Rocky Ford enterprise., 1893-10-26
STANDS BY The BANKERS.
NOTHING BUT CENSuRE FOR
THE FRIENDS OF SILVER.


Young Mr. Eckles Thinks the Bankers
Deserve Great Credit for Their
Patriotic Course.
Tho nineteenth annual Convention Of
Bankers is in session in Chicago. On the
first days session an address was made by the
of the currency, James H.
Eckels. He said:
doubts have arisen In my own mind as to
the propriety Of one who is not a practical
banker undertaking to discuss before this as
semblage Of experienced men, questions bear
Ing upon the conduct and operation Of banks.
And yet, because of the official position
which happens to be mine, 1t is not inappro-
PIRATE that should be here, II for no other
reason than to form your personal acquain-
tanoe. Nor is 1t impossible that from the
vantage ground Of having, under the law,
the supervision Of a system Of banking which
embraces within its folds almost 1000 ma
tional banks, capitalized to the extent Of
hundreds of millions of dollars, and having
within their keeping more than three billions
Of the peoples money, might utter some
thing gathered from an experience, which II
UTlcl III bp1CO u lAlCs AAS az AchbS oocA zig
with events in the history of American bank
Ing.
"It Is no exaggeration of statement to say
that the happenings Of the months past from
May to September must be accounted the
most remarkable IN every phase of financial
bearing ever experienced by the American
people. Heretofore iu our financial dis
tresses the test OF solvency has always been
applied to store and factory, to great indus
trial enterprises and railway corporations,
but within the period Of these months an af-
frIghted people, fearful of the resultant ef-
fecs Of q financial system, vitlated by ill-ad-
vised and ill-considered legislation, became
for the first time doubtful Of the distInctively
financial institutions of the country-the
banks, and as q consequence a steady drain
upon deposits was begun, until within the
period of two months from May to July II,
from national banks alone had been drawn
out more than e10s, 900 600, and from state,
savings and private ones a sum as great lot
for purposes of trade or investment, but TO
lie In wasteful idleness, thus rendering the
soundest institutions helpless and a complete
currency starvation In the midst Of absolute
plenty. These months Witnessed the closing
Of more than $50 national banks, and not less
than 500 state, savings and private ones, many
Of which, under ordinary circumstances
would have been solvent, and under fostering
care and improved conditions have rcopened
their doors for business again to enjoy the
confidence Of the very ones most doubtful of
them.
To-day, so greatly has the situation
changed, that having In mind the past, both
ha nf npAar0nnA nd
the continuance Of It, 1t would be, IN NE
unjust To deny that the bankers Of this coun-
try have exhibited mastery skill In coping
with situation rendered complex beyond
anything heretofore known, by the withdraw
al Of currency by depositors on the one hand,
and the pleadings for assistance on the part
of merchants and manufacturers on tho
other. The course pursued has caused no
deposition to complain, while the generous
treatment of mercantile interests In extension
of credit and renewal of paper, has prevented
q panic In other directions, the far-reachlng
effect Of which cannot be estimated.
"But while boasting of this new evidence Of
the ability Of our people TO Withstand the Sc
verest of financial ailments, It will not do to
count too much upon the progress made to-
ward recovery, and the recuperative powers
shown. Complete returns to financial health
cannot be had SO long as the real cause which
covered all the land with doubt and uncer-
tainty and filed the peoples minds with fear
as to the stability of our financial institutions
yet remains to plague the lines of business,
create distrust at home and abroad MS to the
value Of OF American securities, and bring 10
naught the efforts of those who in the midst
of present disaster and threatened ruin, yet
maintained full faith in the coming Of better
times. Until our financial laws accord with
those that govern the worlds trade, our cur
rency takes on = uniformity and elasticity
that are now wholly lacking, and our people
are rid OF the pernicious doctrines that
money, which is cheap and plenty, is bless
Ing and source Of wealth instead Of q curse,
and the cause of financial panic and ultimate
we cannot but expect, at stated per-
iods recurrence of conditions such has have,
and do still threaten US.
"But It Is said that in bringing about DIFF
ferent and other set of financial laws the
banking interests must hold aloof. 1t is a
striking Illustration Of the extent to which
passion and prejudice have crept
into our politics, that in the present euer-
gency which confronts the country, bankers
are compelled to hesitate as to the advisable
ty from the standpoint of prudence Of active
ly urging the repeal of q measure which
stands confessedly MS the source, in the larg-
est degree, of past disasters and dire menace
to further prosperity. Surely the banking
interests of the country are vast enough and
Of sufficient import to warrant respectful
hearing aud careful consideration without
arousIng either the passions or prejudices Of
any fair-minded citizen of the republic. 1t
may be that bankers are selfish, but not more
70, venture to say, than men in other walks
Of life. Surely not more so than the silver
which to-day inveigh the most loud
" against them, and yet, with an inconsist-
ency 20 marked that he who runs may read,
with selfish Indifference to the public good,
not only blocking the wheels of legislation ut
but unmindful of the voice of
the people, Of the press, are making the fun
aamental principle Of our government, the
right Of the majority to control, kissing
and 'by-word,' that their own selfish pur-
pose may find fruition in Legislative enact
nent that will compel the government to be
The special patron Of their special product.
"But what shall be learned from all this
reason Of disasteri It was but yesterday that
. distinguished citizen Of the republic gave
utterance to the statement that the disasters