The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-06-03
ONE MAN SUPREME
OVER MONEY KINGS
Err TO CHECK THEIR
ACTIONS.
MAN BEHIND THRONE
MAN WHO GUIDES DEsTTNiEs OF
NATIONAL BANKS OCCUPIES
UNIQUE POSITION IN FINAN-
CIAL WORLD.
By VICTOR ELLIOTT.

WASHINGTON, June 2.--There is a
man in Washington who, when 1t
comes to certain technicalities in the
realm of finance, has the power to
check the activities OF the so-called
money kings. He is the comptroller
of the currency, and that Office Is at
present filled by Lawrence q. Muir
ray.
Comptroller Murray Is nominally at
the head of the national banking sys-
tenn of the United States. OF course.
the secretary of the treasury is the
real head, but the comptroller is the
power behind the secretary's throne
the man who actually guides the des-
TIMES of the national banks.
The Congressional Directory says re-
garding the duties of the ONCE as pre-
scribed by law.
The comptroller of the treasury.
under the general direction of the sec
rotary of the treasury, has supervision
of national banks: the organization
and examination of national banks:
the preparation. issue and redemption
OF their circulation. and the abstract
ing and consolidation of their reports
of condition
Heads Of A~sOO Banks
There are some eight thousand ma
tional banks In the United States, and
with each one Of these the comptroller
must keep constantly In touch. He
has working under him a corps of
national bank examiners, divided into
sections by States and districts. These
men are appointed from among the
vast number of bank officials in com
mercial life. The salary of national
bank examiner is about $4,000 a year;
tAm1
examiners are experts in the business
Of banking. having occupied many
positions in the banking world before
becoming officials of the treasury de-
partment.
Their duties are to make frequent
calls upon national banks in their dis
tricts and examine thoroughly into the
financial state OF the institution They
go over the books with the head book
keepers and the cashiers. and all ac-
counts are carefully checked up.
Under the regime of Mr.. Murray a
custom has been inaugurated by which
the examiners meet with the directors
Of the national banks and talk over
matters of business policy and such
gene ralities pertinent to the affairs of
the bank.
These national bank examiners.
when they have reason tn believe that
hank Is fnsolSent notify the comp
troiier OF the currency. and ii ia the
comptr oiler who can order the bank
TO close it's doors and who can appoint
a representative OF the treasury to
take the bank in hand until the affairs
are Strengthened out.
Tries to Catch EN- Mapping.
The comptroller OF the currency
calls for statements of condition upon
national banks. These calls are made
at no regular intervals; in fact. the
comptroller aims to make them at the
most unexpected moments in order to
take the hank unawares. In this way
keeping It's business on a safe basis
constantly. In response to the call,
the national banks send in statements
Of their condition at the close of the
business on a dale specified in the
call.
This system Is carried out so that
the banks may not make excessive
loans to grasp additional interest If
the calls of national banks were made
at regular intervals, the banks could
arrange their loans SO as to have
everything in perfect shape when the
call came.
The comptroller Of the currency also
grants or rejects charters to men
wishing TO organize national banks
On the point OF bank organization the
law Is practically silent. There Is a
la1!tv In the statutes governing this
feature which Comptroller Murray is
seeking at present TO remedy