A comparison of the figures in the report of the Comptroller for 1893 with those of the report of 1892 shows a shrinkage of $400,531,613 in the aggregate resources and liabilities of the national banks during that period, and indicates the extent to which the national banks of the country suffered from the exceptionally severe monetary stringency that prevailed chiefly between May 4 and October 3 of that year. During this period $298,-806,487 and $79,313,076 of individual and bank deposits, respectively, were withdrawn from the banks. To meet these withdrawals, loans and discounts were reduced $318,767,691, and due from banks and bankers $51,198,856. To provide against further withdrawals of deposits the banks increased their liabilities for money borrowed $36,615,092, and added to their circulation $31,265,616, of which amount $27,888,905 was taken out between July and October, 1893. The cash resources of the banks amounted to $32,559,267 less on July 12 than on May 4, 1893, but between the latter date and October 3, of the same year, they increased $59,520,100, aggregating on the latter date $369,-862,637, the largest amount ever held up to that time.
This showing, in the face of continued heavy withdrawals of deposits, Mr. Eckels stated in his report for 1893, was the most practical demonstration that could be had of the solvency of the national banks as a whole and their ability in an emergency to rapidly convert their assets into cash.