The recommendation, therefore, to empower the Comptroller to temporarily close and take possession of an institution, such as has been described, when its capital became impaired, was a very proper and reasonable suggestion for the lawmakers to have considered as the best means of quickly correcting the unsatisfactory conditions in such an association, and in the meantime protecting the interests of the depositors and stockholders from being further jeopardized by incompetent, speculative or fraudulent management.

In quite a number of instances in the past the exercise of such a power by the Comptroller would have resulted in saving depositors and stockholders from considerable additional losses in a hopeless effort on the part of the bank's officers to recover losses already incurred by risking additional funds in the same speculative ventures.

The amendment proposed, however, would furnish an intermediate power, which, when applied with discretion in exceptional cases, would result in saving a bank and the depositors and stockholders from irreparable losses.

There are precedents to be found for such authority in the banking laws of some of the States.