Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-07-22
THE FINANCIAL SITUATION.


Comptroller of the Currency Eckeis icx-
presses Himself on the financial situa-
ton.
NEW York, July 19.-Comptrollerso
the Currency James II. Ec!Sels was
guest of his predecessors Comptroller
A. ID. Hepburn, ut dinner ut the Union
League club last evening. The affair
was stated by the distinguished diners
to be purely social given rs a compli-
ment to the new comptroller and for
the purpose of enabling him to meet
the New York bankers.
The gathering of so many of the
leading tinanciers of the country at
this particular time, and the presence
in this city of the comptroller of the
currency attracted much attention, and
the meeting between Mr.. Eclsels and
the bankers was regarded as more of
conference on the monetary situation
and the prospective measures for its re-
lief than for purely social meeting.
Comptroller Eckels. in response to few
words of welcome from his host, said:
The condition which confronts the American
people Is one that deserves the thoughtful At
tention OF every citizen who has Ut heart the
interest Of the country. II Is not time Of
panic, because we have passed period in our
history when panic Is possibility: but
1t Is one OF slow Liquidation. the re-
suit OF undue speculation and un.
wise financial legislation. Nothing Is to be
gained by taking OIL fright that Is unwarrant.
ed by either the immediate past or the imme-
date future. What the American people
ought TO do in the midst OF the failures that
have occurred Is not 10 give way to uncalled
for alarm but TO study the character OF the in
situations which have failed, the causes which
have produced them and the localities In which
thev have occurred. After such . study, let
them view the solvent institutions everywhere
about them and the conclusion that must ire.
sistihy follow Is that the legitimate life OF tho
country is not threatened, but instead will
come out OF the presen, turmoil the
stronger for having passed through
IT, In conservative business centers the
failures have been few, either In banking or
other lines. Bad banking NJ any such times Is
dangerous and must inevitably bring disaster
upon those who engage In 1t. The present
stringency has simply hastened the closing Of
some banks because they were inherently
weak. Others have closed MS resultant effect
OF having kept alive the the operations OF spec.
ulators in the extreme ives: and In portions OF
the south The nrt has not been discovered Of
making something out OF nothing and the
fnancier who stakes his all upon IN unbuilt city
reaching out into the waste places OF the earth
must bring about the ruin OF his own and kin.
bred institutions which have trusted in him
and pinned their faith to assets yet unborn
Disasters have fallen upon the speculative In
situations In boom cities OF the states OF Wash.
ington, California, Colorado, kansas and Mis-
souri,. which have in turn injured 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, have thus far es-
capped and WHY! Because the foundations upon
which they are built are rock and not sand.
Such review rs that have indicated cannot
but have the effect Of qu!etiny the fears OF the
timid and encouraging those who have thus far
maintained IN answering faith In the speedy
coming OF better times. II ought to check those
who invite disaster by withdrawing from sol
vent institutions the money which the
deposition canuot possibly use The people are
hoping and asking much from the banks OF the
country In turn the banks have the right OF
considerable treatment from the people Let
those who have 50 long transacted business
with the banking institutions have sufficient
confidence In them TO know and feel Tn II II in
years past they have proved safe that they are
likely SO TO do In the present emergency. Runs
upon banks but destroy the interest which 9th
erwise would be protected and those who in
dulge In them cause 10 come about the thing
which ;h,y say they wish TO avert
In conclusion permit me TO SAY that in
dulge neither In extravaganza OF speech nor un.
due battery when saw that the course fol-
lowed by the banks 0f this great city through
the past stress has been such Us 10 commend
them TO the good wishes OF the citizens OF the
republic. There has been displave1 u wisdom
that h,s met every emergency and the safe
financial condition OF affairs Ua the mart OF
banks, has beon n constant s1urcs OF inspirn-
ton 10 NIL the country.