The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-09-23
ECKELs DlNED.
Restoration Of Confidence Forms
the Theme Of His Speech.
The Fear OF Tive Months Ago IL Leav.
ing tho People-To Benkers 10 Due
the Fact That There Has Not
Been Greater Depression.

CHICAGO, Sept. 15.-Around ban
quet board shaped like horseshoe,
emblcmatic of the good luck that at
tended Chicago during the panicky
days of July, gathered the bankers of
Chicago Thursday night to do honor to
their guest, Controller James ii. Eek
els. The men present at the banquet
were the most prominent in Chicago
and western financial circles. In reply
to the toast in his honor, Mr.. Ecl1els
thanked his Chicago hosts, and contin-
ued:
zone of the great dailies OF New York, intro
ductory to an account OF dinner there given
two months since, ut which had the homer to
be guest, said: Amid the crashing nnd top
ping Of western banks the bankers OF New
York, republicans and democrats alike, met
last even ng and gave expression TO their faitA
in the financial stability of our country.
"1t can not but be o source OF mutual congrat
ulation that the gathering Of tonight Is under
other and different circumstances. The disae.
ters then threatening, happily for us all, have
passed away Affrighted depositors, realizing
that they have done on injury to themselves,
and feeling that the thousands Of banking in
stitutions which they suddenly and without
cause doubted nre yet as solvent Us they were
during the years Of their implicit conn.
dence in them, ore returning their
money, that it may no longer lie
in was teful idleness, but again entering the
channels of trade, give life to deadened indus.
tries On every hand is evidence OF o bcttered
condition, so marked that he who runs may
read. The paralysis of fear which SO ipsidious.
ly came upon the people is surely leaving them.
1t yielded to degree when the president called
an extra session of congress to repeal the cul-
minating cause.-the Sherman silver act The
advance has been marvellous since the heroic
fraa frpa mt iad 4 IN, hppca nf
sentatives, and the recovery will be complete
when the senate, under the coercive force Of
public opinion, confirms the action OF the house.
"From January to the 18th Of Aug ust, ono
hundred and hfty.four national banks, under
the pressure of various causes, closed their
doors, but more than $500 remained unshaken.
Surely the percentage OF closed banks was not
sufficiently large to make the most Respondent
believe the system was falling. Was there not
cause for encouraging opinions when 1t was
found that almost one hundred Of the mum.
Der were absolutely solvent and would
reopen for businessi Should the prompt re.
sumption OF sixty-one national banks, stronger
than at their closing and tho knowledge that
more than half that number were preparing to
DO the same lead to any other opinion than
that the outlook must be brighteningi Should
reports OF deposits largely in excess OF with
drawnls ut each reopened bank, and returning
confidence In each community where located,
be source OF depression instead of an inspira.
tion to hopef I could not have spoken othe.
than did and maintained the truth
I'm conclusion, let me bespeak what know
TO be the sentiment of the American people
when say that TO the conservative, wise
and 1udicious course pursued by the bankers
Of this country is due in the largest measure
the fact that there has not been greater de.
preston. The politician and tue carptng
critic may find fault, but the thoughtful eiti.
zen, unbiased and unprejudiced, seeking
neither votes nor notoriety, knows that the
course which has been pursued here and
elsewhere by the interests here represented,
has preventeda panic that would have gath.
cred within its sweep every business interest In
the country. In o great emergency the bunk
ers OF this country have risen to the full
measure OF their responsibility, and meeting
1t have earned peoples thanks. The expert.
ence through which we have passed has been
80 costly that hereafter no party will juggle
with the country's interests for the sake Of
politica>advantage"