St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-19
tai KING TO BIG BANKERS.
c0MpTR0 LeR ECKELS DELIVERS 4
V-Ry TH30GR7FgL address,
AT THE BANKERS, CONGRESS-.

Important Events in Financial
Months-15O National and 500
State, Saving and Private
Ranks Have Closed - Many
Have Reopened Their Doors.
CHICAGO. Oct. lS.-After the meeting
had been called to order and prayer
had been offered. the programme Of the
bankers congress was begun at the art
institute this morning by an address of
welcome by Mayer Harrison. When the
mayor had set the ball rolling, President
w. Rhawn, of the American Bankers
association, made speech.
The time of the congress was then
taken up for short time by roll call
and reports of officers. When these
routine matters had been disposed of,
Hon. james il. Eckels. comptroller of
the currency, appeared to make one of
the principal addresses of tie morning.
The hall was not crowded, but all those
who were present listened with intense
interest to Mr. Eckels' words. Con-
sidering the financial difficulties through
which the country had passed since MIR.
Eckels had come into office, the bankers
were especially interested to know
what he would have to say. Comptroller
Eckels said:
Doubts have arisen in my own mind
as to the propriety of one who is not a
,lr..otiaal ha I-ar Il a-to tr
before this aSsemblage of experienced
men questions bearing upon the conduct
and operation of banks. And yet be-
cause of the official position which hap
pens to be mine it is not inappropriate
that | should be here, if for no other
reason than to form your personal ac-
quaintance. Nor is it impossible but
that from the vantage ground of having
under tbs law the supervision of sys-
TEN of banking which embraces within
its fold almost four thousand banks,
capitalized TO the extent of hundreds of
millions of dollars, and having within
their keeping more than three billions
of the peoples money, might utter
something gathered from an experience
which, if brief in space OF time, has at
least been "big with events in the
history Of
AMERICAN BANKING.
1t is no exaggeratiou of statement to
say that the happenings of the months
past from May to September must be
accounted the most remarkable in every
phase of financial bearing ever expert
enced by the American people. Hereto
fore in our financial distresses the test
of solvencY has always been applied to
store and factory, to great industrial
enterprises and railway corporations;
but within the period of these months
an atfrighted people, fearful of the
resultant effects of financial system
vitiated by ill-advised and ill-cOnsidered
legislation, became for the first time
doubtful OF the distinctvely financial
institutions of the country the banks
and as a consequence a steady drain
upon deposits was begun until within
the period of two months from May to
July u, from national banks alone, had
been drawn out more than S193, 200,
and from state, savings and private
ones a sum as great, not for purposes of
trade or investment, but to lie in waste
full idleness, thus rendering the sound
est institutions helpless and complete
currency starvation in the midst of alb
sOlute plenty. These months witnessed
the closing Of more than $50 national
banks aud not less than 500 state, saw
ings and private ones, many of which
under ordinary circumstances would
have been solvent, and, under fostering
care and improved conditions, have re-
opened their doors for business, again
TO enjoy the confidence of the very ones
most doubtful Of them.
Today so generally has the situation
changed that, having III mind the past,
both in the severity of the strain under
gone and the long continuance OF it, it
would be, in the light of present con-
dtiOnS, both unfair and unjust to deny
that the bankers OF the country have
exhibited masterful skill in coping with
a situation rendered complex beyond
anything heretofore known, by the
Withdrawals of currency by depoSitors
on the one hand and The pleadings for
assistance Oh the part of merchant and
manufacturer on the other. The course
pursued has caused no depoSitOr to
complain, while the generous treat
ment of mercantile interests in extern
SIGN of credit and renewal of paper as
prevented panic in other directions,
the far-re aching effect of which cannot
be estimated.
But, while Boosting of this new evil
dence of the ability Of our people to
withstand the seVerest of
FINANCIAL AILMENTS,
it will not do to count too much upon
the progress made toward recovery and
the recuperative powers shown. Com
plete return to financial health cannot
be had so long as the first great cause
which covered all the land with doubt
and uncertainty, and filled the peoples
minds with fear as to the stability of
our financial Institutions, yet re-
mains to plague the lines of bust
ness, create distrust at home
and abroad as to the value of
American securities, and bring to
naught the efforts of those vino in the
midst of present disaster and threat
ened ruin yet maintained full faith in
the coming of better times. Until our
financial laws accord with those that
govern the worlds trade, our currency
take on a uniformity and elasticity
that are now wholly lacking, and our
people are rid of the perniciouS doctrine
that money which is cheap and plenty
is blessing and source of wealth in
stead of a curse and the cause of finan-
cial panic and ultimate poverty, we
cannot but expect at stated periods a
recurrence of conditions such as have
and do still threaten US.
But it is SAID that in bringing about a
different and other set of financial laws
the banking interests must hold aloof.
1t is striking illustration of the extent
to which unreasoning passion and pref
udice have crept into our politics that
in the present emergency which con-
fronts the country bankers are COM
PEELED to hesitate as to the ACCESSIBILITY,
from the standpoint of prudence, of
| actively urging the repeal of measure
which stands contessedly as the source
in the largest degree of past disasters
| and dire menace to future prosperity.
Surely the banking interests of the
country are vast enough and of sufficient
import to warrant a respectful hear
i.n--,