H. R. 12677; Report of the Committee on Banking and Currency on a Bill to Establish a Simple and Scientific Monetary System, Founded Upon Gold, Guaranteed Bank Notes, and Silver, with Uniform Banking and Bank Reserves in Gold Coin or Its Equivalent; To Gu
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...among their shareholders, and with that they incorporated under a law of the State a trust and savings bank. It is separate and distinct, ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...among their shareholders, and with that they incorporated under a law of the State a trust and savings bank. It is separate and distinct, but it is really managed by them and the profits go to the bank. The trust savings company started with $1,000,000 capital, and it has doubled its capital, and it has $500,000 of surplus, and it has about $40,000,000 of liabilities. Other banks are broadening upon that example, and it will be a common practice in the fullness of time. But that is not the point that just occurred to me. We expect to get a coordination of all the banks under a guaranty of deposits. What does happen, and what will happen, probably more and more--it may not always happen--but a few months ago, perhaps two years ago, there was an institution in Chicago, the Chicago National Bank, or which Mr. Walsh was president. It had been in business many years. The agency of the Government had been looking at stated periods into its assets, and for a long time he had been violating every law pretty nearly and Mr. Walsh had been advised by letters written to him, which he had respectfully answered and had gone on just the same. But a crisis was finally reached when it came to the knowledge of the Chicago banks and the Clearing House Association, of which he was a member, that Walsh's affairs were terribly mixed up and he was in a "bad way." I think it crept out from the Comptroller's office, or he felt a little weak and sent somebody to take hold of it, and the clearing-house committee of a Saturday night went over and demanded of Walsh a look at his assets, a demand he could hardly resist, since the Comptroller's authority was on top if he did not respond. They examined them and they found this situation: He owed $27,000,000. He had the highest c...Read Less
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