. Not only should
the bank act be amended in this par
ticular but Congress should seriously
consider such change in the method
Of I, MI h.,
banks of the country to more ade-
quately meet the demands of trade and
commerce in all sections of the
country.
The total number of national banks or
of authority was issued on June 20. 1866.
to the close of the year just ended, was
5e6, making an average for each year of
100. On Oct. 81 last. there were in active
operation 36l7 banks. having an author
lied capital stock of $500. go 295. The total
outstanding circulation of the banks then
in operation was 1920 1873. $50. of which
S262. 1874. 800 was secured by bonds of the
United States and the balance by lawful
money deposited with the treasurer of
the United States.
The total circulation outstanding of all
national banks. Oct. 81. was 1920 13l, 005, of
which amount sl.55SsOO was secured by
bonds held for account of inSOlvent and
liquidating banks and $25 205. 1926 by lawful
money deposited tor their account and by
active banks reducing circulation. The
net decrease in the amount of circulation
secured by bonds during the year was
$l2. 5S4, 1884, and the gross decrease in the
total circulation was AS51.29.
The 3617 banks in operation are divided
geographically as follows: Five hundred
and lightweight. with an authorized cap
ital stock of s159. 29l. $40 in the New Eng
land states: 956. with an aggregate capital
stock of $l95. 124215. in the Eastern states:
546. with a capital stock of $685. $4,000. in
the Southern states: 1916, with capital
stock of $780, 1885,. in the Middle states:
$40, with a capital stock of $326o4 100 in
the Western states: and 124. with capi-
tai stock of $17.4G5.0 900. in the Pacific
states.
During the year just closed "A banks
were organized. located in is states and
two territories. with an aggregate oapltai
stock of 81. APO. Co.,
The corporate existence of IL nat1onai
banks in ~ states was extended during
the year, with capital stock OF $2,1SVOO
and q total circulation of $l22,1
The number of banks which left the
system by reason of the expiration OF
their charters during the report year was
two, with capital stock of $l30Ooo and
located in New York and Indiana and
We're succeeded by new associations with
a captal stock of 100000 and circulation
of $24,7
During the coming year the corporate
existence of 90 banks will expire, having
II capital stock aggregating 2.679OO0. and
circulation amounting to 81 .032,S75.
The number of banks which went into
voluntary liquidation during the year was
a. having a capital stock of 3d. $50 900 and
circulation of 81 ,729.O4O.
comparison with the report Of last
year shows the number of banks to have
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