The herald., 1893-07-19
NOT A TIME OF PANIC.
COMPTROLLER ECKELs ON THE
FINANCIAL QUESTION.
His Reference to the Far West is Not
at All Complimentary-New York
Finsnciers Foist Their Ideas
Upon Him.

New YORK, July f8.-Comptroller OF
the Currency James HI. Eckels was the
guest Of his predecessor, ex Comptroller
A. P. Hepburn, at dinner at the Union
League club this evening. The affair
was stated to be purely social, but
owing to the gathering of many leading
financiers of the city, it was generally
regarded more as conference on the
monetary rcls lsitsiasioa aass sskaTsfyp sStailXuA sGStailXuA
Iaesffn9. The dinner was given in the
names of President Cannon of the Chase
National bank, and President Tappen OF
the Gallatin National bank, as Hepburn
is not member of the club. President
Williams of the Chemical National, and
Also president of the clearing house
association, presided. In response to
few words Of welcome from the host.
Eckels made brief speech.
The comptroller eaid in part: "The
condition which confronts the American
people deserves the thoughtful attention
OF every citizen. 1t is not time of
panic, but of slow liquidation, the result
OF undue speculation and unwise fnan-
cial legislation. Ii the citizens would
study the character OF the institutions
which have failed, the causes and locali-
ties in which they occurred. and then
view the solvent tinstitutions everywhere.
also about them. the conclusion that
must follow ie that the legitimate life of
the country is not threatened, but in
stead will come out of the present tur-
moil stronger for having passed through
1t. Bad banking must inevitably bring
disaster upon those engaged in it. The
present stringency simply fastened
the closing OF some banks because they
were inherently weak; others were
closed as the result of keeping alive the
operations of Spectators in the extreme
west and portions of the south. The art
has not been discovered of making some-
thing out OF nothing, and the fnancier
who stakes his all upon an unbuilt city
reaching out into waste places, must
bring about the ruin of his own and
kindred institutions which trusted in
him and pinned their faith to assets vet
unborn. Disaster has fallen upon the
speculative institutions and boom cities
of the states of Washington, California,
Colorado, Kansas and Missouri, which
have in turn injured the solvent ones.
but the states of New England and the
east and those OF the northwest have
thus far escaped, and will. because the
foundation upon which they are built is
rock and not sand"
The comptroller said the people should
not invite disaster by Withdrawing from
solvent institutions money the deposit
ors cannot possibly use. The people
are hoping and asking much from the
banks. In turn the banks have the
right OF considerate treatment from the |
people. Let those who have long tran
sacted business with banking institu-
tions have sufficient confidence in them
to know and feel that if in years past
they proved safe they are likely to do so
now. People who indulge in runs on
banks cause to come about the very
thing they wish to avert.
Charles M. Preston, superintendent
Of the New York state banks, spoke on
state banking, deprecating the idea of
removing the 10 per cent tax unless
some uniform system of regulating the
currency was adopted in every state in
The union.
Other gentlemen spoke briefly and in
ormally, and the comptroller was given
. good idea OF what New York bankers
gould like the government to do in re-
,ard to treasury action and legislation
n the approaching extra session of con-
sr069.