The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-19
coMPTR0LLER sCKELs sPExcn.
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NEw YoRK, July l8.-Comptrollsr Of
Currency James H. Eckels Was the guest
Of his predscessos. sx-Comptroller A. b.
Hepburn. 1t dinner at the Union
League Club this evening. The affair
was stated 70 Be- purely social, but owing
TO the gathering Of many leading 6nan-
ciers Of the city Was generally regarded
more ~ . conference on the monetary
situation and prospective measures for re-
lief than = purely social meeting. The
dinner was gwen in the names
OF Pree,dent Cannon, Of the Chase
National bank. and President Happen, Of
the Gailatin National hank. ~ Hepburn 10
Williams. OF the Chemical National and
also president o. the clearing house associ-
alton. presided. In response to . few
words Of welcome from the host, Mr..
Eckles made . brief speech. The comp
troller said in part:
The condition which confronts he American
people deserves the thoughtful attention Of
every cstissn. Il 10 not time Of panic, but OF
allow liquidation, the result Of undue srecuiA-
ton and unwiss financial lsgisiation. II the
citissns would study the character OF the
institutions which have failed, and the
causes aud localities In which they occurred,
and then view the solvent institution every.
where also about them. the conclusion that
must follow 10 that the legitimate business life
Of the country u not threatened, but In.
stcad will come ont OF the present tur-
moil the stronger for having passed
through Il Bad banking must inevitably
bring disaster upon those who engage In II
The present stfingency he's simply hasteusd the
closing OF some banks because they are inher-
entity weak; others closed - . result OF keeping
alive the operations Of spsculators In the sx-
treme West and portions OF the south. The art
has NOT been discovsred OF making something
out OF nothing and the nnaucier who stakes his
all upon an unbrilt city reaching out into
wasts places must bring about the ruin OF his
own and kindred institutions which trusted In
him and pinned their faith to assets yet un-
born.
Disasters have fallen upon speculative insti-
tntions and the boom cities OF the states of
Washington. California, Colorado. Kansas and
Missouri, which have In turn injured the solvent
ones, bas the states Of New England and tho
East. and those OF the Northwest, have thus far
escaped. and will, because the foundations upon
which they arc built are rock and not sand.
The psopls should not invite disaster by
Withdrawing from solvent institutions the
money dcpositoss cannot possihiy use. People
are noPau& ana esAtu9 mucn rom tn0 eonko.
In turn the banks have the right Of corsidefats
treatment from the people, Let those Who have
long transacted business with banking institu-
dons have sufhcicut confidence in them to
know and feel that II in years past they proved
safe, they ere likely 70 do % now.1 People who
Indulge In runs on banks cause 20 come about
the very thing they say that they wish to avert
Charles NJ. Preston. superintendent Of
the New York state banks, spoke on state
banking. deprecasing the idea Of re-
moving the 10 per cent. tax unless some
uniform system OF regulating the currency
is adopted in every state in the Union.
Other gentlemen spoke briefly and i'm
formally. and the comptroller was given .
good idea OF what the New York bankers
would like the government to do In regard
10 treasury action and legislation in the
approaching session.