The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1901-10-24

in banks the same; good and sound, the
state around, in rain or shine at all the
time. The grandest banking system in
the universe What a blessing would
it be to the depositors, many Of whom
are now worrying their lives away, by
fearing the safety of their money, in
BANKS or if boarded at home.
Although, but comparatively few
lose, but as no one knows where it may
strike, so all worry although only
one who feared has come to grief, but
still al suffer just the same.
A Relief TO Bankers.
And what relief TO the banker,
who now fears panic, then a run on
his bank, now failure of his reserve
banks, and night sweats, dreaming of
burglars exploding his safe. Well need
not remind you, we all have had or will
have, if this plan don't go through
more of worry and anxiety than is good
for us. 1t is the greatest burden we
have to bear, it undermines our health
and shortens our lives. Then let us
strive to tighten our burden and length
en- our lives while we may, and | be-
lieve we can
We have had thirtg7eight years Of
national bank history, which is of rec
ord, we have the facts and figures which
show us what the past has been and
from which we can calculate what the
future will be, so there Will be no ex
perimenting This history will give us
a good general average because we
have not had all these years smooth.
financial sailing. We have had our
Gains, balmy hreezes, frigid blasts,
storms and cyclones, through which our
currency passed unframed, nor the
least fear by anyone that it would not,
but our banks have not quite weathered
it all, three hundred ninety-three were
wrecked, some of these were released
unhurt, and the average balance saved
70 per cent salvage, so that on the
average only % per cent We're lost, and
this Is so small that by little assistance
from all the banks, all could have been
saved.
Reviews Comptrolfer's Report
Now let us review what the coup
trcllers reports discloses: To make ii
more comprehensive, will only deal in
round numbers, 1t shows in Comp
troller Lacey report 1891, page s, that
Tie loss to depoSitors from te62 to 1891
a period Of 80 years had been fifteen
million dollars or about enc half
million per year. The average deposits
for these - years was about one thou
sand million so that the loss was only
l-20 per cent or mill on average de-
posits,
Again we find in Comptroller Eckels
report 1897, page 81, that the banks paid
from 1888 to 1888 a period Of 20 years
per cent average deposit tax, the
amount derived from this ! per cent tax
amounted to nearly sixty-one million
dollars. The loss sustained by the de-
positors in failed banks for these 20
years was not quite ten million dollars,
so that in case this tax had been reserv-
ed as an insurance fund for depositors,
ten million dollars only would have
been drawn against this fund when all
would haYe been paid in full, and fifty
million dollars remaining; or could have
paid all losses up to 1900, which was
fourty four million dollars and still
have a credit of sixteen million dollars
left.
The last report by Comptroller DAVIS
1900, page 36, shows that from 1868 to
1900 period OF IS years, three hundred
ninety three banks We're placed in the
hands Of receivers, which paid on All
average of 10 per cent to its creditors.
and not all collected yet, so that not
quite % pei cent will be lost.
Losses are Larger.
lOuL lpD'D " 1000, Out
eighty one banks failed through which
the depositors lost twenty one million
dollars and from 1898 to 1900. two hun
bred and twelve banks though the de
positors lost twenty three million dollars
that the failures and losses
were greater in the past eight years
than in the thirty years preceding but
the average losses on liabilities have been
about the same, % per cent. The aver
age number of banks failed each year
were ten, the average loss to depositors
was little over one million dollars per
year. In the face of these facts, an in
surance system seems not a difficult
problem to solve.
THE benefcient effects resulting from