The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-20
the avar,ce OF debtors. is to substitute
silver for gold as the single standard CT
rur comPTROLLER RIGHT TBIsTTME


We have had occasion to take issue
with Mr.. Eckes. the lew Comptroller OF
the Currency. upon his Views on national
and State banks. but in his after-dinner
sroecb nj Union League Club In els
cussing the present financial situation
he wisely told his auditors:
| Nothing is TO be gained by taking on
| n fright that is unwarranted by either
| the Immediate past or the Immediate
! future. What the American people ought
| 10 do In the midst OF the failures that
have occurred is not TO give way TO un-
called-for alarm, but to study the char
acter OF the institutions which have fall
| cd the causes which have produced the
| failures and the localities where they
| have occurred. After such a study let
| them view the solvent institutions every
| where about them, and the conclusion
| that must irresistlbly follow Is that the
legitimate business life Of the country
IL not threatened, but instead will come
out Of the present turmoil the stronger
for having passed through 1t. In cOnser-
vntiye 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 dis
aster upon those who engage In 1t.
such a review as that which I have
indicated cannot but have the effect OF
ouieting the fears Of the timid and en-
couraglng those who have thus far main
tanned an answering faith in the speedy
coming OF better times. II ought TO
check those who invite disaster by with
drawing from solvent institutions the
money which the deposItor cannot posi-
bly, use. The people are hoping and ask
ing much from the banks Of the country.
In turn the banks have the right Of con-
sderate treatment from the people Let
those who have so long transacted busi-
ness with the banking institutions have
sufficient confidence I'm them 20 know and
feel that II IN years past they have proved
safe they surely must do so In the pres
ent emergency. Runs upon banks but
destroy the interests which otherwise
would be protected and those who IN
dulge in them cause TO come about the
thing which they say they wish TO avert
We have heard Of silly man who
withdrew his money from his bank ana
then went about to find a borrower for
II without interest. OF course the man
who took It very senslbly put 1t right
back into bank again.
The recent statements made by our
Richmond banks gave such evidence OF
their good management and strength as
ought 10 have created confidence in the
minds Of the most weakened currency
miser.
The suspension Of industrial concerns
and the falling off Of business, resulting
from enforced economics by millions OF
people. will cause money 10 accumulate
IN banks. and we look for cheap money,
even before all the timorous mortals'
who have sneaked out their deposits
will get them back where they belong.
Happily for us. the banks and the com
mercial and industrial institutions Of Vir-
ginia have pursued the even tenor OF
their way and promise to pass through
the fiery trial which has consumed so
many Trailer concerns without the smell
OF fire nbout their skirts Nirginia's
record In this crisis has been unsurpassed
by any other State.