The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-12-29
COMPTROLLER ASKS
FOR ENACTMENT
or NEW LAWS
Uniform Bylaws for National
Banks, Power to Sue De-
faulting officers, and Limi-
tation of Deposits Endorsed

WASHINGTON, Dec. 2e.-Comptroller
Williams Of tho currency bureau suh-
mitted his annual report 90 congress-
today. II overs the beginning Of the
transition from the old national bank
ing system TO the new federal reserve
aystcms az well AZ 4he operations OF
more Than 1000 national banks which
have become pnrt al the new system
since his last annual report was made.
Aside from reviewing the provis-
Ions of the new bank law and the
steps hg which b was put into opera
ton, the Comptroller makes some
recommendations for new legislation.
They are:
An amendment 10 require uniform
hy-iaws Tor national banks. In that
connection the comptroller declares
many bank directors fail 10 direct and
says any director who does not at
end "a majority 90 board meetlngs m
"a year should be Ineligible for re-eie 81
ton.
An amendment 10 permit signatures
or national bank notes TO he printed
Instead OF made with pen and ink.
which would permit the bills 90 be
washed and restored to circulation.
That national banks he required 60
limit their deposits to ten times their
combined capital and surplus.
That the comptroller he empowered
10 remove. with the approval of the
secretary Of the treasury. any director
or officer OF % national bank, guilty OF
violating any of h more important
provisions OF the bank law and di-
rect that suit be brought against them
In the name OF The bank TO recover for
the results 81 any malfeasance In
Office.
on the federal reserve act and what
IL is expected a. accomplish for the
finance aad commerce. of the country
the comptroller SAYS:
The federal reserve act Is design
ed not only 10 cure Weaknesses and
defects Of tie currency system under
which We have struggled. aud some
times staggered. IN the past. as we
have outgrown the conditions and
passed beyond the circumstances
which Il "a especially provided Ia
meet, but TO offer to the people OF
this country new advantages and OPP
~portunities. while emancipating bust
ness from many evils, difficulties. and
troubles with which IL has beer bur-
dened and from which II has found
no escape"
At some length the comptroller re-
courts the activities of governmental
agencies 20 aid the financial and n
mess world during the stress al the
outbreak OF the European war. Ho
covers practically the same ground
AS Secretary McAdoo did In his recent
report 10 congress. The remainder OF
the comptroller report ~ given over
90 statistics.
There were 20, 7s5 banks reporting
10 tho state a1d federal officers IN the
United States 20 the close Of business
on June 30. Those banks. including
an kinds. had aggregate resources of
S26.S1l.3BS.0 31 showing an increase
Of more than $1,000, 900. OOO IN the
year. There were TT2 more banks re-
porting than the year previous. The
banks showed loans and discounts
amounting 90 S15,2SS.2S4 with indi'
yidual deposits subject 20 check with
out notice amounting 10 $~9,53s,6T3,
744. They held gold coin and GOLD
certificates totaliing more than S9l2.
00o. zoe. within the year ended Octo'
Dor 81. 1914. the comptroller says
3l9 applications were received from
persons wishing to organize nationa
banks. OF these zee were approved