The Barre daily times. (Barre, Vt.) 1897-1959, 1914-12-29
PUNISH DIRECTORS
NOT ATTENDING
Comptroller Williams Would Deal Harsh
ly with National Bank Men Who Do
Not Go to Directors Meetings.

Washington, ID. G.. Dee, 26.-Comp'
trolcr Williams of the currency bureau
submitted his annual report TO Con-
gress to-day. II covers the beginning
of the transition from the old national
banking system to the new federal re-
serve system, as well as the operations
OF 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 il was put into operation, the
comptroller makes some recommends
tions for new legislation. They are;
An amendment TO require uniform by
laws for national banks. In that con-
necton, the comptroller declares many
bank directors fail to direct and says
any director who does not attend a ma
iority of board meetings in year should
be ineligible to reelection,
An amendment to permit signatures
on 3stional bank notes to be printed
instead of made with pen and ink, which
would permit the bills to be washed and
restored to circulation.
limit their deposits to ten times their
combined capital and surplus.
That national banks be required to
That the comptroller be empowered to
remove, with the approval of the secre-
tary of the treasury, any director or of
ficer of a national bank, guilty of vio-
lating any of the more important provi-
sions of the bank law and direct that
suit be brought against them in the
name of the bank to recover for the
results of any malfeasance in office.
OF the federal reserve act and what it
is expected to accomplish for the finance
and commerce of the country, the comp
troller says:
"The federal reserve act is designed |
not only to cure weaknesses and defects |
of the currency system under which we |
have struggled, and sometimes staggered, /
in the past, as we have outgrown the /
conditions and passed beyond the cir
which it was especially pro-
vided to meet, but to offer to the people |
of this country many new advantages
and opportunities, while emancipating
business from many evils, difficult
ties and troubles with which ii has been
burdened and from which it has found
no escape"
AT some lengJn tne comptroller re-
counts the activities of governmental
agencies to aid the financial and business
word during the stress at the outbreak
of the European war. He covers prac-
tically the same ground as Secretary
McAdoo did in his recent report to Con-
yress The remainder of the comptroll-
.r's report is given over to statistics.
There were 26,765 6banks reporting to
state and federal officers in the United
states at the close of business on June
20. Those banks, including all kinds, ,
lad aggregate resources of S26,97 ,30s,- !
81, showing an increase of more than I
i ,200000,0 900 in the year. There were {
" more banks reporting than the year
Drevious. The banks showing loans and A.,
discounts amounting to Sl5,2ss ,357 ,2S4
With individual deposits subject to check
without notice amounting to 50 ,539,573, a
A. They held gold coin and gold GER
ificates totaling more than S9l2, 100000.
Within the year ended October 81, 1914, /,
he comptroller says, 3l9 applications :
we're received from persons wishing to
rganize national banks OF these, 226 /
7ere approved.