The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1893-07-25
ECKElS' SPEECH.

Comptroller of the Currency Eckels
now famous New York speech. made
to bankers and business men around
the banquet board assembled, is get
ting that gentleman most heartily
abused in some instances, while he is
also the recipient of the highest praise
for the speech as we'll. The criticism
of the comptroller and his address
comes from out of the West and that
part of his speech relating to ''booms'
is the Objectionable feature. Whatever
may be said of the speech one thing an
not be denied and that is that Eckels
made good many strong points that
shows him to be a far-seeing and cal
culating official, and not the upstart
that the old time democratic leaders
thought he was when his appointment
was first made.
The following excerpts from the
speech are particularly pertinent at the
present time:
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 nota time of panic,
because we have passed period in
our history when a panic is possible
ity; but it is one of slow liquidation,
the result of undue speculation and
unwiSe financial legislation. Nothing
is to be gained by taking on fright
that is unwarranted BY either the I'M
mediate past pr the immediate future.
What the American people ought to
do in the midst OF failures that have
occurred is not to giveway to unca!ied
for alarm. but to study the char
acter 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 also
about them and the conclusion that
must irresistibly follow is that tie
legitimate life of the country is not
threatened, but instead will come out
of the present turmoil the stronger for
having passed through it In conserv-
alive business centers the failures have
been few, either in banking or other
lines. Bad banking at any such
time is dangerous and must inevita-
bly bring disaster upon
thosel 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 eft
feet of having kept alive the opera
tions of spectators in the extreme
West and in portions Of the South.
The art has not been discovered of
making something out OF nothing and
the financier who makes his all upon
an unbuiIt city reaching cut into the
waste places of the earth must bring
about the ruin of his own and kindred
institutions which have tru- led in him
and pinned their faith 1" assets yet
unborn.
Disasters have fallen upon the
speculative institutions in boom cities
of the states of Washington, Califor-
MIA, Colorado, Kansas and Missouri,
which have in turn injured solvent
ones, but the states Of New England
and the east era and the middle states
and those of the northwest, not less
than of the South, have thus far es-
capped and why? Because the founda-
tions upon which they are built are
rock and not sand. Such review as
that l have indicated cannot but have
the effect of quieting the fears Of the
timid and encouraging those who have
thus far maintained an answering
faith in the speedy coming Of better
times"