Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-12-14
NATIONAL BANK system.
Comptroller OF the Currency Ee2eis
Presents Facts and Figures III
His Annual Report.
REVIEW FOR THE YEAR ENDED OCT. 81:
Attention of Congress Called to Pre-
vlous lamentations - Chanse
in Law Relating to Note AssufnK
Observation-Disclosures OF the Dan *
ing Business Of the Entire "orid'

Washington. Dec. 6.-The annual report
currency. for the year ended October H.
1897. opens with brief review OF the ms
tory Of the legislation when consumes consumes
the present national bank act ana ihVtes
the attention OF congress to amendments
to the law recommended In former reports
without specifically repeating them
Bank Note Circulation.
On the subject Of bank note circulation
the comptroller says: 1T is noticeaole tnas
in all the changes which have been wrought :,
in International currency act from it's lncep- :
ton to the present time the feature subject
to criticism, but which was intended shQuto
constitute the principal benefit to be con-
ferred. has remained comparatively I'M
! changed. namely. the note-issuin6 rune
| ton. Whatever justification mere was AZ
the first instance for restrlcsns me i sau-
! eminent, deposited with the treasurer Oh
| the United States to 80 per cent. OF tne
par value thereof, long since ceased SEQ IA
| rency during the past 70 years the WISDOM
| Of changing the existing law SO that the
| banks, and through them the commun'-
! ties in which located. might nave Tue az
| tai has been urged. Despite all this the
law still remains without amendment; NOT
| only should the bank act be amended IN
| this particular, but congr' SIS shoutu
| riously consider such a changein the meth
| cd Of bank note issues as will enaole the
! banks Of the country to more Adequately
| meet the demands Of trade and commerce
in all sections of the country. Inc ousl.
| ness of banking, like every other form or
| investment. must be made attractive 10
capital. II it is placed upon footing
| different from other undert akings. embar-
| raised through unnecessary restrictions
| and deprived of proper sources Of ' oft.
! the result cannot be otherwise han that
investable capital will seek other means OF
| employment, and to such an extent deprive
| the people Of the benefits ssof the agency
| eli n commercial activity.
Would lie Dangerous.
1T has been seriously suggested more
than once that the bank note issues be done
away with and all paper he issued by the
| government ms: The danger or such
course is not to be overestinated. he
experience of every government has kee1:
that governmental currency paper Is
source Of weakness and danger. In the
! United States. where there has been the
nearest approach to success. with the vol
ume of the federal paper comparatively
limited in amount. the credit Of the gov
| eminent has been more than once put in
| jeopardy through it and the business In
| terests of the country subjected to unnec-
essary loss and confusion.
Growth Of National Ranking System.
| The total number of national banks or
ganized since the system was put into OPP
Grafton in 1863 is shown to have been 5,095
On October 81 last there were in active op-
: GRAFTON 3,617, having an authorized capita
of $3.50. 230, 295. The total outstanding cir
l CulatiOn or the BANKS tnen IN operation wa s
1929 1879 $50. of which $20o. 1894 .555 secure,.
by bonds of the United States and the bal
ance by lawful money deposited with the
treasurer Of the United States, The total
banks on October 81 last was $3.50. l3l. Oo5. OF
which amount s1,55s,S00 was secured by
! bonds held for account Of insolvent and
liquidating banks and s26.20o.325 by lawful
| money deposited for their account and by
| active banks reducing circulation. The net
decrease In the amount of circulation Sc
cured by bonds during the year was $12-
5s4, 234 and the gross decrease in the tota:
circulation was $4,s5l ,292. During the year
~ banks were organized with an aegre-
gate capital stock of $6.420OO0 During the
year Il banks went into voluntary liuufda :
ton. There was paid to creditors of in
, | solvent banks during the year $l3. 1862 ISL in
| dividends.
An Uneuualed Eecord.
1.-THE magnitude OF this uneaualed REQ
ord.' the report says, will e more forci-
bly, illustrated if considered in the Iirht NJ
what has been accomplished heretofore IN
) the way of dividend payments to the cred-
1tors Of insolvent institutions. In lS!H fhera
was paid in dividends ss4sa. s4e; In 1884, IS.
124.577 in 1895. 1850. 552 in 1885, s. 451 ana
in 1897. $l3. ISL, making a total Of div-
dends paid within the five years from ix3y
to 1897 Of s27. SIS. or 36A per cent. Of al
the dividends that have ever been ns;d - 80
creditors Of insolvent national hanks
From 1863 to 1897 there has been paid in
dividends $75.935.s25. and in the year en-
Draced IN TINS report $l3, 1862 ISL, or II l-3 per
cent. of all the dividends that have been
| paid during the period Of "a years OF the
existence Of the system. Since October II,
the end of the report year, IL additiona div
, idends have been ordered. amounting 1h,
aggregate to about $625, O0O." tue
The report contains the latest complied
statistics relative to the worlds monetary
systems and the stock Of gold, silver and
, paper currency. A very interesting fea-
ture of this statement is the per canita
amount Of each kind Of money in the
countries named. The per capita averages
! in the principal countries of the Worlu a re-
as follows: United States, $237O; United
Kingdom, S20.65; France, s34.6S: Germany
1885; Austria-Hungary. 1888. and Russia
$685.. =