Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-21
ECKELs TO DENVER.
Policy of the Administration with Refer
ence to Broken Banks.
fBH telegrnph 70 me DIspatch.l

fByteegraph TO the Dispatch.l
WASHINGTON, u. C., july 20.-Mr. James u.
Eckels. ComDtroller Of the Currency, immediate
ly on his return from New lCrk this morning.
addressed T. the National-Bank Examiner az
Denver a dispatch defining tue policy oi the au-
ninistratiOn wioh reference TO lns0lVeht DahA-
ing institutions generally AZ follows:
" frank adams. National Bank Examiner, Den
rcr. COi.:
"I wish you would announce to the Officers OF
tho banks which have failed IN Denver mat " IS
my intention 20 lend thom every aid p0sslbie
looking towards speedy resumption on tneir
part ana that ] shall grant to them sufficient
lime 10 enable them not only % collect IN such
amounts as are speedily colcctable but 70 ger
together such amounts OF money ~ Will enaDle
them TO omen upon a small basis. IL seems 10
me that such citizens as have. by their Iooilsh
course OF conduct in Withdrawing deposits rom
banks which have 20 long enjoyed ihe'r conpIelo
confidence, Brought abcut TINS con iitlon ousht'
IN view Of the damage tney have done their
city. a. quickly IA possible repair IT by stand
ing ready to deposit with them. iuNy Hppfc-
cate all the cirCum5tan 'es 81 tue situation, ahu
that no unnecessary loss may be eutalied you
arc authorized to employ az Assistants 10 pro
tect uauer and collect In moneys the most COM
petent AMI trustworthy employees IN such Iustl-
tutiOns. / have also ordered Examiner hchuBh'
Of Iowa to report at once 10 assist sou. desire
thet this telegram be given 10 tho press at Den
YER eyideuciug a. ~ does that the Comptroller
has fnlth IN the ability Ot the banks OF Deayer 10
resume and that 10 ~ his desire 70 lend them
every assistance consistent with hrs Official
duty" .
When asked 10 express more fully his views
on the condition Of al irs Mr.. E'aeis said tn5
fnilures In Denver yeste day, iike n number ot
other natioual-bank failures, were caused ~ no
fault Of She BANK oil ,ials, bu' through foolish
aud uncatlct-9or lack Of confidence ON the part
Of dcpositOrs. ,
III is my intention he said. "where bank
has been PROPERLY conducted, AMI wncro the as
acts unAer ord nary circumstances would have
permittcd IL 10 remain solvent, to giie tho ih'ti'
tuition every opportunity 10 resume business
All the Denver banks that failet were wei con-
Quoted. and every opportunity Siil Dc gwen
them to reopen. The people VINO nave cause
this Denver disaster by foolish runs sholld ae
All they can 20 help tho banks % resume
The Comptroller has been notified that the
directors OF the Chemical National Bank O
Chicago have abandoned the attempt to reopen
that bank. They were unGtlo TO collect the as
sessments required.
GOOD EFFECT or THIS NEWS.
DENVER, col, July 2Q.-Ihe cheering news
from Washington had wonderful effect upon
Denver this morning. tn dispatch from Comp
Currency EcSeis 20 the oiert m ~
he would give every possible aid 70 tne banks OF
the city was applaulei on every SIDE.
The newspapers are running on extras an
nounciug the news, and already things begin 70
welr bright aspect. The officers Of the seve-
raj closed banks all notify tho public that they
Will be able % pay every cent due 70 Customers
though III some cases Il will take some time <
realize on securities.