The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-04-23
THE BANE OF SILVER.
Comptroller Eckles Deems It
tho Cause Of Financial Ills
RADICAL ANTl-sIlvgR,rE.
The West Comes to the Rescue and
Pours Gold Into the Treasury.

Geld Reserve Intact and S7oo. ooo Of
Free Qeld-Carllsfe Secs No Reason
for Uneasiasss-HasternB Banksrs TRY.
i.g - Heree Dsna Issus.
OTrAwA, Ill. April 22-On the eve Of
his departure for Washington City to as
sumo the duties Of his Office, Hon. :. H.
Eckies. President Cleveland's recently ap-
pointed comptroller Of tho currency. was
rendered farewell banquet by the citi-
zens OF Ottawa, where he has resided for
twelve years past, at the Clifton house to-
night. In response to the toast "Our
Guest" Eckles said:
Criticism has been passed BY many that .
practicing lawyer rather than . skilled fuan-
cier 10 placed at the head Of bureau 90 dis
unctiveiy financial one. and the intimation b
thrown out that the national bank system has
suffered serious impairment through the RASH
ness OF the comptroller In taking action without
sumcient understanding Of his duties. No
impairment 70 any system can b brought
about By the honest and ,igid en-
~-S~ees~>.e - eA4O NV W0ACu 8OvcIhD ~
and those most strenuous in criticism must
not complain II the national bank oct, - it
stands upon the statute books, b. the rule and
guide OF the mptroller. Danger 70 the public
ana danger to the banks has never been due to
the rashpess OF the comptroller, but always had
its source In the indifference of bank officials to
keeping within the restrictions of the law.
venture the statement that the history Of bank
failures since the organisation OF the first bank
viii prove that loose methods of officials of fall
ing banks or their patent dishouesties caused
the great majority OF the bank disasters.
To this end shall l strive always-that
the Law shall b eaforced. that business
and moral integrity shall characterise those con-
nscted with the bureau. and that in no instance
shall the public interests % sacrificed to polit
ical expediency. When We have reached point
whore We can view the businsss side of every
public question apart from its political one, we
win be freed from troubles that have more than
once returned to plague US Who can doubt but
that less Of politics and moro Of business iudg.
ment would have prevented tho placing upon
the statute books of the United States
OF an act which today 10 giving
the secretary of the treasury anxious thought to
maintain the nations credit Democratic par
tisans and Republican partisans. striving for
party advantage. gave to the special silver in.
teEests the Sherman law - against the business
judgment Of even the author of II himself The
result 10 that the financial world 10 agitatsd
to the very center at the prospect Of .
silver monetary system here in opposi-
ton to that Of every nation Of recoe-
nised commercial standing. The disaster
that its continued operation threatens
may b averted for the present through the wise
and heroic acts of the president and secretary Of
the treasury. but just % long - IL remains un-
repealed. just - sure shall the gold coin of the
nation b withdraw from circulation and the
debauchsd and discrUditsd silver dollars b.
given 70 N instead.
WAsHINeToH CIrY. April 22.-When the
day closed the treasury department had to
its credit slightly over $700, 900 in free gold.
It is expected that this will b increased
on Monday, ~ there is . disposition shown
BY Western bankers to help the treasury
swell it, gold balance. Several banks in
New York, too. have started to turn in
gold for greenbacks. There II better
feeling, temporarily at least, and the fact
that no bad result occurred BY dipping into
the greenback gold reserve leads to the be-
lief that none will occur II it il found nec-
essary to repeat the proceeding. It il an
ticipatsd here that large shipments of gold
will be made next week. In case these
shipments are made there il nothing to in
dicate that Secretary Carlisle will not do a.
he did yesterday, viz: Invade the gold re-
serve in order to meet all demands. The
expenditures 30 far this month have been
heavy, exceeding tho receipts by over
81, coo. 900. This has had the effect of re-
ducing the cash balance in the treasury.
which today Was $24. .9O5 900. OF this
amount SIC. COX, 900 is in subsidiary coin
and $11, ,00O, 900 in national bank deposit
tories.
Tho exaggerated stories which gained
circulation last night and were widely
published today to the effect that at q
cabinet meeting during the afternoon
President Cleveland and Secretary Car
isle had q serious Misunderstanding which
might lead to the resignation Of Carlisle,
is officially denied by the members of the
cabinet and the officials Of the treasury
department. The relations which exist
today between Secretary Carlisle and
President Cleveland are as cordial ss they
have ever been.
What the future policy Of the treasury
may be regarding finances is still matter
of conjecture, for definite course has not
been decided upon. The department will
wait Developments. and a. emergencies
arise it is believed it will be fully able to
meet them. One result of the gold scare
has been the cause of good deal Of quiet
discussion among the statesmen left at the
capitol, Of the necessity for an extra ses-
sion of congress. 1t is undeniabie that
some OF them feel that such q session is
probable, aud at an earlier date than pre-
dicted by Vice President Stevenson.
namely September next There 10 ques-
ton as to the authority Of the secretary Of
the treasury to issue bonds under the
present circumstances. Although q de-
cided weight Of opinion lies in favor of the
proposition, it should also be borne in
mind that if the secretary decides in tho
affirmative, he is still bound to issue only
bonds at the old rates, namely 4, ~ and s
per cent, instead of per cent bonds.
which il il said it would be impossible to
doat.
Secretary Carlisle stated that the treas
ury would continue the policy now being
pursued, OF paying ont gold for treasury
coin notes. and he vas st loss TO under
stand how any uncertainty prevaiIod in
the public mind - to the sction of the
treasury department in the premises. It
is interesting to note in connection with
the gold situation how during the past fe "
years the treasury has gradually lost gold: !:
On January 81. 1880. SIT. .000, 900: on Janu-
ary 81. 1891. $l41, ,000. COO: on January 81,
1892, Sis. 000, 600, and on January 81, 1905,
$I0S, COO 600.
NEw YoRK. April 22.-Nsturally enough.
In view of the continued heavy exports Of