El Paso herald. (El Paso, Tex.) 1901-1931, 1910-02-08
BANKING SUMMARY
Of COUNTRY IS
PREPARED
National Monetary Commits
sion Publishes Data
Gathered on Banks.

Washington, d. c., Feb S.-The bank
ing laws of all the states and terri
tories of this country have been sum
married and compared in remarKd1Iy
clear and usefuf digest, issued TO-DAY
under the auspices of the national mon
etarT commission as another output VI
its exhaustive investigation OF Danklhg
and financial operations and conditions
in this and other countries. Inns digest,
practically unique in scope, Is the WorA
of Samuel 4. Weldon OF the New 1DiA
bar and in its preparation the compiler
has had the assistance OF tine Oa'iiAinS
officials of most OF the states -
Although for practical reasons the
compilation has been sharply oohdeii9eu;
II makes a volume of $50 pages, SO
comprehensive in its treatment OF the
VARYING laws of the several Jtrlsdlc-
lions That it will prove lnYaflaole 70
all students OF banking and OF Dank
legislation and will no doubt be IN great
demand.
It has not been attempted to present
ANYTHING but the substance OF the stat
utes. for the reason that a digest deal
ing with their application or intenpre,
tation would involve great labor ana
fill an amount of space greater imam
the commission thought proper 10 give
to the subject. The digest deals Win
the general corporation laws OF the
states las DISTINGUISHED from the bank
ING laws) only where they were pecul-
iarlv accessible or the bank statutes
left blanks which needed to '>e supplied
Provisions of the state laws dealing with
circulation are omitted as beng OF no
practical value, in view OF the present
control of circulation by the natlonal
banks.
Minimum Capital.
The statutes are systematiZed as lar
as possible under the head OF each
state by division into three general cap.
tions-banks, savings banks and trust
companies.
The table relating to state banks
shows that the minimum capital re-
quirement is in many cases below that
of the national banking law, even since
that was reduced in 1900 to $4,000
Among the cases where the minimum
is comparatively low are: Alabama
$4,000: Colorado $4,000; Florida
$4,000: Kansas $4,000, Kentucky
$4,000: Louisiana $4,000; Minnesota
$4,000: Mississippi $4,000; Missouri
$4,000; Nebraska $4,000; Nevada
$4,000: North Carolina $4,000; North
Dakota $4,000: Oklahoma $4,000;
Oregon $4,000; South Dakota $4,000;
Texas $4,000; Utah $4,000; Virginia
$4,000: Wisconsin $4,000: Wyoming
$4,000. These are in each case the
minimum for the smallest communities,
and a higher minimum is required IN
some states in towns above a certain
population
State Inspection.
The summary in regard to state SUI
pervisiOn shows about half the states
to rely upon some other official than
superintendent or commissioner of bank
ing, although in some of these cases
examiners are appointed. Thus, in Ala
bama. the duty of supervision falls upon
the state treasurer; in Arizona, upon
the auditor of the territory; in Della
ware. upon the insurance commissioner;
in Florida, upon the controller; in
Georgia, upon the state treasurer; in
Illinois. Indiana and Iowa, upon the
secretary of state: in Nebraska, upon
the state banking board, consisting of
the governor. auditor and attorney gen
eral; in North Dakota and Oregon, upon
a similar board: in North Carolina and
Virginia, upon the corporation commits
sion.
The national monetary commission
consists of Nelson W. Aldrich, Rhode
Island, chairman; Edward B. Vreeland,
New York, vice chairman; Julius c.
Burrows, Michigan; Eugene Hale.
Maine: Philander C. Knox, Pennsylva-
MIA; Theodore z. Burton, Ohio; John
W. Daniel, Virginia; Henry NJ. Teller,
Colorado; fernando D. Money. Missis-
sippi; Joseph W. Bailey, Texas; Jesse
Overstreet, Indiana: John w. Weeks,
Massachusetts,; Robert W Bonynge.
Colorado; Sylvester c. Smith. Califor-
MIA; Lemuel P. Padgett, Tennessee:
George F. Burgess, Texas; Arsene P.
Puio, louisiana; A. Piatt Andrew, spe-
eial assistant to commissiR; Arthur B.
Shelton, secretary.
Lest we forget let's keep our money