Rensselaer Republican, Volume 27, Number 16, Rensselaer, Jasper County, 13 December 1894 — CONTROLLER'S REPORT. [ARTICLE]

CONTROLLER'S REPORT.

The annual report of James H. Eckels, controller of the currency, for the year ended October 31, 1894, shows that during this period but fifty banks were organized. On October 31, 1894, the total number of national banks in operation was 3,758, with an authorized capital stock of 8672,671,365, represented by 7,955,076 shares of stockowned by 287,892 shareholders. On October 2,1894, the date of the last report of condition, the total resources of the banks were 83,473,982,055, of which their loans and discounts amounted to 82,607,122,191, and money of all kinds in bank, 8422,428,192. Of their liabilities 81,728,418,819 represented individual deposits, 8334,121,082 surplus and net undivided profits and 8172,331,978 circulating notes outstanding. Total circulation of national banks on October 31, 1894, amounted to 8207,472,603, a net decrease during the year of 81.741,563, and a gross decrease of . 88,614,864 in circulation secured by bonds. During the year seventy-nine banks, with an aggregate capital of 810,475,000, passed out of the system by voluntary liquidation; twenty-one, including two which failed in 1893, with a capital stock of 82,770,000, became insolvent, and were placed in charge of receivers. The Controller discusses at great length the plan of the Baltimore bankers for making an elastic circulating medium, and gives his substantial indorsement. Mr. Eekels favors a graduated tax odNational banks in order to provide a “safety fund,” In conclusion the Controller says: Suggestions have been received from many eminent sources that the whole question of a banking and currency ought to be referred by Congress to a commission to be created by law, appointed by the President, and clothed with proper authority. A commission, nonpartisan in its character, composed of men of eminent abilities, could unquestionably devise a currency system sound in every part, and one which would commend itself to every interest of the country. It could largely take the question out of politics, snd havw it considered simply in its business aspects' and upon its merits; but if the present Congress is to enact a law on the subject appointment of a commission could avalk nothing. If, however, nothing more definite can be accomplished the question of the creation of such a commission ought to be considered and acted upon.