Each bank is required to report to the commissioner at least quarterly, and whenever called upon to publish its report; while failure to comply with requirements of the commissioner in report or otherwise brings immediate forfeiture of the charter. The commissioner or his deputy must visit each bank at least once a year and whenever occasion may require. If, upon examination, a bank is found insolvent the commissioner himself takes charge of the business for final settlement of its affairs. These important restrictions and careful inspection are thought necessary to secure the public interests in banking. The state through its bank commissioner gives guaranty to the public of legitimate and safe banking. The value of that guaranty, of course, depends upon the honesty, experience and executive ability of the bank commissioner, whose term of office and compensation should make him as independent as possible of any weakening influence. Under present arrangements no state banks issue their notes as currency because of a national tax of 10 per cent, which prevents a possible profit from its issue. Present state laws, therefore, make no provision for that function, unless by statutes existing before the organization of national banks. The states still have the constitutional right, apparently, to charter banks of issue, but the advantages of uniformity throughout the nation are so evident as to make such action very improbable. _National banks._—The so-called national banks organized under authority of United States government have been in existence since 1863, and have proved, so far as currency is concerned, such an improvement upon anything preceding in the way of bank issues, that few have advocated any return to former methods. The system as now existing places the authority of the United States in an officer called the comptroller of the currency. The law requires an association of five or more persons with a definite name and location, having not less than $100,000 capital ($50,000 in small towns) all paid within six months of beginning business. Share-holders are individually responsible for debts of the bank, aside from their stock, to an amount equal to their stock.