Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-12-30
THE COMPTROLLER
OF THE CURRENCY
Submits Annual Report, Includ-
ing Beginning of Change from
Old to New Banking System
and Operations of the More
Than 1000 National Banks. g

Washington, Dec. 29.-Conptroller
Williams of the Currency Bureau
submitted his annual report to
Congress today. 1t covers the be-
ginning of the, transition from
the old National banking system
to the new Federal Reserve
more than 1000 National banks which
have become part of the new system
since his last annual report was
made.
Aside from reviewing the provisions
of the new bank law and the steps
by which it was put into operation,
the comptroller makes some recon-
mendations for new legislation. They
are: An amendment to require uni
form bylaws for national banks. In
that connection the comptroller !de-
clares many bank directors fail to
direct and says any director who does
not attend a majority of board meet
ings in a year should be ineligible for
reelection.
An amendment to permit sigma
lures on bank notes to be printed in
stead of made with pen and ink, which
WOULD permit the bills to be washed
and restored to circulation.
That National banks be required to
limit their deposits to ten times their
combined capital and surplus.
That the Comptroller be empowered
to remove. with the approval of the
Secretary of the Treasury, any di-
rector or officer of a national bank,
guilty of violating any of the more
important provisions of the bank law
and direct that suit be brought against
them in the name of the bank to re-
cover for the results of any malfeas-
ance in office.
OF the Federal Reserve act and what
it is expected TO accomplish for the
finance and commerce of the country
the Comptroller says:
The Federal reserve act is designed
not only to cure weaknesses and de-
fects of the currency system under
which we have struggled, and some
times staggered, in the past. as We
have outgrown the conditions and
passed beyond the circumstances
which il was especially provided to
meet, but TO offer to the people of this
country many new advantages and
opportunity, while emancipating
business from many evils, difficulties,
and troubles with which it has been
burdened and from which it has found
no escape"
At some length the Comptroller re-
counts the activities of governmental
agencies to aid the financial and
business world during the stress at
the outbreak of the European war. He
covers practically the same ground
as Secretary McAdoo did in his re-
cent report to Congress. The remain
der of the Comptroller's report Is
given over to statistics.
There were 1876 banks reporting to
state and federal officers in the United
States at the close of business on June
30. Those banks, including all kinds.
had aggregate resources of SIC, 9f1 1893,
031 showing an increase of more than
200, 100000 in the year. There were
T72 more banks reporting than the pre-
vious year. The banks showed loans
and discounts amounting to SIS, 2sS. 1857,
ga with individual deposits subject to
check without notice amounting to 80,
539, 573.7 44. They held gold coin and
gold certificates totalling more than
1912 ,000, 900. Within the year ended
October 81, 1914, the Comptroller says,
31s applications were received from
persons wishing to organize national
banks. OF these 226 were approved