Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-05-11

than trebled. reaching the enormous sum of
81. Isl 900 900, and In the same proportion the
loans and discounts increased from $500 600 900
on January l, 1866, until now they show the
the period that this vsst increase was
going on the circulation, the further
ance Of which had been the original mo-
tive for the establishment Of the system. and
which on December 26, 1873, was a341. 900. 900,
had by October 2. 1890, fallen to but 1922 O00.-
600, and though there has been a gradual in
crease since, through the compulsory feature
In the law requiring a minimum amount of
bonds to be deposited by each new bank COM
menclng business, 1t is even now scarcely more
than $50. 900 900 Well may the champions of
the system point with pride to this splendid
array Of results and even challenge the world
to show in all the history Of finance so signal
a success. 1t is in the light of such growth
that the evidence is furnished them OF the
popularity of the system that Is OF itself the
surest guarantee of statesmanlike considera-
ton by the governing and legislative powers
Of every question which affects it, and affect
ing it trenches upon the well being Of every
citizen of the republic.
A DUTY TO THE GOVERNMENT.
But while the banking interests take to them
selves much Of credit for the results accom-
plished let them not forget that all this vast
prosperity has not been solely because of the
managers Of the system. Doubtless they hay
contributed much, but granting to them all the
credit that is their due, it yet must be con-
coded by its most ardent friend that its great
success has arisen through the knowledge on
the part of the people that the national bank
was distinctly child of the government, and
as such, through its fostering care, afforded a
safety that before, under another system, in
times less prosperous and states less rich, was
wanting. Because of this 1 believe that upon
| every national bank Is placed the moral obliga-
ton to hold itself In readiness at all times.
under all circumstances, to assist the officers OF
the government i'll every time OF distress In
maintaining the nations credit 1 am aware
that no legal reason exists for such course, but
having drawn much of wealth and power to
| themselves through the generous dealing OF
the government with them, the bankers OF this
country can ill afford to place themselves in the
attitute of looking with indifference upon the
treasury when the financial integrity Of the
government is threatened A proffer Of help
from them at such time, spontaneous in its
character and patriotic in its motive. would
disarm thousand critics who are loud in their
denunciation of it and reconcile them to a sys-
tenn which they charge with being the recipient
of special privileges denied to them.
l trust that l will not be misunderstood
when say that those who have at heart the
interests of the system and wish it to grow in
popular esteem and favor must not brush aside
its critics with contempt or disregard friv-
olous the objections which are urged against it.
1t would be the height Of folly to undertake to
prevent a full and fair discussion of every
phase Of it. whether it be the question Of its
continuance beyond the period of the maturity
of the last government bond or the supplanting
of it with a system entirely new and radically
different. You have the advantage of accom-
plished facts. You least Of all ought not, in
the strength of what has been gained, to fear
the future. The preservation of the system is
largely within your keeping. Those placed in
% tr,,a hav Ia ~ ,,,I,
ent to their duties or abuse the confidence re-
posed in them and the system not suffer. They
cannot appropriate to themselves, either for
speculation or extravaganza, the funds intrusted
to their keeping and Ego unwhipt Of JUS
tice' and the prejudice of the people not be
aroused against the act which has created con-
fidence in them. They cannot look upon the
law as purely formal and expect to escape rigid
criticism from both the public and the Office Of
the controller. So long as the law governing
them and fixing their duties and obligations
stands unchanged upon the statute books it
must in all Of its provisions be enforced, if for
no other reason than to protect the banks
against themselves. Neither you who are
trustees for others nor the controller. whose re-
sponsibility Is to the same law under which you
act. have either the legal or the moral right to
violate in the smallest degree that which fixes
our duty respectively. II there is any pro-
vision of the national bank act that works a
hardship to the banks and conserves To right
to the public let those affected by it secure at
the hands Of Congress its repeal, but until re-
peale0 it must not fail because it may cause in
convenience or at times even embarrassment
With such an understanding between us and
mutual working together to secure to the
public the largest measure Of benefit and the
greatest safety to its great interests there can
be no possible friction between the banks and
the controller. l shall take the law as NV sole
rule and guide, and l have every right to ask
and expect those whose interests are to be af-
fected by my .cts to lend me their best en-
deavors and their most sincere support.
At the conclusion Of Mr.. Eckels' address Mr.
Warner comphmented the speech which had
just been made, remarking that it gave evil
dence OF the freshness Of q new man and the
vigor Of one VINO had not yet become tired of
life. He then introduced Assistant Secretary
Of the Treasury c. s. Hamlin.
ASSISTANT SECRETARY HAML1N's REMARKS
Mr.. Hamlin expressed his pleasure at being
one Of the company and being permitted to
take part in honoring the guest of the evening.
As tranger arriving in Washington, he said, must
first be impressed by the beauty of the city and
the grand public buildings Next he is struck
by its fair and inviting climate. and then by
the bounteous hospitality OF the people OF
Washington. He spoke of the industrial pros
perity of the country as being built upon credit
and confidence. Hobbs, the English philoso-
pher. had said that man in his natural state
was in state Of warfare. One mans pros
perity achieved by anothers disaster
When higher conceptions of living came. how
ever, self was sunk in the desire for the uni
versal good. and with this idea they had
achieved the industrial triumph of modern
civilization. Our public prosperity was SO
closely allied to our finances that it was of the
utmost Importance to have earnest confident
and fearless men to administer them. He pre-
dicted for the new controller of the currency
a great success He spoke in complimentary
terms of Secretary Carlisle. who, he said, was
man whom every one admitted to be one of the
fairest-minded, most judicial minded, men in
public life, whose whole idea in the perform
ance Of his public duty was to do that which
secured the greatest good to the greatest num-
Der, man of distinguished ability When Mr.
Carlisle laws down Office. Mr.. Hamlin said, his
name would go into history with those of
Hamilton, Gallatin and others who had
founded the financial system of the country. He
felt confident that Mr.. Carlisle in the administra-
ton Of his department would receive the greatest
assistance from the guest Of the evening, and
he again depicted for Mr.. Eckels a most con-
spicuous success.
PRESIDENT PARKER's ADDRESS
Mr.. Warner then introduced Mr. E. Southland
Parker. president Of the Columbian National
Bank, to speak for the national banks of Wash.
ington. III were to attempt anything more
than mere reference to the subject Of
finance" said Mr.. Parker, ''in the presence of
such a swarm OF fnanciers l should, to use a
common expression, make you tired 1t is
reported Of Napoleon that he said there were
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