The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-12-08
AMERICANS ARE
RICHEST PEOPLE
World BeaterS in Point OF
Wealth.
COMPTROLLER TELLS OF IT
One-hfth Of All the Money on Earth,
or $500, 100000 in the United
States.
COMPTROLLER TELLS OF IT


have become the richest in the world,
and the natural resources OF the
country are SO great that this - sure
10 continue and increase for many
years 10 come. The amount Of bank
Clearings and deposits and the money
on hand in the banks increases in
every portion of the United States at
a most remarkable rate.
This authoritative statement is made
by the Comptroller of the Currency in
his annual report to Congress just made
public. The report is filled with inter-
esting facts and figures and has "a de-
tailed statement of banking conditions
in the United States.
Bank Failures.
Some of the more interesting points of
the Comptrollers report follow:
During the past year twenty-six
rational banks, including one thereto
fore in voluntary liquidation, were placed
IN the charge OF receivers. Six of the
associations. however. have been restor-
ed To solvency and permitted TO resume
business, the receivers being discharged.
Eight of the failures We're due TO fraudu-
Lent management or dishonesty of the
cashiers.
AZ the close of the year ended Octo-
Der 81, 1903, on authorized national bank
capital OF 1896. 35l U95. there was on de-
posit with the Treasurer OF the United
States a. trust. as security for circula-
ton, United States bonds 20 the amount
of SIS, $50 "a fraction less than 80 per
cent of the amount which might have
been deposited, and on the security of
which there were outstanding circulating
notes TO the amount of SSso6Jo,S2l.
Money in the World.
Statistics relating to the aggregate
stock OF money in the principal coun-
tries OF the world at the close of the
calendar year 1903 have been received
and complied by the Bureau Of the Mint.
from which 1t appears that the aggre-
gate is Sl2.s, 800 900 the amount Of gold
being SJ,G2S, 100. eco, Of which s.. SOP Coz, 900
is held i'm banks and public treasures,
$3.50 100000 being I'm general circulation.
The stock Of silver aggregates 50, 2O1, %
10000. Of which 2.26S, 100000 is full
tender and the remaining 1892 70O. 900
1miteO tender. Uncovered paper cur
reney is stated as amounting 10
OF tire total stock of money in the
world s., 900 200 Coz, or approximately one
nTth, Is held in this country. The stock
% gold or the United States. I.320 400, 600.
IS greater than that of any other cOun-
80, -iN 80 +-~AAAs bl4S--pAL ri "a tile
worlds stock.
Americas Banking Power.
The banking power Of the United
States, made up OF the capital, surplus
profits, deposits. and circulation of
banks OF the United States and inland
possessions, aggregates SIS S26 O00, 90.
These figures include funds OF national
banks, amounting to S5,Iu.0O0. 900; re-
porting State banks and bankers. IS, or. o.
o0O0o, and non-reporting banks, esti-
mated s56S 000,O00.
From tbs latest and most reliable data
the banking power OF foreign countries
fls been estimated at $I9. Isl ,O00. 600. thus
making the aggregate banking power Of
the world approximately $50 COS. 900. COO
The Comptroller most important rec
concentrations follow: That national
banks having capital of 81 0JO,0J0 or
idore and located in the reserve cities
or central reserve cities be specifically
authorized 90 buy and sell foreign eN-
change, TO accept bills drawn on them
selves, payable not TO exceed four
months after sight. and 10 issue letters
OF credit and also 10 open and maintain
such offices. agencies, or branches as
may De necessary 20 conduct this bust
ness IN foreign countries, Porto Rico.
the Philippine Islands. the Hawaiian ISL
ands. and the Panama Canal Zone: that
an act be passed repeating the limitation
on the proportion OF the circulation OF
any bank which may be issued IN notes
OF the denomination OF s..