Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-14
Mr.. eCkELS SANGUINE,
Starvation in the Midst of Plenty is the
Present Situation.
doarders of Money Had Best Unload
Heassurfng Figures From Head
Quarters-GoId From Abroad.

Controller Eckels takes a very hopeful
view Of the financial situation today. He
authorized the publication OF the following
statement as representing his views on the
subject:
The situation as IL stands might very
appropriately be termed starvation in the
midst Of plenty, for such is the exact truth.
The volume OF currency In the country is
greater than in any recent year. and yet
none Is to be had. except as IL is bought in
the market as a commodity pure and
simple
Remarkable is this money buying
and selling upon the streets under existing
circumstances II is accomplishing results
quite uniooke ed for when nrst entered upon.
II Is bringing out of hiding places the
money drawn from the banks by the timid
and as a consequence the present week
VIII undoubtedly witness money sink to
Its normal value.
IF the workingmen Of the country. the
farmers ana Others, draw their deposits
from national savings and other banks in
sne immediate future as they have in the
immediate past they will bring about their
own financial embarrassment. Cor labor and
produce cannot be purchased without
money ana money can't be had II the
owners thereof insist upon boarding IT.
II might be well for the money hoarders
who desire to sell their money at a proht
70 get II upon the market az once. for with
IN brief period ii will he so rauch of a
drug through over supply thai the ure-
MUM upon IT viii entirely disappear.
Plenty of Money.
Because of this boarding the Efforts
being now put forth by the government
and the banks have not yet made the
| impression upon the public mind which
ultimately must result from them. A per-
ceptible change should be apparent shortly.
| for within the coming week more currency
Will be issued upon bonds deposited &c
secure circulation by banks Than IN the
| same period of time for some years
1T can't but have a reassuring effect
upon the public to know that from August
to IL $l3, 608, $50 of currency were ordered
printed, bonds to the amount of SI2lll. 81
| 10 the amount OF $557S, 46 actually sen
| from the controllers Office.
| w hen to this is added the fact that se0,.
100000 OF gold is ordered from abroad, AMI
! soon must be here, there certainly Is good
| ground for hope OF relief from a condition
which is wholly the result of unreasonins
1T might be Just as well for the money
hoarders who desire to sell their money al
a profit to study these figures and get thelr
| money upon the market at once for within
very brief period IT will beTso much OF
drug through over-supply that the pre-
| MUM upon IL will disappear.
| Substitutes for Money.
The condition which hampers the vari
Gus interests of the country being an alb
normal one many means which unde
right conditions would not be called int,
action have through the very necessity G
things been resorted to. Thus in the la,T-
| cities unusually large volumes of clearlni
| house certificates have been ISSUED, Will
in others certified checks have been mad
TO take the place of the currency whici
has been improperly diverted from bust
| ness channels.
when the business interests of the coun
| try are again permitted TO have the none
| which has been foolishly withdrawn froi
| them by scared depositors, all these incon
| veniences, OF which there is now no com
plant. VIII disappear, and with them IN
| artificial methods which the people them
selves have compelled the banks OF tn
| country to resort to.
The people in a large measure ca
give the relief needed by unlockiag thei
deposit vaults, untying their old stocking
| and making the banks of the country tn
places for the safe keeping of their none
instead OF their beds and cellars. II the
refuse to do this they certainly ought 20
to complain of Inconvenience which the
can but will not remedy"