The advocate and Topeka tribune., 1893-07-26
OONTEMPTIBLB BOT.

II. EckleS mas been enjoying IlGtl'
love feast with his predecessor il
Office; and, of course, in a mere incI
dental way, spoke of certain matter
connected with the present fnancia
situation:
Mr.. Eckels said he accepted the invitation
tObe present in order that he might NEE
the representatives Of the great financial in
stitutions Of this city, and did not intend tC
make any address. He would say one Of
two things, however, that might not be in
appropriate. The condition which con.
fronted the American people was one thai
deserved the thoughtful sttentiOn of every
citizen. Il was not a panic, because the
period in our history when panic was pos
sible has passed, but il was one Of slow
liquidation, the result Of undue speculation
and unwise financial legislation. Nothing
was to be gained by taking to fright; thai
was unwsrrsnted by either the immediate
past or the immediate future. What che
American people ought TO do in the midst
Of the failures that have occurred, was NOT
TO give away TO uncalled for alarm, but TO
study the character Of the institutions
which had failed; the causes which have pro-
duced them and the localities in which they
have occurred, After suoh study, they
should view the solvent institutions every
where about them, and the conclusion that
must irresistibly follow was that the legiti-
mate life of the country was not threatened
but, instead, would come out of the present
turmoil stronger for having passed
through il.
In conservative business centres the fail
ures have been few, either in banking or
other lines. Bad banking would inevitably
bring disaster upon those who engaged in
it. The present stringency had simply
hastened the closing Of some banks because
they we're inherently weak. Others had
closed as the resultant effect Of having kept
alive the operations Of speculabors in the
extreme west and south. The art had not
been discovered Of making something out
of nothing, and the flnanOier who ssaked
his all upon an unbuilt city reaching out
into waste places of the earth must bring
about the ruin of his own and kindred in
stitututions, which have trusted in him and
pinned their faith to assets yet unborn.
WHERE MISFORTUNE HAS FALLEN,
The disasters, Mr.. Eckels said, had fallen
upon the speculative institutions of boom
cities of the states Of Washington, Cali
fornia, Colorado, Kansas and Missouri,
which have in turn injured the solvent ones,
but the states of New England and the east,
and the middle states, and those Of the
northwest, not less than Of the south, had
thus far escaped. And why Because,
said Mr.. E,kels, the foundations upon
which they were built are rocks and not
sand. Such review as that I have indi-
GATED, can not but have the effect Of quiet
ing the fears Of the timid and encouraging
those who have this far maintained unswerv-
ing faith in he speedy coming of better
times. IL ought TO check those who invite
disaster by Withdrawing from solvent
institutions, money which the depOsitor
cannot possibly use.
OF course Mr.. Eckles did not in
tend to say anything on this occasion,
nor will anyone be justified In pre-
suming that his host or the other
guests intended that he should say
anything. His remarks were a mere
pastime, entirely unprecedented and
presumably are already forgotten.
Nevertheless the report of this meet