The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-10-19
And NOW IT Is THU
BANKERS CONGRESS.
What Comptroller Eckles Thinks
Of Silver Men.
ARE Selfish TO A DEGREE
Bankers Have the Right to Shape
Financial Legislation.
The Sherman Law, Eckles Says, Is Re-
sponsible for Past Financial Trouble,
and a Menace to Our Flu
ture Prosperity.

Chicago, Oct. 1S-The Bankers
Congress, arranged by the Worlds
fair auxiliary, opened at the art in
stitute this morning with an address
of welcome by Mayor Harrison, fol-
lowed by President Rhawn. of the
American Bankers association. Re
ports of officers and other routine
business occupied some time. after
which Hon. ]. H. Eckels, comptroller
of the currency, was introduced and
delivered an address.
After briefly reviewing the financial
depression through which the country
with which the bankers of the country
met the unprecedented conditions,
Comptroller Ecl1els said, a complete
and permanent recovery from exist
ing troubles could not be expected un-
til our financial laws are made to ac-
cord with those that govern the
worlds trade. and until cur currency
takes uniformity and elasticity and
'our people are rid of the pernicious
doctrine that money which is cheap
and plenty is blessing and source of
wealth instead of a curse and the
cause of financial panic and ultimate
poverty"
Continuing, the comptroller said:
''But it is said in bringing about a
different set of financial laws, the
banking interests must hold aloof. 1t
is a striking Illustration of the extent
to which unreasoning passion and
prejudice have crept into our politics;
that in the nTaSont pn7prCanpU which
confronts the country the bankers are
compelled to hesitate as to the advis-
ability, from the standpoint of
prudence, Of activity urging the
repeal of a measure, which
stands confessedly as the source, in
the largest degree, of the past disasters
and a dire menace to future prosper
ity. Surely the banking interests of
the country are vast enough and of
sufficient import to warrant a respect
full hearing and careful considera-
ton without arousing the passions or
preiudices of any fair-ninded citizen
of the republic. 1t may be the bank
erS are selfish, but not more so, l ven
ture, than men in other walks of life.
Surely not more so than the silver in
terests which today inveigh most loud
ly against them, and yet with an in
consistency so marked that he who
4
ence to the public good. not only block
ing the wheels of legislation at Wash
ington, but unmindful of the voice of
the people and the press, are making
the fundamental principle of our gov
eminent, the right of the majority to
control. a kissing and a by-word that
they their own selfish purposes may
find fruition in legislative enactment
that will compel the government to be
1n ioJ no ,.nY7 of 1nfr 81
duction''
The comptroller went on to say that
bank stocks are not held by bankers
and rich people only but are widely
distributed and that bankers, as their
representatives, entrusted with the
financial management, represent
larger number of people. more widely
scattered. embracing more classes and
conditions of people, and possessed of
greater aggregate wealth, than any
other special interest in the country.
Therefore, they had right to be
heard in behalf of their clients and to
be protected from the influence Of
harmful laws. The comptroller closed
with a reference to the wisdom of the
existing banking laws and cautioning
the bankers against the dangers Of
1oaning money for use in purely specu-
lative enterprises.
george A Butter. or New Haven,
Conn, followed with an able paper,
entitled, practical Plan of Banking
and Currency"
George S. Coe, president of the
American Exchange bank. New York
presented resolutions for the creation
of special committees composed of one
member from each state and one from
the District of Columbia. to effect the
organization of national monetary
commission whose aim is to be the
adoption of a sound currency and
banking system. Pending the adop-
ton of the plan by the commission.
Congress is asked to hold in allowance
Ian projects looking to the amendment
Iof the currency laws, except the re-
lpeal of the Sherman purchasing
clause.
The resolution was referred to the
executive council with request for
immediate action.
The afternoon proceedings included
papers from E. H. Thayer, of Clinton,
la: w c. Crowell, of Buffalo, and
Thomas B. Patton, of New York.