The Helena independent., 1893-07-19
IS NOT A TIME Of PANIC.
Com ptroller Eckels Discusses the
Financial Situation Before Lead
ing Finanoiers
The Legitimate Life Of tho Coun-
try not Threatened In tho
Least.
Peopls Should net Invite DisAstsF-BankS
Have Proved snfe and Will DO
10 Now.

New YORK, July 18.--Comp ptvollss Of Cur
renoy James II. Eoksls was the guest Of his
predecessor, Ex-Conptroller A. B. Hep
burn. At dinner 81 the Union Lssaus olub
this evening. Tho affair WAS stated to be
purely social. but owing 70 the gathering
Of msny leading hnanoisrs In the city II
was generally regarded moro ~ q confer
ence on the monetary situstion and pYos-
peotive measures for relief than . purely
social meeting. The dinner was given In
tho names Of President Cannon. of the
Chase National bank. and President Tap
pen, Of shs Gallatin Nationsl bank, A.
Hepburn IL not . member Of the club.
President Williams OF the Chemical Ma
tienal, and also president Of the Clearing
House association. presided. In response
to few words Of Welcome from the host
Eokels made 3 brief speech.
The comptroller said, In part: "Ths oon-
dition which conf1onts the American poo
pls deserves the thoughtful attention of
every citizsn. II 10 not time Of panic. but
OF slow liquidation, ths resslt Of sndus
speculation and unwiss financial legisla-
tion. II citizens would study the character
Of the institutions which have failed, The
causes and localities in which they occurred.
and then view the solvent institutions every
whore. also about then, the conclusion shat
must follow is that the lsgitimats life Of
the country IL not threatened. but instead
will como out Of the present turmoil
stronger for having passed thsesgh IL.
bad banking must inevitably bring dis
aster upon those who engage In II. The
present stringenoy has simply hsstened the
- @R k~ k~
Inherently weak; others were closed % re-
suit of keeping alive the operations Of
spsoulators In the extreme west and por-
tions Of the south. The art has not been
| discovered Of making somethina out Of
nothing. and the nnancieY who stakes his
all upon an unbuilt city. reaching ont into
waste places. snust bring shout The iuiA Of
his own kindred institutions which trusted
In him and pinned their faith to assets yss
| unborn.
| Disasters have fallen upon speculative
/ institutions and boom cities Of the states
Of Washington. California. Colorado. Kan
sas and Missouri. which have In turn in-
juHsd solvent ones. but the states Of Ne y
England and the east and the northwest
have Thus far sscapsd, and will, besAuss thl
foundation upon which they are tnils Il
rock, and mot sand"
The comptroller said the people should
not invite disaster BY Withdrawing from
solvent institutions money the depositorl
cannot possibly use. People are hoping
the banks have the right Of eonsidsrata
treatment from the people. Let those who
have long transacted business with banking
institutions have sufficient confidence in
them to know snd feel that il in years past
they proved safe, they are likely 70 do o.
now. People who indulge in runs ON banks
cause to come about the very thing they Gay
they wish TO avert"
Charles M. Preston, superintendent Of
New York state banks. spoke on state bank
ing. dspreoat the idea Of removing The
10 per cent tax unless some unifosm system
of regulating currency 10 adopted In every
state of the union. Other gentlemen spoke
was given a good idss of what the New Yofk
bankers would like the government TO do IN
regard to treasury action and legislation N
the approaching session.