| Show COMPTROLLERS PLEA FOR BANKS BAN KS of f i Mr Report Includes Recommendations to Congress Congre s st t CONDEMNS ARGUES BANKS SHOULD HOLD BOLD THE TRE PUBLIC FUNDS Washington Dec 1 annual re ye report report port of William B Eo t geley comp comptroller comptroller of the currency curren ns Iks s been pre prepared prepared pared for tor transmission to congress The report starts with a detailed state statement meat ment o of ed the resourCes and liabilities oC ot the banks as ar shown by the free five reports of condition made in re response reon re spouse on e to the call cell of the comptroller r In lB commenting on this statement the comptroller says The authorized authorised capital stock of the 47 national bankIng associations in existence on Oct 1 1 1901 was wan 1 which is a net increase during the year of or There was an in increase increase crease in tn capital stock of by bS banks organised organized during the year in including eluding of newly organized as associations associations which increased their capi capital capital capital tal stock to that amount subsequent to the date of organization The as associations which were in existence on Oct 31 SI 31 1900 1100 Increased their capital stock during durins the year to the thc extent of There Thera was a decrease of capital stock of by voluntary liquidations On Oct 31 31 1901 1001 the outstanding circulation of national banks amounted to an Increase for the year ear of and since the passage of the act of ot March 5 1800 1900 of The comptroller has prepared tables showing the aggregate resources of national state savings banks private banks and loan and trust companies from reports made to him or obtained from front other sources The result of this investigation shows the existence of um banks of all aU kinds in the coun cone country country try with an aggregate capital of 1 1 surplus and undivided profits of and respectively deposits and loans and discounts f Banks of Insular Possessions Statistics obtained from one 0 national three other incorporated and two private private private vate banks in Hawaii three moor Incorporated banks in Porto Forto Rico and seven incorporated banks including branches in the Philippine islands making an aggregate of sixteen institutions in these new territorial possessions show sho an aggregate ate capital of sur cur surplus plus 1108 and undivided profits deposits and loans m 1St Under the various acts of congress MM banks with an authorized alt capital of have been organized of which were in active operation at atthe atthe atthe the close of the report year 1340 in involuntary voluntary liquidation and in charge chug of or receivers or Q e finally fina closed I Geographically the largest number I Ilof lof of banks chartered during the report I J year were organized in the middle I states j I In n the Pacific c states includIng Ha Haj HaI I j I wail wall fourteen banks of the smaller class were organized with aggregate i capital of and twelve of the j larger class c with capital During the last session at oi congress congressI 8 a bin to provide for the extension of the charters of national banks passed the house hou e of representatives rep but failed to receive consideration in Iii the senate Comptroller Ridgeley urgently rec ree recommends recommends that this bill or a similar measure be enacted into the law lw Comparing the tM volume of business bu lne of the savings banks of at the United States State with those of the European countries the shows that in the Ute i matter of deposits the United Stat States as for fOl years past stands at the head I The banking power of the United States since 1390 shows an increase of ofIn In per cent aggregating the banking power of the United Kingdom King om and the I United States with the estimated pow power power er or of continental Europe and Sand other countries an increase since 1810 1350 is shown of W 80 per cent j I In commenting on the present s stem i tern tem of the comptroller calls attention to the disadvantages and aad derangements its operations muse cause e eIn in our oar financial matters matter and says saya Plea for Banks 4 There could be no better lime illus T 4 of this than its operations in the last few months The re rn f fT T suit baa has been to needlessly lock lockup f 1 up and take out of t circulation 1 f sums of money just at a 4 4 time when it was badly Iy needed for f moving crops and transacting the regular business s of the country f If the secretary of the treasury is isy y t given authority so he can arrange f 4 to have more of the mone col eel collected collected by the government depos deposited deposited f with the national banks and f 9 kept k t there until needed it can bedone be bedone f done under such regulations re f fT T 4 and supervision as to t la ta Insure f sure the government against loss Joss f fT T and give relief from the present t f system S Referring to the criticism which hAS hae been made of the act of March larch 14 hISS to the effect that it does not properly safeguard the gold standard but leaves It possible for the secretary oi ot the treasury to practically undo the effect of the act by departmental ac action actIon action tion and regulation n without further legislation the comptroller says If Uthe the act can be nv mie de stronger b by amendments and the gold standard of values rendered more secure from any future futurO uncertainty it should be done without any an delay Since the passage of the act of I March 14 1900 the total amount of cir cirt t which the national banks banka have outstanding had ha increased from to an increase of or over 41 per cent The provisions of the act have bave also added somewhat to the elasticity of the national bank currency It how however however however ever leaves much to be lie desired in the way of elasticity ela the lack of f which is the greatest fault of our national bank ba k issues Congress Congre s has be already had under discussion dJ and consideration various national bank There is much discussion on the subject by bankers and financiers and nd many n plans are ste are urged ur ed for adoption Somewhere be b tween the views VIew of the ardent advocates advocates cates of asset currency and those thO e who oppose it with vehemence as 88 unsafe un ae and in every respect there should be found sale safe e middle ground |
