The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-05


r,.hca in Hawaii nnd Porto Rico
Snecial Dispatch 10 the Post-inselligencers
WASHINGTON. Dec. 4.-charies y.
Dawes. connptroller OF the currency, In nus
annual report 10 congress has arrived at
conclusions. based on official figures en-
tirely. which have sairiy taken the breath
away from the currency reformers.
He pronounces against all the banking
s,heoes submitted TO congress. including
those Of the secretary of the treasury, tho
Indianapolis conference. and the McSieary
hill now before the houss, which was pre-
pared by the committee on banking anu
currency at the last session. He says
without reservation:
"The existing hanknote sss-
tenn. based upcn deposit of gov
ernment bonds as security.
should not now he abandoned.
He further declares that to protect BANKS
In time of panic, and 10 provide the heces-
sary elasticity, a small amount OF uhse
cured notes. in addition TO the secured cir
cuiation. might he permitted. but tnat the
tax on these temporary notes should De SO
LARGO as 70 force them into retirement as
soon as the emergency rassses. lie sass
that uncovered circulation should he a
remedy for an emergency. not an instru-
ment Of current business.
II Is probable that Secretary Gage VIII
recast his currency plan In sucn way ~
TO meet the objections presented ny Comp
troller Dawes, by taking away from tho
note holders their prior lien on the assets
Of failed banks. Chairman Mctieary. OF
the house committee on banking ana cur
rency. In submitting the bill which EN-
bodied most Of Secretary Cages recon-
nlendation explained that 1t was abso-
lutelv necessary TO the stability OF the new
currency that II should have first claim
on the assets, and that bankers would not
take out circulation, nor would the people
accent II at par, In all probability. unless
II had behind Ii something more than tho
mere credit Of the bank. II Is feared.
therefore. by some Of the advocates OF cur
reucy reform that the Inevitable effect OF
Mr.. Dawes report viii be to upset all sys-
TENS of circulation based on uncovered as
sets. for IL the notes are not preferred.
either the government or the redemption
II IS believed that Comptroller Dawes
has the support Of President Mckinley.
Associated Press.
WASHINGTON, Dec. 4.-The annual re-
mort 10 congress OF the comptroller OF tho
currency. Charles 6. Dawes, for the year
ending October 81. was made public today.
Making a general statement as TO the
condition of national banks during the
wear. as shown by the five reports re-.
qulred from the banks. the comptroller
says:
Notwithstanding that the number oe
banks In operation on September - 1888.
is less than az any date OF report since De-
cenher ~, 1899, the amount OF individual
dpposlts loans anG discounts and total rs-s
sources is greater than at any time during
the existence cf the national banking ays-
tenn. on September -. for the first time.
the aggregate resources reached and ex-
eeedea the four-bil!on-3oilar mark, the in-
crease since October 5, io55. being s-ss,s
So. ~ A comparison of the last returns
with those os October s. 1897, indieates an
increase during the year of si0i isi. lsa a
In loans and discounts; s79. 1890 IN gov-
ernment securities on deposit with the
treasurer Of the United states 20 secure
circulating notes and public deposits and
In specie and legal tenders.
The reduction ~ a.. 90 In the
amount ~ United stat "a certificates OF de-
E0stt for legal tenders results In a net int
crease Qf lawful money 0f ~. sza sZs.3t ON
October 8. lss7. the deposits aggregated
8. SD $40 i-s.5n aud on September ~. is9s.
s. 13l Al, SO =. the increase being slTs.-
ta5 AL a. The balance due other backs and
bankers shows an increase of ss2 s27 ,sSs .
and limited States firpfagft< Of ga 02S eff g. gT
During the year there were organized
afty-six banks with total capital stock oe
a. SIS Daa The number of banks leay!ng
The system during the year by voluntary
liquidation was sixfy-rine one OF which
'vas subsequently, placed in the charge of
a rs-celVer. The capital of the slxtY-ciaht
banks which l.dui3ated amounted 10 TIA
sls go and she circulation 70 t2l4.a5s Ths
combined caultal of the saven insolvens
banks was 81 iaa,p.l-"
The following statistics relative 20 banks
chartered ana operated ursteF STATE au-
taorify are given:
Returns from institutions ~ this char
acter 70 the number oS s.tE have been re-
eeived and IN addition. statements from
- privat. banks and tzinkers The aggre-
gate resources - these institutions amount
- s. - s14 70. eapstal stock $50 e7s. 80,
anf deposits /, ,ss8 -. RI Ths total hark-
fng sunas o. national banks. az shown by
reports on july Is. isss ana other banks
~ date ~ latest returns amount 70 s7fis-
80 - an Increase since ls85 of tgss. .ass gss's
Currency and BANKING Reform.
The comptroller does uot review in de-
1aG ths plans for the modification os ths
.nrreney ard banking systems. which are
nesw the subject ~ eeonernic and general
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