The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-10-26
COMPTROLLER ECKELs OPENS THE CON-
GREss WITH A LONG SPEECH.
Describes the Conditions Leading Up to the
Late Participates Bankers For Their
Integrity and PstriOtism-Talk by
Practical Bankers.

had set the ball rolling President WIZ
H. Rawn of the association made q
speech. When routine matters had
been disposed of, Hon. Jas. Eckels
comptroller of the currency, appeared
to make the principal address of the
morning. Mr.. Eckes began with 6
brief summary of the panic of the
past summer, saying in summarizing
that the affirightened people, fearful
of the resultant effects Of a financial
system Initiated by ill-advised and i'll
considered legislation, became doubt,
full of the distinctly financial in
stitutions of the country, and
as a consequence steady drain up.
on deposits began until within two
months, from May 4th to July - h,
from National banks alone there were
drawn out more than $l93, 000 900, and
from state savings and private ones a
sum as great, not for the purpose of
trade or investment, but to lie in
wasteful idleness, thus rendering the
soundest institutions helpless and
in the midst of absolute plenty. These
than 100 National banks and not less
than 800 state savings and private
ones, many of which under ordinary
circumstances were solvent.
He complimeDted the bankers upon
the general success of their efforts to
mitigate the situation but said it
would not do to count too much upon
the progress towards recovery and re-
cuperetive powers shown, and com
plete return to financial health can
not be had as long as
the first great cause yet
remains to create distrust at home and
abroad. Until our financial laws &C
cord with those that govern the
worlds trade our currency takes on
uniformity and elasticity now wholly
lacking aud our people, rid of the per-
nicious doctrine that money which is
cheap and plenty is a blessing and
URGE of wealth instead of |
curse and cause of
financial panic and ultimate poverty, |
we can not but expect at stated per-
iods a recurrence of conditions such as
have and do still threaten us.
But the statement that in bringing
about different set Of financial laws
the banking interest must hold aloof is
a striking illustration of the extent to
which unreasoning passion and pre-
judice crept into our politics.
Surely the banking interests
Of the country are vast enough
and of sufficient import to warrant a
respectful hearing and careful consid
Grafton without arousing either the
passions or prejudices of any fair
minded citizen of the republic.
1t may be that the bakers are sell
llsh, but not more so | venture than
men in other walks of life. Surely
not more so than the silver interests
which today inveigh most loudly
against them, and yet, with inconsist-
ancy so marked, that she who runs :
nay read" are with selfish Indifference
10 the public good, not only blocking
The wheels of legislation at Washing
ton, but unmindtul of the voice of the
people and of the press making the
fundamental principle of our govern
nent, the right of the majority to con-
troll, missing and a byword," that their /,
own selfish purposes may find
lruition in legislative enactment
that will compel the government to be
q special patron of their special pro
Duct
These critics who would debar the
banker because of the business in
which he is engaged from being heard
when grave questions of financial poll
cy engage the lawmakiug powers,
seem to forget that stocks are not all
held in cities by capitalists and mer-
chant princes, but every town and
village boasts it's bank stock of which
owned 10y men of moderate means,
farmers and mechanics.
They forget that deposits placed in the
custody of the bankers of the country
are of the many and not the few who
entrust to them their earnings and eX
pect of them a watchfulness that no
financial disaster through legisla-
zion or otherwise shall ensue.
to elientage possessed OF greater ag
gregate wealth than any special inter-
est within the near borders.
Therefore. when dangers to public
good are upon us let no banker hest
tate to discharge his trust because of
the utterance of some demagogue
to win votes in the coming
elections, but let him give utterance
to his views upon every financial
under consideration. BIT
what shall he learned from all this
of disaster? " was but yester
day that distinguished citizens of the
republic stated that the disasters
through which our people have just
passed would not have been too dearly
purchased if from them should be
gathered sufficient wisdom to avoid in
future the errors which brought them
upon MS. Competition for businss is
carried to a danger point by nancy.
Not a less source of weakness lies in
the fact that too large an extent has
been carried the paper of those en-
gagged in purely speculative enter
prises, the value of which in times of
great depression is worthless, and this
with the further fact that there is too
great desire to place loans with large
reason is not wanting for
many suspensions and not few fail
ures. Yet above all the greatest safe
guard to banking interest must always
rest in the wisdom, high character,
absolute integrity of those who
manage and conduct these institutions
A practical plan of oanGiHg and cur
IL