The Washington times., 1923-02-18
j. s. HAS TOO
i MUCH Of THE
! .
| WORLD s GOLD
Comptroller Crissinger Says
Precious Metal Hoard Is a
Menace to Nations Welfare
SEES RELIEF IN EXPORTS
Nearly $4,000, 900, 900 Here
Bank Resources Placed
Above $40, 100000, 900

1t is disclosed in the annual
report OF D. R. Crissinger, Comp
troller Of the Currency, that the
United States holds nearly one-half
Of the worlds gold supply. The
Comptroller asserts that America has
too much gold for its own welfare.
Paradoxical as 1t may seem, he
Gays, this concentration IL as harm
ful to the United States as lack of
the precious metal is to other coun-
tries. The total gold supply Of the
world is estimated at about $9,000,-
100000.
Economic stability is based on
the free movement of gold, Mr..
CrissingeF points out, saying:
Just in proportion as gold is
liquid, free, and safe to move about
the world In the process Of equal
king industrial and financial re-
Quirements, 50 we shall have an
approximation to that stability Of
conditions, that general level Of pros
perity and Industrial activity, which
Il 50 greatly to be desired"
Americas monopoly of gold IL re.
acting against the business Of the
country, Mr.. Crissinger holds, and
calls attention to the drop in our
favorable balance Of trade.
MAY EXPORT GOLD.
The report, which is for the year
ended October 81, 1922, states that
in this period general industrial con-
ditions underwent a decided improve
Tnent; that unemployment is prac-
tfcally non-existent. and all that re-
mains is to put agriculture firmly on
its feet.
Comptroller Crissinger gives the
total resources Of the $40 report
Ing national banks at $40, 926, 099 900
rs Of September Is, 1922, an increase
OF 81 zoo, 919 900 over the previous
year. He recommends new banking
legislation.
The United States, Comptroller
Crissinger declares, has enjoyed an
utterly unprecedented favorable bal
ance Of trade with the rest OF the
world. owing to war conditions, but
recently it has been returning to a;
more normal relationship OF imports.
TO exports.
He suggests the probability that
I'm the no distant future 1t will be
necessary for the United States to
export gold.
The Comptroller states that It is
because we must look forward to
the time when it shall have to return
much Of our present gold holdings
to those from whom in recent years
Il has come to us that we must give
thought to the importance of having
cur financial establishment in order
and prepared for the demands which
will come to US.
STABLE BANK SYSTEM.
The necessity for keeping our
stocks Of gold we'll in hand, our
credits so sound and our banking
fabric so secure that we will be
able to meet these demands with
out shock or jar to the business
concerns of the country, is stressed
by the Comptroller when referring
to the Importance Of wisely fos.
tering. promoting and encouraging
the Federal Reserve system and the
national banking system upon which
the Federal Reserve structure is
superimposed.
Additional evidence Of the stabil-
1ty Of the national banking system
is disclosed by the fact that more
than one-half, or 56.72 per cent of
the reporting national banks were
not borrowing from any source.
Loans and discounts of non-borrow-
Ing banks were equal to 47.83 per
cent Of the total loans and dis
SOuntS OIL al natIOnai banks, &C.
cording to the
The report discloses that the re-
sources of national banks in agri-
cultural communities on March 10,
1922, were $4,014, 701, 900, or 2O.23
Per cent Of the resources Of all ma
tional banks.
The resources in banks in semi.
agricultural counties amounted to
1882 ,96S 900, or 9.84 per cent of
the total resources Of all national
banks. The resources of banks in
non-agrfcultural counties were $13,-
$4,000, or 69.93 per cent of the
total.
RETURNS FROM BANKS.
On June 80, 1922. according to
the report, the returns from 5,785
national banks operating savings de-
partments or carrying savings ac-
counts showed savings depositors
numbering 8,875,0SS, with credit
balances Of $3,046, 647 900. In the
fiscal year ended June 80, 1922, the
gross earnings of national banks
amounted to $1,067 1858 900, or a re-
duction compared with the gross
earnings for the fiscal year ended