The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-07-21
THE FINANCIAL SITUATION.
Comptroller of the Currency Eckels Ex-
presses Himself on the Financial Situa-
tiOn.

Comptroller of the Currency Eckels Ex-
presses Himself on the Financial Situa-
tion.
New YORK, July 19.-Comptroller of
the Currency James II. Eckels was a
guest of his predecessor, ex-Comptroller
A. D. Hepburn, at dinner at the Union
League club last evening. The affair
was stated by the distinguished diners
to be purely social given as compli-
ment to the new comptroller and for
the purpose of enabling him to meet
the New York bankers
The gathering of so many of the
leading financiers of the country at
this particular time, and the presence
in this city of the comptroller of the
currency attracted much attention, and
the meeting between Mr.. Eckels and
the bankers was regarded as more of a
conference on the monetary situation
and the prospective measures for its re-
lief than for a purely social meeting.
Comptroller Eclsels, in response to few
words of welcome from his host, said:
The condition which confronts the American
people is one that deserves the Thoughtful at
tention Of every citizen who has OF heart the
interest of the country. II Is not time OF
panic. because we have passed a period in our
history when n panic is a possibility: but
1t is one OF a slow liquidation, the re-
suit Of undue speculation and un-
wise financial legislation. Nothing is to be
gained by taking on a fright that is unwarrant-
ei by either the immediate past or the imme-
diate future. What the American people
ought TO do in the midst Of the failures that
have occurred is not to give way to uncllled
for alarm but 30 study the character Of the in
stitutions which have failed, the ciuses which
have produced them AMI the localities in which
they have occurred. After such study. let
the m view the solvent institutions everywhere
about them ana the conclusion that must irro-
sistiby follow is that the Legitimate life Of tho
country is not threatened, but instead will
come out of the present turmoil the
stronger for having passed through
it. In conservative business centers the
failures have been few, either in banking or
other lines. Bad banking at any such times is
dangerous and must inevitably bring disaster
upon those who engage in it. The present
s;ringency has simply FASTENED the closing Of
some banks because they were inherently
weak. Others have closed as Is resultant effect
of having kept alive the the operations OF spec
ulators in the extreme west and in portions OF
the south. The art has not been discovered Of
making something out of nothing and the
fnancier who stakes his all upon an unbuilt CITY
reaching out into the waste places Of III, earth
must bring about the ruin OF his own and kin
drcd institutions which have trusted In him
and pinned their faith to assets yet unborn
stitutions in boom cities OF the states of Wash
ington, California, Colorado, Kansas and Mis-
souri,, which have in turn injured solvent ones,
but the states of New England and the cas-. and
the middle states and those of the norIhwest
not less than of the south, have thus far es-
capped and why. Because the foundations uoon
which they are built are rock and not sand
Such q review as that have Indicated cannot
but have the effect of quieting the fears Of the
tmid and encouraging those who have thus far
maintained an unswerving faith in the speedy
coming of better times. 1t ought to check those
who invite disaster b. Withdrawing from sol
vent institutions the money which the
depositor cannot possibly use The people are
hoping 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 long transacted business
with the banking Institutions have sufficient
confidence in them to know and feel that II in
years past thsy have proved safe that they are
likely SO TO do in the present emergency Runs
upon banks but destroy the interest which 9th
erwise would be protected and those who in
dulge in them cause to come about the thing
which they say they wish to avert
In conclusion permit me to say that in
du!ge neither in extravaganza Of speech nor un-
due fattery when / say that the course fol-
lowed by the banks Of this great city through
the past stress has been such to commend
them to the good wishes of the citizens of the
republic There has been displavei wisdom
that has met every emergency and the safe
financial condition of affairs the part OF
banks has been a onStant source of inSpirA-
tion to all the country.