Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-11-28
new CURRENCY P[AN
Controller of the Currency Dawes
Makes His Annual Report for
Congress.
Several Changes in the Banking
Laws Recommended His Views
In Detail.
More Elastic Circulation for Ma
tional Banks Provision for
Emergencies Sought.

II.
of the currency, for the year ended on
Oct 81 1899. has been prepared for
transmission TO congress.
With respect to the condition of the
national banks during the year, as
shown by the five reports required
from the banks, the comptroller says:
The number of banks in operation on /
Sept Z. 1899, was 1895. with paid up |
capital of $685.. T7297o. The individual
deposits on that date amounted TO 81
45oT25.5 1851 and the aggregate re-
sources to S4,650, $50 1873 A. y comparison
of the Sept. : returns With those made
son Sept. 20, 1895. indicates an Increase
during the year in individual deposits
OF $4152ll 055.o2, in loans and discounts
of S340. lS9 $500. in amounts due from I
other banks and bankers, sl60,39l. S96.6S;
in specie, $i4, So. 225.44, and in aggre-
gate resources, S646. S44.0SS57. on Sept |
The mel deposit liabilities of the ma
tional banks of the country aggre-
gated S303l 463. 016.6s, on which re-
serve of $3.50. 56S. s25.so or 29SS per cent.
was held The composition of this re-
serve was as follows: Specie, sS3s,5ll,-
$50 50. legal tenders ana United States
certificates of deposits for legal ten
deis. $l21, 754 .65l: due from reserve
agents S4l4.l26.66o redemption fund
WITH the treasurer u 'he eiii'ea '7.s''s5S'
$40, 1906 SO.
In recommending to congress I'M
provenents in the banking laws as di-
Erected by section 333 Of the revised
s.s.,,fac liza acnrntttrnller before maxi
ling his chief and new recommendation
for a bcnd-secured elastic circulation,
/ repeats mis- recommendation of one
year go for a law providing for an IN
4 secured emergency circulation 70 lessen
the destructive power Of financial pans
Eyes. and taxed 50 heavily that under
normal conditions il must be retired
and can neither provide profits for the
banks nor serve as a basis for the ex-
i ,yansion Of commercial credits. He en-
4 phasises the necessity of such circu-
lation. designed, like clearinghouse
4 eertificates. simply as a remedy for
rare emergency. and not as an instru7
ment of current business. repeating the
words OF his former recommendation.
4 fowif.
Far The purpose of allowing elastici-
~ IL hank-,lote issues TO protect tbs
banks and the community in times Of
manic. a small amount Of uncovered
notes in addition TO the secured notes.
should be authorized by law under the
Following limitations They should be
subjected 10 50 heavy a tax that they
. .a,,lJ MOI be issued in normal times for
me pnrpose of profit but would BE-
ayailabIe in times of emergency. The
tax should be so large upon the solvent
. iss,lin. banks as to provide a fund.
gJ,.,sif.t, in connection with The pro rata
s,a,.a ~ tne. assets Of an iusoNent
i,a,,l, ,y,,,,lS be sufficient TO redeem the
notes IN f,,il without neeessitating any
,,,5.es,a,,oa sf note holders over deposi-
II 4ny insolyent issuing banks.
, ~, .Igasif la. 80 rye as to force
5.,,4,..,,,.y- intt1 retirement asEso0n
~ 5,3a,.ee,,oy passes Such a cur
..si,,a ~. nsad only TO lessen the
sr,.t. IA "a t,a rapid liquidation
r. ..,;,.p, ara e.,IlarsIng auntier q
.f.s1 ,a,,{,.s sl,,,t ca4,ld not be proft.
-, - i,asis ~ i,,lsines.s specl.
;,,.,atj.,n
i,,tr,g,,,ri,,p l3js new recommends
sa,,,,'t,.,,lI,.r tben says that j
~, ~, ,,,e saa 8 marked de
,,oss{t,ta ne aftain
siSe = ..,, -, ,,racsn