The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-07-21
NO DANGER OF A PANIC.
WHAT COMPTROLLER ECKELS SAYS


Comptroller Of the Currency James
H. Eckels, was the guest of his prede-
cessor, ex Comptroller A. B. Hepburn,
at dinner at the Union League club
in New York last Tuesday evening.
The affair was stated by the disting-
ulshed diners to be purely social af-
fair, given as compliment to the
new comptroller and for the purpose
of enabling him to meet the New
York bankers
Comptroller Eckels, in response to
few words of welcome from his host,
ex-Comptroller Hepburn said:
When | accepted the invitation to
be present this evening it was that
might indulge myself in the personal
pleasure of meeting some of the rep
resentatives of the great financial in
stltutions in your city. l did not then
nor do now intend to make form
al address, but there are one or two
things that may not be inappropriate
to- the time or occasion.
The condition which confronts the
American people is one that deserves
the thoughtful attention of every citi-
zen who has at heart the interest of
the country. 1t is not a time of pan
ic, because we have passed the peri
od In our history when a panic is a
possibility. but it is one of slow lio-
uldaton, the result of undue specula
ton and unwise financial legislation.
Nothing is to be gained by taking on
hight that is unwarranted by either
the immediate past or the immediate
future.
What the American people ought
to do in the midst of the failures that
have occurred is not to give way to
uncalled for alarm, out to study the
character Of the institutions which
have failed, the causes which have
produced them and the localities in
which they have occurred. After such
study, let them view the solvent
institutions everywhere about them
and the conclusion that must irresist-
IDLY follow is that the legitimate life
OF the country is not threatened, but
instead will come out of the present
turmoil the stronger for having passed
through 1t. In conservative business
centres the failures have been few
either in banking o. other lines. Bad
banking at any and at all times is
dangerous and must inevitably bring
disaster up on those who engage in it.
The present stringency has simply
hastened the closing of some banks
because they were inherently weak,
others have closed as a resultant eff
feet of having kept alive the opera
tions Of spectators in the extreme
West and in portions of the South.
The art has not yet been discovered
of making something out of nothing
and the fnancier who stakes his all
upon an unbuilt city reaching out in,
to the waste places of the earth mus,
bring about the ruin of his own and
kindred institutions which have trust.
ed in him and pinned their faith tc
assets yet unborn.
Disasters have fallen upon the spec,
ulative institutions in boom cities ol
the states of Washington, California,
Colorado, Kansas and Missouri 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 of the south
have thus far escaped and will, be-
cause the foundations upon which
they are builded is of rock and not O.
sand.
NJ Such a review as that which | have
indicated cannot but have the effect
of quieting the fears of the timid and
encouraging those who have thus fal
maintained an unswerving faith in the
I speedy coming of better times.
\ 1t ought to check those who invite