The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-08-23
RELIEF AT HAND.

Comptroller Eckels Gives an Interesting
Talk on the Currency Situatlon-Pros-
poets Arc Brighter and Money VIII Soon
be Plenty.
New YORK, Aug. 15.-A morning pa
I per prints the following talk by Comp
.roller Eckels on the currency situa.
ton: ''The situation as it stands to.
day might very appropriately be termed
starvation In the midst of plenty, for
such is the exact truth. The volume
Of currency in the country is greater
than any recent year, and yet none is
to be had except it is bought in the
market as commodity pure and sim
pie. Remarkable as is this money buy
ing and selling upon the streets Of New
York and elsew here, under existing
circumstances it is accomplishing re-
suits quite unlocked for when first en-
tered upon. tits bringing out Of hid
ing places the money drawn from the
banks by the timid, and as conse-
quence the present week will undoubt-
edly witness money sink TO its normal
value. When this point is reached
there will be no demand, for 1t is an
article of merchandise, and the owner
will undoubtedly return 1t to the bank
from which he drew it.
''It seems to me our people generally
do not appreciate the great harm that
Is being done by the continuous with
drawal Of money from the banks that
II may be boarded in safety deposit
vaults or in places less secure. The
harm done is not alone to the bank
from which 1t is taken, but to every de-
partment of business is injury wrought
and ultimately it strikes the very per-
son who has fattered himself that he
has made himself secure by his precau-
tionary measure in taking his money
from the active channels of trade and
placing it where it can either rot or
grow moldly through inactivity.
''lf the workingmen of the country,
the farmers and others draw their de-
posits from national, savings and other
banks in the immediate future as they
have in the immediate past they will
bring about their own financial embar-
rassment, for labor and produce cannot
be had II the owners thereof insist
upon boarding 1t.
Because of this boarding the efforts
now being put forth by the govern
ment and the banks have not as yet
made the impression upon the public
mind which ultimately must result
from them. A perceptible change
should be apparent shortly, for within
the present week more currency will
be issued upon bonds deposited to Sc
cure circulation by banks than in the
same period of time for some years.
'The condition which hampers the
various interests Of the country being
an abnormal one, many means which,
under ordinary circumstances, would
not be called into action, have, through
the very necessity Of things been re-
sorted to. Thus in the large cities
unusually large volumes Of clearing
house certificates have been issued,
while in others certified checks have
been made to take the place Of cur
reney which has been improperly di-
verted from business channels. When
the business interests Of the country
are again permitted to have the money
which has been foolishly withdrawn
from them by scared depositors, all
these inconveniences, Of which there is
now much complaint, will disappear,
and with them the artificial methods
which the people themselves have com
PEELED the banks Of the country to re-
sort to-"
"The people, in large measure, can
give the relief needed by unlocking
their deposit vaults, untying their old
stockings and making the banks of the
country the places for the safe keeping
Of their money instead of their beds
and cellars"