The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-24


pair ment to any system can be brought about by
an honest and rigid enforcement of the law which
cism must NOT eompla;n If fine national.ban nix act.
as 1t stands upon the statute book, be the rule
and guide OF the Controller. The danger 10
the public; the danger to the banks has never
been the rashness OF the Controller, but has al.
ways had its source in the indifference OF the
bank officials to keeping within the restrictions
! OF the law venture the statement that the
history or bank failures since the organization
OF the first bank will prove that the loose
! patent dlshonesties, have caused the great ma
| jority Of bank disasters. liz those most inter-
ested IN the national banks desire most TO serve
the public and themselves. let them insist that
| those placed In direct control OF these lnstitu-
tons be not only technically honest. but ADJ
/ solutely Let them insist that the spirit
of tie banking act TO govern official conduct be
lived up to not less than the letter. and that no
bank official be permitted to do by indirect
means that which he could not do under the law
directly. In the apparent keeping within the
law and yet in the absolute evasion on the part
| or many who hold these places or trust. Is 10 De
| found that which makes the office OF Control
Ter a difficult one and renders II essential that
| those who have at hear. the interest OF the sys-
| tenn should urge instead of protest against the
| very strictest construction of the act that has
| given them such .,0wer and profit and the pub
| lie at critical times the highest benefit. To this
| end shall 1 strive: always that the law shall
| be enforced, that business and moral integrity
| shall characterize those connected with the
bureau. and that in no case shall the public in
terests be sacrificed 10 political expediency
may be pardoned in view OF the doubts or
4
| nation of me. il insist that the interest and
| well being of the Controllers office and the
credit of the administration be held In higher
/ esteem than the building up of some political
| leader with his constituents. L am not averse to
| partisanship. but the partisanship which works
the highest good TO the partyi Is that which draws
| distinctly the line of demarkation between po-
ltical questions and business propositions. 1t Is
| not the partisanship that would make every bank
| examiner a political agent, and the test of his
| abilities as a guardian OF the public trust the
efficient service which he might render at
/ rartr. Than Wa have cd hn
| point where We can view the business side OF
every public question. apart from its political
one, we will be freed from the troubles that have
| more than once returned 10 plague us.
| Who can doubt but that less of politics and
more of business Judgment would have pre-
| vented the placing upon the statute books OF the
| United States an act which to-day is giving the
Secretary of tho Treasury hours of anxious
! thought TO maintain the Nations credit.
| Democratic partisans and Republican partisans
| striving for party advantage gave to the
special silver interests the Sherman law. as
| against the business Judgment OF even the author
OF it himself, and a result. the financial world
Is agitated TO the very center at the prospect or
silver monetary system here in opposition TO that
| OF every nation of recognized comm ercial stand
| ing. The disasters that its continued operation
| threaten may be averted for the present through
| wise and heroic acts OF the President and the
| Secretary of the Treasury. but just as it
remains through the year unrepealed just so
| sure shall the gold coin of the Nation be drawn
| from circulation and q debauched and dis
credited silver dollar be given TO us In Its stead
The business Outlook.
PHILADELPHIA, April Gain an inter-
| view to-day President Roberts. of the Penn
| sylvania road, talked freely regarding the
business outlook for this year, saying.
| among other things:
| The prospect for this year is moderately fair.
1t will, however, to "a large extent depend on
| how far the financial disturbances of the cOun-
| try are going to effect commercial activities.
large transportation interests of the country on
| account OF the extremely low rates that pre-
yiled ,I in ls9a and a continue sfs,rn
| demonstrated the fact that there is a
| point to which competition can be carried
| which is neither beneficial to the public Dor TO
the corporations. which most naturally results in
reduced dividends. If not in more serious results.
AT the present time the railroad interests are all
making strenuous efforts 10 secure better rates
| for the present year, which certainly can be
| done without in any way seriously interfering
with the mining manufacturing industries OF
| this country. The extremely low rates that pre-
vailed on the lake-and-rai traffic last year,
| while increasing tho tonnage to that route. pro-
duced less net revenue to the transportation
| companies without any corresponding adj
vantage to the general community.
harmonious relations between the lake
aud rail and all-rai routes for the coming year.
| The financial difficulties which are now disturb
| ing us must be attributed largely IL not entirely,
| TO the excess of imports over exports. NoJwith-
| standing the fact that the transportation CON-
panies did all they could to stimulate export by
low rates on ali classes OF freight, still the prices
| OF our exporting commodities were too high for
| export This has resulted In throwing the bal
ance OF imports largely against this country.
| which imports owing to the general increase in
the luxurious and extrayagan manner OF living
| and the large amount OF foreign travel which
took place last year, were of such a character
| to require ayments directly in money. which we
are now doing By sending them our gold.
| Mr.. Roberts was asked If he thought the
| railroad companies would be benefited by
the worlds fair: lie said: THE worlds
fair should tend to stimulate the move
| ment of tariff throughout the country. and
| 1t the passenger rates are properly MAIN
| tanned between the different lines they
| ought to reap some benefit from the liberal
expenditures they have made TO care for
| this busin ess."
| In speaking of the recent iron and steel
trouble. especially that of the Pennsyl-
| vsniS Steel Company, he said:
| / do not think that the recent failures OF some
| Of the larger iron AND steel industries OF the
| country indicate much a want OF remunera
tive returns in such industries q want of suiH-
| cient capital to properly conduct their business
| A such large Industries OF this country, es-
| pecislly those located in PENNSYLVANIA. which
| are properly supplied with capital. have nearly
| always proved largely remunerative, 1 cannot
| help but believe that when the Pennsylvani
Steel Company which stands at the head OF the
steel Industries in this country. ia properly sup
| piled with capital 1t will. under the good execu-
itself quite capable of making fair returns ON all
| Its investments.
Bankers Want Bonds.
| NEW YORK, April 22-Naturally enough.
| in view of the continued heavy exports of
| gold TO Europe and the uncertainty as to
/ the treasury policy. Wall street TO- day con-
/ cerned itself almost entirely with the
| various rum0rs In regard to the attitude of
| the New York banks toward the govern
| ment. The sum of 100000 gold was paid
into the subtreasuTy in New York to-day
| by the Seaman's Exchange Bank. The
| Withdrawals were Sl.100.OO0 Is was re-
| ported from Washington late IN the day that
| Secretary Carlisle hnd received tenders of
| $1,000. 900 gold. thus lifting the treasury re-
| serve once more above the hundred million
| mark.
The mos: important eventof the day was
| long conference between the bank presi-
| dents and Assistant Treasurer Conrad n.
| Jordan at the clearing house this after
noon. The meeting lasted two hours. Att
er 1t was over it was learned from one who
was present that Henry w. Cannon. presi-
dent of the Chase National Bank. had had
conference with Mr.. JORDAN last night
and had gone to Washington an ennis
ssry from the bankers here to President
Cleveland. This morning Assistant Treas
urer Jordan issued invitations to the fol-
| lowing bank presidents To meet him at the
clearing house for q conference, AZ 2 o'clock
| to-day: George 5. Coe. of the American
| Exchange Bank. Williams OF the Chemical,
Wright of the National Park, Barker of
the First National. Ives of the West
ern National, Stillman of the City.