The record-union., 1893-10-19
Special to the RncoRD-UxIoS.

Special to the RECoRD-UNIoN.
CHICAGO, Oct. lS.-The Bankers Con-
gress arranged by the Worlds Fair Aux
iliary opened at the Art Institute this
morning with an address of welcome by
Mayor Harrison, followed by President
Rhawn of the American Bankers Asso-
citation.
Reports of officers and other routine
business occupied some time, after which
Hon. j. H. Eckels, Comptroller of the
Currency, was introduced and delivered
an address.
After briefly reviewing the financial
depression through which the country is
passing and the remarkable skill with
which the bankers of the country met the
unprecedented conditions, Comptroller
Eckels said a complete and permanent
recovery from the existing troubles could
not be expected until our financial laws
are made to accord with those that govern
the worlds trade, and until our currency
takes uniformity and elasticity and ''our
people are rid OF the perniciOus doctrine
that money which is cheap and plenty is
a blessing and a 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 different set
OF financial laws the banking interests
must hold aloof. 1t is a striking iIlustra-
ton Of the extent TO which unreasoning
passion and prejudice have crept into our
politics, that in the present emergency
Which confronts the country the bankers
are compelled to hesitate as to the adViSa-
bility, from the standpoint of prudence,
OF activity urging the repeal of meas
IRE which stands confessedly as the
source, in the largest degree, of past dis
asters, and a dire menace to future pros
perity. Surely the banking interests of
the country are vast enough and of suffi-
cient import to warrant respectful hear
ing and careful consideration, without
arousing the passions or prejudices of any
1air-miIded citizens or the republic.
''It may be the bankers are selfish, but
not more so, I venture than men in
other walks of life. Surely not more so
than the silver interests, which to-day
inveigh most loudly against them, and
yet with Inconsistency so marked that ne
Who runs may read, and, with selfish in
difference to the public good, are not only
blocking the wheels of legislation at
Washington, but unmindfuI of the voice
OF the people and the press, are making
the fundamental principle of our Govern
ment the right OF the majority to control,
a kissing and a byword, that their own
selfish purposes may find fruitiOn in a
legislative enactment that viii compel
che Government to De the special patron
Cf their special product"
The Comptroller went on to say that
bank stocks were not held by bankers
and rich people only, but were widely
distributed, and that the bankers, as their
representatives, were trusted with finan-
cial management and represent a 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 the right to be
heard in behalf of their clients and to be
protected from the influence Of harmful
laws. The Comptroller closed with ref
erence to the wisdom of the existing
banking laws and cautioning the bank
ers against the dangers of loaning money
for use in purely speculative enterprises.
George A. Butler OF New Haven, Conn,
followed with an able paper entitled.
1.-The Practical Plan OF Banking and Cur
rency.'
George S. Coe, Presidept of the Ameri-
can Exchange Bank of New York, pre-
sented resolutions for the creation OF
SPECIAL committees, composed Of one
member from each State and one from
the District of Columbia, to effect an or
ganization to be known as the National
Monetary Commission, whose aim shall
be the adoption Of sound currency and
banking system. Pending adoption of
the plan by the commission, Congress is
asked to hold in allegiance all projects for
amendment of the currency laws except
the repeal of the Sherman purchasing
clause.
The resolutions were referred to the
Executive Council, with request for
immediate action.
The afternoon proceedings included
papers from L. II. rhayer of Clinton, La:
". c. Crowell of Buffalo, and Thomas b.
Patton of New York.