Gulf Coast breeze. [volume] (Crawfordville, Fla.) 1897-19??, 1897-12-10
.ECHOLS ISSUES HIS REPORT
COMPTROLLER OF THE CURRENCY
REVIEWS BANKING ACT.
SUGGESTS CHANGES IN THE LAW.
Amount of Money Held Ky National Banks
Mt Date OF Report-rer Capita OF the
Various Countries Given.

The annual report OF James II.
Eckels, comptroller Of the currency,
for the year ended October 81, 1897,
opens with brief review of the his
tory of the legislation which consti.
tutes the present national bank act,
and invites the attention of congress
to the amendments TO the law recon.
mended in former reports without
specifically repeating them.
On the subject Of bank note circula-
ton, the comptroller says in part:
1T is noticeable that in oil the
changes which have been wrought in
the national currency act from its in
ception to the present time the feature
subject to criticism, but which was
intended should constitute the princi-
pal benefit to be conferred, has re-
NAMED comparatively unchanged,
namely, the note issuing function.
Whatever justification there was in
the first instance for restricting the
issuing Of notes against the bonds OF
the government, deposited with the
treasurer OF the United States, to 90
per cent of the par value thereof long
ceased.
"In the report OF every comptroller
of the currency during the past twenty
years the wisdom Of changing the ex-
listing law 80 that the banks, and
through them the communities in
which located, might have the addi-
tional 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 particu-
lar, but congress should seriously
consider such change in the method
Of bank note issues as will enable the
banks Of the country 10 more ade-
quately meet the demands of trade
and commerce in all sections OF the
country.
"It is impossible to believe that with
system of band note issues, based in
part upon securities. and LIN part upon
bank assets, the country cannot be
provided with a sound, safe and elias.
tic bank note issue, always common
surate with and responsive to the de-
mands Of trade. The Bank of Eng.
land, the Bank Of Scotland and the
Bank OF Ireland have been found TO
be ample in their resources TO provide
the note issues for use in the trade OF
the United Kingdom. The same is
true of the Bank of France. The
German Imperial bank has for more
than twenty-five years issued bank
note paper against assets, which has
maintained its value and has been so
controlled as to successfully meet the
commercial needs OF the empire"
On Oct. 3lst, last there were in ac-
tive operation 3,617, having an author.
lied capital of $500, 230,295. The
total outstanding circulation Of the
banks then in operation was 1929, 100,
$50, OF which 2O2, 1894, sos was secured
by bonds OF the United States and the
balance by lawful money deposited
with the treasurer Of the United
States.
During the year forty-four banks
were organized, with an aggregate
capital stock Of $4,420,000. During
the year seventy.one banks went into
voluntary liquidation.
There was paid to creditors of insol-
vent banks during the year Sl3, l69,-
7S1 in dividends. The magnitude of
this unequaled record, the report says,
will be more forcibly illustrated il con.
sidered in the light Of what has been
accomplished heretofore in the way OF
dividend payments to the creditors OF
insolvent institutions.
The report contains the latest com.
piled statistics relative to the worlds
monetary systems and the stock Of
gold, silver and paper currency. A
very interesting feature Of this state
ment is the per capita amount Of each
kind of money in the countries named.
The per capita averages in the princi-
pal countries Of the world are as fol-
lows: United States, S23.70; United
Kingdom, S20.65; France, S34.6S;
Germany, 1885; Austria Hungary,
50. 33, and Russia, $685..