I went home and wrote to the Treasury department to give me the average annual deposits in the National banks since 1863 down to date and also the average annual loss due to bank failures. I have a letter from the Comptroller of the Currency, gentlemen, which shows this astounding fact, that an annual tax of 35/1000 of one per cent upon the average deposits would have paid all the losses due to the failure of National banks. Think of it! Only a little over 3/100 of one per cent. MR. LABORINGMAN: 3/100 of one per cent. Jehoshophat! Think of the misfortune and suffering that might have been saved by the payment of that mere pittance. _It is an infinitesimal nothing. Think of it: It is only 3-1/2 cents on every $100; only one-third of one cent on $10, and one-third of one mill on $1. You would not believe it. But, as I told you, I am good at figures and you can bet your life that I am right._ MR. FARMER: I want to read the letter of the Comptroller to you men. TREASURY DEPARTMENT, WASHINGTON, January 25, 1913. Mr. Joshua Farmer, Loraine, New York. DEAR SIR: Your letter of January 22d is received and in compliance with your request I take pleasure in furnishing you the following information with respect to aggregate deposits of active National banks and the liability of insolvent National banks: The annual deposits for forty-nine years in active National banks average $2,555,700,000. The losses sustained by creditors of failed National banks (actual for closed receivership and estimated for those not closed) will approximate $44,100,000, or an annual average loss of $900,000. The average annual loss is, therefore, 0.0352 per cent of the annual average deposits in active banks. Of the 525 National banks placed in the charge of receivers, the affairs of 478 have been finally closed and the losses to creditors definitely determined. The liabilities of 478 insolvent National banks the affairs of which have been finally closed amounted to $219,357,100 Creditors received in dividends, offsets, etc. 181,215,826 ------------ Loss to creditors $38,141,274 Creditors, therefore, received an average of 82.50 per cent, the loss averaging 17.41 per cent. There are now (September 30, 1912) 47 insolvent banks in process of liquidation by receivers, with liabilities of $34,314,633 Creditors have received (September 30, 1912) 26,750,925 ----------- Balance due creditors $7,563,708 Creditors of these 47 insolvent banks have, therefore, received an average of 77.9 per cent. For these receiverships it can safely be estimated that the loss to creditors will be no greater than in those banks already closed, namely, 17.4 per cent.