The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1898-12-08

WASHINGTON, Dee. 5.-The annual re-
port Of Charles @. Dawes, comptroller
Of the currency, Tor the year ended
Oct 81, 1893, has been sent TO congress.
With respect to the condition of ma.
tional banks during the year, as shown
by the five reports required from the
banhs, the comptroller says:
Notwithstanding that the number Of
banks in operation on Sept. 20, 1899, is
less than at any date Of report since
Dec. 10, 1890, the amount Of individual
deposits, loans and discounts, ana total
resources is greater than at any time
during the existence of the national
banking system. On Sept. 20, for the
first time, the aggregate resources
reached and exceeded the 1900, 900, coo
mark, the increase since Oct. 8, 1897,
being S29S,977, ,337.lO. A comparison of
the last returns with those OF Oct. 5,
1897, indicates an increase during the
year of Sl0i. .952, lS9. "a in loans and dis.
counts; SO, lS4,3S0 in government SO.
curities on deposit with the treasurer OF
the United Stats 10 secure circulating
notes and public deposits and the
amount held by the banks; $j7,904,.
s27.34 in specie and legal tenders. The
reduction Of $25, 465, 900 in the amount
of United States certificates OF deposit
for legal tenders results IN net in.
crease OF lawful money Of sai e39, ,S27.34
On Oct. b, 1897, the deposits aggregated
81, ,S03, $40, l2S. 30, and on Sept. 20. 1893,
$2,G3l ,40i, 540.29, the increase being
Sl7S, LOS, ,4lL79. The balance due other
banks and bankers shows an increase OF
S52 .62 ,3SS. on and the United States de-
posits of 500, ,02j, ,0l9.27.
The comptroller makes the following
recommendations in regard to the pres
ent laws governing the issue OF pa.
tiopal bank notes:
"First-The existing bank note sys-
tenn, based noon deposit OF government
bonds as security, should not now be
abandoned.
Second For the purpose Of allowing
elasticity to bank note issues TO protect
the banks and the community in time
Of panic, u small amount OF uncovered
notes, i'll addition TO the secured notes,
should be authorized by law under the
following limitations: Ihey should be
subjected to 90 heavy tax that they
could not bu issued III normal times for
the ppIpO5e of proit, but would be
available III times OF emergency. The
tax should be so large upon the solvent
isSuing banks al to provide a fund
winch, in connection Wlth the pro rata
share Of the assets OF an insolvent bank,
would be sufficient to redeem the notes
in full without II, Cessi.atlng and prefer.
ence of note holders over depOsltors OF
any insOlvent issuing bank. The tax
should be SO large I'D to force TINS cur
rency into retirement as soon as the
| emergency passes.
"Such a currency could be used only b
lessen the evil effects of the too rapid
liquidation Of credits which are cOllaps.
ing under financial panic, but could
! Rot be pruhtasly used as basis of busI-
ness speculation and imitation. II
| should lie to the business community
what the clearing house certificates are
to our cities III times OF panlc-a remedy
! for AZ emergency, not an instrument Of
| current business.
The comptroller, under the head Of
Limitations of leans" urges an amend,
nent TO section 800 OF the national
| banking law by which he will be given
power to enforce n personal penalty Tor
infractions of the law prohibiting ex'
| cessive loans, something which the law
| does not ut present give.
The comptroller makes a statement in
reference to ban, examinations in part
as follows:
"The comptroller. has forbidden the
practice wnich he found in existence III
| existenc9 III some of the larger cities OF