New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-14
MIX. ECKEL'S CONFIRMA TON.
WHAT 1T MEANS TO HAVE A CONTROLLER OF
THE CURRENCY IGNORANT OF BANKING

WHAT 1t MEANS To HAVE NoNiisolSi-fh w
THE CURRENCY IGNORANT OF BANKING
Washington April l3.-The confirmation OF Mr.
Eckes TO he Controller OF the Currency was not Sc
cured without personal effort OF n somewhat stormy
nature on the part Of fle President He gave Demo
cratic Senators TO understand that tn. appointment
was personal one; that he was especially Interested
IN II. and that he assumed all responsibility for It's
result. Theoretically. he let II be understood that
who expect favOrs from him must b. ready 10
grant favors to him. Consequently the appointment
went through. The Republican Senators opposed
II, however taking their stand upon Mr.. Eckelss
published interview. declaring that he knew nothing
abont the or about his duties In IT, Mr.. Eckei'
is young gentleman who IS said TO be entirely uh
EXCEPTIONAL" In his personal character ana reiatos
who takes high ground the subject OF tarlh
reform who has tendency to express his views III
tracts and essays, and who knows rs much abont
the banking business as IA Goldfish knows OF agr
culture
II has been explained In behalf OF the President
and OF Mr. Fckcls that q man does not need to know
anything aLont the banking business In order 10 e
good Controller OF the Currency; that the gelerat duy
Of that officer Is enforce the provisions OF the
National Banking act, and that be should be- above
all things else. a lawyer and that Mr. Eckels Is
lawyer. And II Is asked. II 10 the CONFUSION oil
nil who have. questioned the fitness OF the appoint
mrnt why the Controller OF the Currency shou'd
necessarily understand banking. The answer IS Tor
IN. sam. rca son that a Judge should understand law
Mr. Eckcl.'s duties are executive and technical Whiie
they are generally and truly expressed as the oblga
,ion 10 enforce the National Banking law. 1t Is not
true that they call for any construction on MS part
Of that law. The courts have long ago construed It,
III, business is 10 follow literal exactncsS what
they have determined to be- the law. Ills prac''cu.
daily labor IS 10 receive and consider the reports o
some thirty or forty bank examiners as 10 the CON
dIton Of the institutions they have inquired INTO
Tr, +, ports consist Of statements OF the assets anu
liabilities Of the banks OF the Kind OF business 'h''
ar. doing Of the nature OF their deposits oi "i'
.cu,itl.s they hold Of the loans they make, anu III
de,, Of their methods OF doing business ana wheh''
those methods accord properly with the la"' i"'''
rcport, will be- San'krit To Mr. EckeS lie mas never
bcen behind n banks counter nor, according 10 MS
own confession. does he know anything about MAN.
c,ol aGors No man thus Ignorant can make hea"
or tail of the groups Of figures and general s'''e
mcns that compose these reports ~
u viii he a prt Of Mr. Eclielss duty TO appoint tue
examiners. How can he determine 'hc h'h''' " "
examiner without himself knowing what III eA"in"'''
ha. 10 do, When an applicant Tor such poSi"o''
come, to Mr.. Fckels and Mr.. EckclS ASKS MN no"
n, would 20 hbout the examination of hhh' "o"
co, Mr. = kos know whether the applicant, de'erlp
,ion ~ ,hv,a proc.S.es shows htne* or hihussS'
Thor. arc many requirements " the kanMTe law ior
the violation of which no penalties are "''a'no'
There are many bankers who understand wei 'ho"s'
L. ~ Ia receive 'tpJ>ls and len Il money out VII" pay
IuaL attention Ia tie baTldE. l"V, ana ~" "i"'S
i'm rln, Of is technical require Els h'fc'o o'e
t,c - ntrollr Ia, b".r III the rlton 81 an expert
w., knew nj MS t..r proper methols "i uo'is
banking business but who could tell AZ ehhoo NJ
rcp,rt Of an examiner A.. that T. imphd as TO 'H'
me-, d, pursued and IS n the manner IN whi'h 'he
,u cor, # tlr iank diSchai Iins tn IT "SPhs'-
Utilities. Three fouihs ~ the Controllers tiine mere
,oforr has BEEN occupied in writing letters TO 'e
hank suggesting approved methods and shch changes
ne secm necessary In sgder 70 have them CONFORM
fuly to IN, law no but n banking man can pos
-iby perform that task. IL Is frequently heo'S'ai'
i,r the Controller through his examiner 10 'ahe
charge of Il hank which Is In pcrlous condition 10
cpll I'm It's securities and loans ana put IL Oh iUS
feet He must know, with accuracy. precisely ho"
successful bank, arr run IN order 10 accomplish uuS'
lie has the discretion To do II, and by dong IL oeh
s,v,- 10 dclo>itog thousands AMI thousands OF doi'
lar, which by u sudden precipitation Of The bahhS
trouhl.s or hy throwing 1t into the hands OF ne
cevcr would be- lest 10 them
All this Mr. Echcls will have 10 learn. Ills ap-
nolnmcnt suggests the calling In OF college pro-
fr.,or Of astronomy TO try case in court The pro-
fcs,or might say 10 the applicant for his services
Eut NV dear sir know nothing about the law.
nm NOT a lawyer. | tried cas-" IN my ne.
And tho applicant might reply on well as 10 thnt
1, isn't necessary YOU should know. You doht nave
TO be- a lawyer 10 try n for the Government lou
zee th, 4, only for the Government. and You can
talk. all the time You require 10 i'1Hh your ""ucS'
Tlat's what Governments ale Tor. - 49,,
Mr.. Erkes WIS "A cla-smhte. II u salu, OF 'oDn'i
lamont md he l. the intimate personal frlen1 Oh 'mt
Young Mr.. Ben Gable. who carrird limos io tSv,
carry Illinois. but they can never nave heaN 'r'
liable talk about the matter.