Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1893-07-27
The FINANCIAL SITUATION.

Comptroller Of the Currency Eckels Ell.
presses Himself on the Financial Situs-
tfon.
New YORK, July 19.-Comptroller Of
the Currency James 81. Eckels was
guest of his predecessor, ex-Comptroller
A d. Hepburn, at dinner at the Union
League club last evening. The affair
was stated by the distinguished diners
to be purely social given as a compli-
ment to the new comptroller and for
the purpose of enabling him to meet
the New York bankers
The gathering of SO many Of the
leading fnanciers of the country at
this particular time, and the presence
in this city of the comptroller of the
currency attracted much attention, and
the meeting between Mr.. Eckels and
the bankers was regarded as more of
conference on the monetary situation
and the prospective measures for its re-
lief than for a purely social meeting.
Comptroller Echels. in response to few
words of welcome from his host, Safdi
The condition which confronts the American
people is one that deserves the thoughtful at
tention Of every citizen who has at heart the
interest of the country. 1t Is not time OF
panic because we have passed period in
history when q panic is q possibility: but
1t is one OF slow liquidation. the re-
suit Of undue specula ton and un-
wise financial legislation Nothing Is to be
gained by taking on fright that is unwarrant-
ed by either the immediate past or the imme-
date future. 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 in
situations 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 IRE
sistibly follow is that the legitimate life of the
country is not threatened, but instead viii
come out of the present turmoil the
stronger for having passed through
it In conservative business centers the
failures have been few, either in banking or
other lines. Bad banking at any such times Is
dangerous and must inevitably bring disaster
upon those who engage in it The present
| stringency has simply fastened the closing OF
some banks because they were Inherently
weak Others have closed as b resultant effect
of having kept alive the the operations OF spec
uiators in the extreme west and in portions OF
the south The art has not been discovered OF
making thing out of nothing and the
fnancier who stakes his all upon an unbuilt city
reaching out into the waste places Of the earth
must bring about the ruin of his own and kim
| dred institutions which have trusted In him
| and pinned their faith to assets yet unborn
Disasters have fallen upon the specul alive in
situations in boom cities of the states of Wash
| ington, California, Colorado, Kansas and Mis-
| souri,, which have in turn injured solvent ones
4 out Inc states OF new England anu the east anu
| the middle states and those of the northwest
| not less than of the south. have thus far es-
| capped and why? Because the foundations upon
| which they are built rock and not sand
| Such review as that have indicated cannot
but have the effect of Quieting the fears of the
| timid and encouraging those who have thus far
maintain ed answering faith in the speedy
/ coming OF better times 1t ought to check those
who invite disaster by Withdrawing from sol
vent institutions the money which the
depositor cannot possibly The people are
hoping and asking much from the banks Of the
country In turn the banks have the right Of
| considerable treatment from the people Let
| those who have so long transacted business
| with the banking institutions have sufficient
| confidence in them to know and feel that If in
| years past they have proved safe that they are
likely so to do in the present emergency Runs
| upon banks but destroy the interest which 9th
| erwise would be protected and those who in
dulge in them cause TO come about the thing
| which they say they wish to avert
| In conclusion permit to say that I i'm
| duIge neither in extravaganza Of speech nor un
due fattery when say that the course fol
| lowed by the banks of this great city through
| the past stress has been such AS TO commend
| them to the good wishes of the citizens of the
| republic There has been displave1 a wisdom
| hat has met every emergency and the safe
financial condition of affairs on the part Of
| banks, has been constant source OF inSpira.
| ton to all The country