The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-04-30

smrvsasa reportaa IN the thrwe-ys@r
period from 1919 10 1918 By All state
banks. trust oorn panlcs, savings banks
pytv&ts banks and logn com pa-nies OF
ths United States but the ratio % tn
crsaNa in national bank resources IN
The past twelve months was about
rye times as great ss The average
ratio Of fncrease In ali sfate ban <@
for the thrse-year period named
Your further suggestion tnn3 the
national banks may beTin 70 TAI
away and that self preservation
might induce a stampede. ~ met and
demolished. I think by the official
figures which show that during the
period Of little over two years tnnt
[ have had the honor % holding ONCE
as Comptroller OF the Curr ency, &hH
resources Of the national banks h'fF
not only shown the grcates1 incre1 -
ever shown in any ike period. but This
Increase In these two years and TWO
months has been practically as great
a. the greatest fncres ~ ever before
shown IN any fve-ye1r period since
thu beginning OF the national bank
ing system.
NY nomination was confirmed BY
the Senate January 10. 1919. The re
sources Of the national banks on the
call Of January J. 3. 1914. were 1926
million dollars. Their resources
March 7. 1915, we're 1852 million
dollars. The number of hanks re
porting on the call OF January J,
ief4 which happens 70 be the DAY my
nominal ton az Comptroller Yves sent
to the Senate. was 7492 The num-
Der in operation January 10, 1915,
exactly two years after my conhTHla-
ton nv the Senate. was 1872. The
Increase in capital and surplus prom =
from January 10 1914 TO March T.
1915 was so million dollars Increase
in deposits same period, 3,se7 million
dollars.
While st IS not suggested for a TO %,
n1ent that Mr. williams activity
was RESPONSIBLE for the tremendous
progress growth and development or
the national banking system which
has been coinC!dent with my term OF
ONCE, these figures seem TO demon
xtrats that nv administrative acts
have not IN any way weakened or d.
unfinished The prestige and power Of
the system ovar which the law has
given me certain supervisory powers
Directors Paid Back Money.
or so. eco directors OF national
banks 7 never have fined one tn my
two ycarv and two months IN oftiCe
as ComptroIle~ have called on
ranks 10 DFlD- SUI n Adi++Tt LiAVA4 -
rer4ors in certain cases where banks.
acting through directors contrary 70
the Instructions q this Office and
without authority Of law. have en-
gagged in stock speculations which
have involved heavy losses 70 tho IN
nocent shareholders 81 these banks,
and for which losses the United States
Supreme Cour+ has clearly and I'M
euuivocaIly decided that directors are
liable In certain OF these CASES, d.
rer+orR. rather than stand suit, have
paid back personally to the injured
bank large sums OF money on account
~ such Losses 7 assume that II these
directors haS not rnnltZea that they
had been guilty Of unlawful acts for
which their banks had suffered and
for which they vere liable, they would
not have paid from their own pockets
these large Eums
Should I 20 outside 81 or beyond
the law. the banks could appeal 10
the law 70 protcct them and 70 call
me down and punish me. When fail
10 enforce the law or knowingly allow
any bank 70 transgress T. I fttil m
nv duty and can and should be
punished by the government and the
courts. can require noting Of the
banks that IL not justified by the law.
Ranks are operated by intelligent men,
advised of their legal rights and
courts are open 70 them for redress
whenever they have any reasonable
grounds for auspe Getting that they ara
being persecuted or that unfair ex-
= actions are being imposed on them. II