Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-01-01
THE NEW BANKING SYSTEM
Comptroller Tells Of II in His Annual
Report.

Report.
Comptroller Williams Of the cur
rency bureau, submitted his annual
report to congress Tuesday. 1t covers
the beginning Of the transition from
the old national banking system to
the new Federal reserve system, as
we'll as the operations Of more than
1000 national banks which have be-
come 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 recommends
tions for new legislation. They are
An amendment to require uniform
bylaws for national banks. In that
connection the comptroller declares
may bank directors fail to direct, and
says any director who does not at
tend majority Of board meetings In
year should be ineligible for elec-
ton.
An amendment to permit signatures
on national bank notes to be printed
instead 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 director
or officer Of a national bank guilty OF
violating any Of the more important
of tle bc.lsa isrr and di:'oct
that suit be brought against them In
the name Of the bank to recover for
the results Of any malfeasance in Of
flee.
or the Federal Reserve Act and
what it Is expected to accomplish Tor
the finance and commerce of the
country the comptroller says:
THE Federal Reserve Act is de-
signed 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 circumstances
which it was especially provided to
meet, but to offer to the people OF
this country many new advantages
and opportunities, while emancipatlng
business from many evils, dlmcultles
and troubles with which 1t 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 BUS
mess world during the stress at tne
outbreak of the European war. he
covers practically the same ground as
Secretary McAdoo did in his recent
report to congress. The remainder OF
the comptrollers report is given over
to statistics.
There were 26,765 banks reporting
| to state and Federal officers in the
limited States at the close OF business
on June 80. Those banks, including
all kinds, had aggregate resources OF
| 26.97l.39S, S,031, showing an increase OF
more than s1,2O0.000.000 in the year.
There were 772 more banks reporting
than the year previous. The banks
showed loans and discounts amount. :.
ing to s15.2SS,357,2S4, with individual
deposits subject to check without no
tice amounting to $685. :573,144: Iney
held gold coin and gold certificates
| totalling more than s912.00O.OO 600. With
in the year ended October 81, 1914.
the comptroller says, 319 applications
were received from persons wishing
to organize national banks. Ot tnese
| 226 were approved.