The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-07-19
ECkELS CONFIDENCE.
The C Comptroller of the Currency
{, on the Money Question.
THERE NEED BE NO FEAR OF PANIC.

Fbo Existing Condition of Affairs the Re-
suit of Unwixo Legislation and Undue
pccu1ation- Nothing to be Gained by
,Taleing on Fright That is Unwarranted.
NEW York, July 19.-Comptroller of the |
Currency james II. Eckels was a guest Of |
bis predecessor, sx-Comptroller A b. Hep
burn, mt dinner at the Union League club |
last evening. The gathering of so many |
OF the leading flnanciers Of the country at |
this partialilar time, and the presence In
this city OF the comptroller Of the currency,
attracted mnch alton ton, and the meeting |
between Mr.. Eckels and the bankers was
regarded more rs a conference on the mon
etary situation and the prospective meas
uyes for rs relief than for purely social
gathering
President George C. Williams, of the
Chemical National bank and president of
the Clearing House association, presided.
Mr.. Williams made a short speech intro
duoing Mr.. Eckels, who spoke as follows:
When accepted the invitation to be
present this evening 1t was that might
indulge myself with the personal pleasure
OF meeting some of the representatives OF
the great financial institutions in your
city. / did not then. nor do l now, intend
to make formal address, but there are
one or two things that may not be inap-
propriate to the time or occasion.
1.-THE condition which confronts the
American people is one that deserves the
thoughtful attention Of every citizen who
hos at heart the interests OF the country.
II 10 rot time Of panic, because we have
pAssed the peyiod in our history when
panic is a possibility, but it is one of
allow liquidation, the result Of undue spec
qlstion and unwise financial legislation.
hnft Ca 30, ha fyaipad lv tulrino m N
fright that Is unwarranted by either the
Immediate past or the immediate future.
"What tho American people ought to do
In the midst Of the failures that have oc-
Cured 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 local
ities In which they have occurred. After
such q study let them view the solvent in
stitutions everywhere about them, and
the conclusion that must irresistibly fol
aow is that the legitimate life of the coun-
try is not threatened, but instead will
aome out Of the present turmoil the
stronger for having passed through it,
I'm conservative business centers the
failures have been few, either in banking
OF other lines. Bad banking at any and
all times ts dangerous, and must inevita'
bly, bring disaster upon those who engage
In 1t. The present stringency has simply
kastened the closing Of some banks be-
ynuse they were inherently weak, others
Have closed as q resultant effect of having
kept alive the operations of spectators in
tho extreme west and in portions of the
south. The art has not as yet been discov
cred Of making sonnet hing out of nothing
and the fnancier who stakes his all upon
dn unbuilt city reaching out into the
waste places of the earth must bring about
the ruin Of his own and kindred institu
tions which have trusted in him and pin
ned their faith to assets yet unborn.
~Disasters have fallen upon the specu
lReivs institutions in boom cities of tn,
states of Washington, California. Colo
rado Kansas and Missouri which have II
turn injured solvent ones, but the state
It New Englsnd, and the east and middl
states, and those Of the northeast, not les
'----1-s.sp those Of the south, have thus far es
oaped and will, because the foundation OF
which they are built is of rock, and no
81 sand.
y''such q review rs that which have in
dictated capiibt but have the effect of quiet
ing the fears of tho timid and encouraging
those who have thus far maintained al
answering faith in the speedy coming O
better times. 1t ought to check those VIII
Invite disaster by Withdrawing from sol
vent institutions money which the deposi
cor cannot possibly uso. The people ar
hoping and asking much from the bank
of the country, In turn the banks hnv
the right Of considerate treatment froI
tho people,
lot those who have so long trnnsacte
business with the banking Institution
have sufficient confidoneein them to knol
and feel that il in years past they hay
proved safe, that they are likely TO do &
in tho present emergency Runs upo
banks but destroy the interest whic
otherwise would be protected, and thos
who indulge in them cause TO come abou
the thing which they say they wish I
avert. In conclusion permit me to sa
thatIindulge neither In extravaganza O
gpeeehyor undue aattery when / say this
the course followed by the banks of tn
great city throughout the stress has bee
such as to commend them to the goo
wishes of every citizen of the repubi
There has been displayed a wisdom thu
has met every emergency, and the sal
financial condition on the part of IL
banks has been q constant source of il
spiration TO all the country"
MIR Ecksls' remarks were received wit
applause. Mr.. Charles NJ. Preston, supe
intendent of New York state banks, WI
the next speaker He confined his remarl
Duthtlg " sshbe unhhlhSI anu uopluShte
the idea Of removing the 10 per cent. ta
on state banks unless some uniform sy
tenn OF regulating the currency be adopt,
by every state in the Union.
Each Of the other gentlemen prese
spoke briefly and informally, and NJ
Eekels was given very good idea Of VIII
the New York bankers would like Il
government to do in the way of trsasu
action and legislation at tho approachiI
session Of congress.