The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-07-27


tive Business Centres - Banks
Closed Because They were Inherent
Iy Weak-The Country will Come
out ofthe Present Trouble All Right
NEW YORK, July 20. J. n. Eckles,
Comptroller of the Currency, gives his
views of the present financial situa-
tiOn as follows:
1.-The condition which confronts the
American people is one that deserves
the thoughtful attention of every cit
iZen who has at heart the interests Of
the country. 1t is not time of panic,
| because we have passed the period in
| our history when panic is a posi-
bilitV. but it is one of slow llquida-
| ton, the result of undue speculation
! and unwise financial legislation.
Nothing is to be gained by taking on
| a fright that is unWarranted by either
| the Immediate past or the Immediate
| future.
| "Nhat the American people ought
| to do in the midst Of the failures that
| live occurred is not to give way to
uncalled-for alarm, but to study the
I 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 irreSisG-
| 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 it.
TN conservative business centres
| the failures have been few, either in
| banking or other lines. Bad banking
! at any and all times is dangerous and
must inevitably bring distrust upon
| those who engage in it. The present
stringency has simply fastened the
| closing of some banks because they
were inherently weak, others having
closed as a resultant effect of having
| kept alive the operations of specula-
tors in the extreme West and pOr-
| tions of the South.
1.-THE art has not as yet been dis
covered of making something out of
| nothing. and the financier who stakes
| his all upon an unbuilt city reaching
out into the waste places of the earth
must bring about the ruin of his own
and kindred interests which have
| trusted in him and pinned their faith
to assets yet unborn.
Disasters have fallen upon the
speculative institutions in boom cities
of the States of Washington, Califor-
! MIA, CO1OTduO, hdnSdS anu MlSSOuIl,
which have in turn injured solvent
oLes, but the States of New England
and the East, and the Middle States
and the Northwest not less than those
of the South, have thus far escaped,
and will escape, because the founda-
ton upon which they are builded is OF
rock and not of sand.
''Such a review as that which
have indicated cannot but have the
effect of quieting the fears of the tim
id and encouraging those who have
thus far maintained an answering
faith in the speedy coming of better
times.
cit ought to check those who invite
disaster by withdrawing from solvent
institutions the money which the de
positor cannot possibly use. The peO
pie are hoping and asking much from
the banks of the country. In turr
the banks have the right of consider
ate treatment from the people. Let
those who have so long transacted
business with the banking inStitu
tions have sufficient confidence in
them to know and feel that if in year:
past they have proved safe, they are
likely so to do in the present emer
gency. Runs upon banks but destroy
| interests which otherwise would bt
protected, and those who indulge ir
them cause to come about the thing
which they say they wish to avert"