The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-19
Reception Given by Financiers at the
Union League Club Last Night
Under the Influence Of Mellow Wine the Con-
trOllsr Says Only the Weak and Unstable
Banks Are Being Squeezed in the Jam.
DINNER TO ECKELS.
CleveIand's Controller Shakes the Horny
Handed Rankera in Gorham

CleveInnd's Controller Shakes the Horny
Handed Bankers in Gotham.
NEW YORK. July 1S.-Controller of the
Currency James II. Eckels reached this
city from Washington late last night. and
went at once to the home. in Clinton Place.
of Charles s. FaIrchlld. ex-Secretsry of the
Treasury. He will be Mr.. Farchild's guest
while he is in New York. Mr. Eckels told
areporter that he had run over for only
day or two. His mission was unofficial.
He was desirous of getting acquainted with
the New York bankers. He knew very
few of them, the list being limited. in
fact, to two or three, among whom were
President Hepburn, of the Third National.
his predecessor in the office of Controller.
and Mr.. Fairchild. whom he had known for
long time. This evening the Controller
was q guest of his predecessor, ex- Con-
troller A. b. Hepburn, at dinner at the
Union League Club. The affair was
stated by the distinguished diners to
be q purely social affair. given as a COM
pliment to the new Controller and for tho
purpose of enabling him to meet
the New York bankers. The gather
ing of 30 many of the leading
financIers at this particular time and
the presence Of the Controller of the Cur
rency attracted much attention, aud the
meeting between Mr.. Eckels and the bank
ers was regarded more as a conference in
the monetary situation and the prospective
measures for its relief than for q purely
social gathering. AS Mr.. Hepburn is nos a
member of the Union League Club. the
II
w. Cannon, president of the Chase Ma
tional Bank. and Frederick ID. Tappen, of
the Gsllatin National Bank. President
George G. Williams, of the Chemical Ma
tional Bank. and president of the Clearing
house Association. presided. Controller
Eckels, In response to few words of well
come from his host. ex-Controller Hep
burn, said:
when | accepted the invitation to be
present this evening IL was that L might
indulge my self In the personal pleasure Of
meeting some of the representatives of the
great financial Institutions of your city. i
ana not then, nor do now, intend to make
q formal address. but there are one or two
things that may not be Inappropriate to tho
time or occasion. The condition which
confronts the American people is one that
deserves tho thoughtful attention of every
citizen who has at heart the interest of
the country. 1t isn't time of panic be-
cause we have passed the period in our
ity. but it Is one of slow liquidation. the
result Of undue speculation and unwi SO
financial legislation. Nothing is to be
gained by taking on fright that is un-
warranted by either the immediate past or
the immediate future. What the American
people ought to do in the midst OF the
failures that have occurred is not to give
way to uncalled-for alarm. bnt to study
the character of the institutions which
have failed. the causes which have pro-
duced them, and the localities in which
they have occurred. After such q
study lot them view the solvent instl-
tutlons every where about them, and
the conclusion that must lIreslstlOly fol-
low Is that the legitimate life of the
country is not threatened but instead will
come out of tho present turmoil the strong ger
for having passed through it. In cOnserv-
ative business centers 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 on those who engage In IL. The pres
ent strIngency has simply hastened the
closing of some banks because they were
inherently weak. Others have closed as
resultant effect of having kept alive the
operations of speculatOrs in the extreme
W est and In portions OF the South. The
art has not been discovered of making
something out of nothing. and the tinanc cier
who stakes his all OH an un built city, renoh-
ing out lnt) the waste places OF the earth.
must bring about the ruin of his own and
kindred institutions which have trusted in
him and pinned their faith to assets yet
unborn.
Disasters have fallen on the speculative
institutions in boom cities of the states of
Washington, California. Colorado. Kan.
sas and Missouri, W hich have. In turn. in
jured solvent ones. but the States of New
England, the East and Middle States and
those of the Northwest. not less than those
OF the South. have thus far escaped, and
will because the foundations upon which
they are built Is of rook. and not of sand.
Such review as that which | have indi-
GATED cannot but have the effect of quiet
ing the Tears of the timId and encouraging z
those who have thus far maintained an
better times. 1t ought to check
those who invite disaster bv
withdrawing from solvent institu-
tiOns the money which the deposition
cannot possibly use. The people are hop
ing and asking much from the banks of the
country. In turn the banks have the right
of considerate treatment from the people.
Let those who have so long transacted
business with the banking institutions
have sufficient confidence in them to
know and feel that If in years past they
have proved safe they are likely 80 to
do IN the present emergency. Runs on
banks but destroy the interest which
otherwise would be protected. and those
that very thing which they say they wish
to avert.
''In conclnsion permit me to say that
indulge neither extravagance OF speech nor
undue fiattery when | say that the course
followed by the banks OF this great city
through the past stress has been such as TO
commend them TO the good wishes of the
citizens of the Republic. There has been dis
played wisdom that has met every emer-
gency. and the safe financial condition of
affairs on the part of the banks has been q
constant source of inspiration to all the
country"
Mr.. Charles NJ. Preston. superintendent
OF New York State banks. was the next
speaker. He confined his remarks entirely
to State banking. and deprecated the idea
of removing the ten percent. tax on State
banks unless som uniform sy stem of regu-
lating the currency Oe adopted by every
State in the Union. Each of the gentle
men present smoke briefly and informally.
and Mr. Eckels was given a very good idea
of what the New York bankers would like
the government TO do in the way of treas
urv action and legislation at the approach
ing Sc ssion of Congress.