The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-19
rcEELS ON OUR FINANCES.
The Time When a Panic is a Posi-
bility is Past.

rbe Present a Period of Slow Liqui-
dation Following Undue Speoula-
+on and Unwise Legislation-A
study of the Failures that Have
occurred Proves that There is No
Cause For Alarm.
New York, July 18.-Controller of the
Currency James II. Ecl1els was a guest of
nj his predecessor, Ex-Controller A. B.
Hsobrrn. at a dinner at the Union League
Crb rbis evening. The affair was stated
b,. +he distinguished diners to be
Il nr,ralv a social affair, given as a
commitment to the new controller,
and for the purpose of enabling him
E f., meet the New York bankers. The gath
ering of SO many leading financiers
of the country at this particular time,
and the presence in this city of the con-
roller Of the currency attracted much
attention, and the meeting between Con
thriller Eckels and the bankers was re-
81 carried more as a conference on the none
tay situation and prospective measures
for its relief than for purely social gath
ering.
President George G. Williams, of the
Chemical National bank, and President
of the Clearing House Aassociatiou pre-
sided. Besides the gentlemen named
there were present Charles NJ Preston,
saperintendent of the New York State
Bank, and a number Of presidents OF
New York national banks.
CONTROLLER ECKELs' SPEECH
Mr. Williams made short speech in
Introducing Controller Eckels who spoke
as follows
When l accepted the invitation to be pres
ent this evening it was that l might indulge
myself in the personal pleasure Of meeting
some OF the representatives OF the great IL
nlncial Institutions in your city. did not
then nor Go intend to make aformal address.
but there are one or two things that may not
be inappropriate to the time or season. The
condition which confrOntS the American
people is one that deserves the thoughtful
attention Of every citizen who has at heart
the interests Of the country. 1t is not time
OF panic because we have passed the period
in our history when panic is possibility.
but il is one of slow liquidation, the result Of
undue speculation and unwise financial legis-
lation. Nothing is to be gained by taking on
a fright that is unWarranted by either the
Immediate past or the immediate future.
HOW TO BE treasured.
What the American people ought to do in
the midst of the failures that have occurred
is not to give way TO uncalled for
alarm, but to study the character of
the institutions which have failed, the
causes which have produced them and
the localities IN which they have occurred.
After such stUdy let them view the solvent
Institutions everywhere about them, and the
conclusion that must irresistibly follow that
4 the legitimat3life OF the country isnot threat
ened but instead viii come out of thepresent
trmoil stronger for having passed through it.
In conservative business centres fail
ures have been few either in banking or
other lines, Ea mixing at any and all times
Is dangerous, anu must inevitably bring dis
trust upon those who engage in it, The pres
eut strne0ncy has simply hastened the clos
ing OF some banks, because they were inher-
emily weak others have closed as a resultant
effect OF having kept alive the operations Of
specnla'ors In the extreme west and portions
OF the south
THE NEW TOWN CRAZE.
The art has not as yet,been discovered of
making something out Of nothing, and the
HLaucler who stakes his all upon an unbuilt
CIV reaching oUt into the waste places Of the
earth. must bring about the ruin Of his own
ana ElndtcC institutions which have trusted
In hun. ana pinned their faith to assets yet
Uniform. Disasters have fallen upon specula-
i've Institutions in the boom cities Of the
states OF Washington California Colorado,
Kansas ana Missouri, which have In turn in
{gIeI solFCnt ones, but the states OF New
England and the east and middle states and
nose OF The northwest, not less than of the
Soulh nave thus far escaped, and Will,
because the foundation upon which
lneE are built is of rock and not Of
uta-c1 cannot but have the effect Of Quietng
tlg lgafS OF the tlmld and encouraging those
t MHo nave thus far maintained an answering
Ia'lu 10 the speedy coming of better times.
THE WITHDRAWAL OF DEPOSITS.
tought to check those who invite disaster
ny Withdrawing from solvent institutions
n9Iel which the depOSitOr cannot possibly
- Fenple are hoping and asking much
,.'4 .Hi banks OF the country. In turn the
o--hs nave the right of cOnsiderate treat
LeAi from the people Let those who have
f.',l.lyAg lyAg transacted business with
Confidence in them to IlnowcEsand
l.gt mat II in years past they have proved
Se.s Juat they are likely so to do in the pres
st1.. sI. eIH9teggency Runs upon. banks out de-
49, interests which otherwise would be pro
t.o'Ieu, and those who indulge in them cause
ny come ABOUT the thing which they say they
NEW YoRK's WISE BANKERS.
AN IN conclusion, permit me to say that in
ri-y HClth3r In eXtraVagance Of speech or
Fsu11c Hattery when I say that the course
fGroF"5I GG.,"5I by the banks OF this great city
tnlo1EhoAt the past stress, has been such as
c%jttioulnene cjti them to the good wishes OF every
TCiiaze4 OF the republic There has been dis
Ea", ao5 81 ~ wisdom that has met every emergency,
tt4V the safe financial condition of affairs on
s og l4IJ OF the banks has been constant
''g,te OF Inspiration to all the country.
o7 oo4gfoLer EckelS' remarks We're recciy-
u" with applause.
STATE BANKING.
III, N9i9rles NJ. Preston, superintendent of
sug New York state banks, was the next
iIp51a7r. He confined his remarks entire
a 70 tate banking and deprecated the
stga tga Oh removing the ten per cent tax ON
80 80 banks unless some uniform
s4iA l4S,5A OF regulating the currency be
Tfp1lu by every state in
S nIs union. Each of the gentle
AM, rgi' present spoke briefly and informally,
f5o, fijo Ac. Eckels was given a very good
,'.a,g ,'ya Of what the New York bankers
,ro,. r91Iu IKE the government to do in the
tb@S oI treasury action and legislation at
'@O approaching session of congress-