The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1893-07-19
HCKELS CONFIDENCE.
The Comptroller of the Currency
on the Money Question.
THERE NEED BE NO FEAR OF PANIC

Tho Existing Condition of Affairs the Re-
suit OF Unwise Legislation and Undue
speculation-No Nothing to be Gained by
Taking on Fright That Is Unwarranted.
NEW York, July o-Comptroller Of the
Currency James IL. Eckels was guest of
his predecessor eN Comptroller A. b. Hep
burn, at dinner at the Union League club
last evening. The gathering of so many
of the leading financiers of the country at
this particular time, and the presence in
this city of the comptroller of the currency,
attracted much al ention, and the meeting
between MIR Eckcls and the bankers was
regarded more rs a conference on the mon
etary situation and the prospective meas
ures for its relief than for a 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
ducing Mr. Eckels, who spoke as follows.
When l accepted the invitation to be
present this evening IL 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 now, intend
to make a formal address, but there are
one or two things that may not be inap-
propriate to the time or occasion.
"The condition which coufronts the
American people Is one that deserves the
thoughtful attention of every citizen who
has at heart the interests of the country.
1t is not time of panic, because we have
passed the period in our history when a
panic is possibility, but it is one of
slow liquidation the result of undue spec
ulation and unwise financial legislation.
Nothing is to be gained by taking on a
fright that is unwarranted by either the
immediate past or the immediate future.
What the American people ought TO do
in the midst of the failures that have oc-
Cured is not to give way to uncalled for
al n, but to study the character of the
institutions which have failed. the causes
which have produced them, and the local
tiles IN which they have occurred After
such a study let them view the solvent in
stitutions everywhere about them, and
the conclusion that must irresistibly fol
low Is that the legitimate life Of the coun-
try is not threatened, but instead will
come out Of the present turmoil the
stronger for haYing passed through it.
I'm conservative business centers the
failures have been few, either in banking
or other lines. Bad banking at any and
all times is dangerous, and must inevita-
bly, bring disaster upon those who engage
in it, The present stringency has simply
hastened the closing of some banks be-
cause they were inherently weak, others
have closed as a resultant effect of having
kept alive the operations of spectators in
the 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 tinancier 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 kindred institu-
tiOns which have trusted in him and pin
ned their faith to assets yet unborn
"Disasters have fallen upon the specu-
lative institutions in boom cities of the
states of Washington, California Colo
rado, Kansas and Missouri which have in
turn injured solvent ones, but the states
of ew England, and the east and middle
states, and those of the northeast, not less
than those of the south, have thus far es-
capped and WILL because the foundation on
which they are built is of rock, and not
of sand.
Such a review rs that which have in
dicated cannot but have the effect of quiet
those who have thus far maintained an
answering faith in the speedy coming of
better times 1t ought to check those who
invite disaster by withdrawing from sol
vent institutions money which the deposi-
tor cannot possibly use. The people are
hoping and asking much from the banks
of the country In turn the banks have
the right of considerate 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 likel to do so
in the present emergency. Runs upon
banks but destroy the interest which
otherwise would be protected, and those
who indulge in them cause to come about
the thing which they say they wish to
avert. In conclusion permit me to say
that indulge neither in extravaganza of
speech or undue flattery when / say that
the course followed by the banks of this
great city throughout the stress has been
such as to commend them to the good
wishes of every citizen of the republic
There has been displayed a wisdom that
has met every emergency and the safe
financial condition on the part of the
banks has been a constant source of in
spiration TO all the country"
Mr. Eckels' remarks were received with
applause. Mr.. Charles NJ. Preston, suner-
intendent of New York state banks, was
the next speaker. He confined his remarks
entirely to state banking, and deprecated
the idea of removing the 10 per cent. tax
on state banks unless some uniform sys-
tenn of regulating the currency be adopted
by every state in the Union.
Each of the other gentlemen present
spoke briefly and informally, and Mr.
Eckels was given a very good idea of what
the New York bankers would like the
government to do in the way of treasury
action and legislation at the approaching
session Of congress.