The Barre daily times. (Barre, Vt.) 1897-1959, 1917-02-05
"THE WHOLE WORLD
is IN DEBT TO U.s.
Says Comptroller of the Currency in Pre-
senting His Annual Report to Con-
gress-Wealth Is Piling Up
with Remarkable
Rapidity.

Washington, ID. c., Feb. 5.--The comp
troller of the currency to-day advised
Congress, in submitting his annual re
port, that the United States at the pres
ent time seems to be "intrenched finan
cially almost as firmly as it is possible
for any human government to be-"
Practically the whole world is in debt
to us" the report said, "and is steadily
increasing its obligations. Our inancia
condition in relation TO other peoples anc
the world at large becomes stronger iron
week to week and from month to month
| As the figures show so conclusiyely oui
wealth is piling up with wonderful ra'
| pidity; but to do our proper work in the
world and to protect and enlarge our own
interests we may before long need every
dollar of these resources, gigantic and
inexhaustible as they now seem to be.
"In reviewing our banking and fiscal
situation we seem now to be intrenched
financially almost as firmly as 1T is pos
sible for any human government to be-
We are well prepared for preparedness
and ready and able to provide for what
ever increases of army and navy Con-
gress may think to be necessary"
The report reviews in detail the activ-
tiles and growth of national banks
throughout the country during the year
and makes recommendations for add
tional legislation to safeguard depositors
and stockholders.
The comptroller's recommendations
propose the enactment of laws to:
Amend the criminal code, making it a
felony for individuals, firms or corpora
tons to make false financial statements
to banks for the purpose of securing
loans.
Burglary of national bank crime pun
ishable by federal law.
Limit the funds invested by bank in
its own building to the amount of its
capital stock.
Authorize the treasurer to sell bonds
securing circulation 80 days after bank
goes into liquidation.
Such laws, the report states, should
be enacted in ''the interest of the share
holders or depositors of the banks and Of
the general public"
Since the Inauguration of the federal
reserve system, the report states, char
tiers have been issued to 264 new ma
tional banks with aggregate capital of
sl6,l09,000 and $50 national banks in
creased their capital s27,ll7700. During
the same period, to Nov. Is last, l43
banks went into liquidation and "a banks
reduced their capital. In addition 27 ma
tional banks were placed in receiverships.
The practice of charging exorbitant in
terest rates has decreased 20 a marked
extent, the report states, the number OF
banks charging more than 10 per cent, on
the average, being reduced in Georgia
from % to 7. in Alabama from q to O. in
Texas from 81 to l22, in North Dakota
from 90 to 81, in South Dakota from %
TO 10, in Nebraska from is to 6, in Okla
homa from 300 TO 1893. Figures for other
states are not given, but the total reduc-
ton throughout the country during the
wear is placed at nearly 50 per cent, or
from l022 to SIS.
"The trouble has not been fully recti-
fed" the report says, ''and banks here
md there continue to disregard the law
IN this respect and to exact rates which |
,annot be justified on any ground. These
persistent offenders are being dealt with |
md it is hoped that in most cases they |
nay correct their irregular and unlawful !
practices before ii becomes necessary for |
his office to take steps for the annull- /
nent of their charters"
The policy of enforcing the law with I
aspect TO charging usurious rates re-