The morning call., 1893-10-19
NEED OF SOUND CURRENCY.
&lfiShness of the Men Who Are
Interested in Silver.
WHO HOLDS THE BANK STOCKS!
The Comptroller of the Currency
Has Evidently Learned His
Lesson Pretty Thoroughly.

CHICAGO. Oct 18.-The bankers con-
gress arranged by the Worlds Fair aux
ilary opened at the Art Institute this
morning with an address of welcome by
Mayor Harrison, followed by President
Rhawn of the American Bankers Associa-
tiOn.
Reports of officers and other routine
business occupied some time, after which
Hon. j. H. Eckels, Com mptroller of the
Currency. was introduced and delivered
an address.
After briefly reviewing the financial de-
preston through which the country is
passing, and the remarkable skill with
which the bankers of the country met the
un precedented conditions, Comptroller
Eckels said a com plete and permanent re-
covery 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 sour 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 fin cial 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 striking llustra-
ton of the extent to which unreasoning
passion and prejudice have crept nto our
politics. that in the present emergency
which confronts the country the bankers
are ompelled to hesitate as to the advisa-
biity, from the standpoint of prudence,
of actively urging the repeal Of a
measure which stands confessedly as the
source, in the largest degree. of past dis
asters, and dire menace to future pros
perity. Surely the banking interests of
the country are vast enough and of suffi-
cient i'm port to warrant respectful hearin e
and careful consideration without arousiDg
the passions or the prejudices OF any fair.
minded citizen of the republic.
''It may be the bankers are selfish, but
not more so. venture, than men in other
walks of life. Surely not more so than
the silver interests, which to-day inveig b
most loudly against them, and yet. with
inconsistency so marked that he who runs
may read, and, with selfish Indifference to
the public good, are not ouly blocking the
wheels Of legislation at Washington, but
unmindful of tho voice of the people and
the press. are making the fundamental
principle of our Government, the right of
the majority to control. Kissing and q
byword. that their own selfish purposes
may find fruition In legislative enact
ment that will compel the Government to
be the special patron Of their special
product"
The Comptroller went on to say that
l. 4 l. L
rich people only, but were widely distrib-
uted, and that the bankers, as their repre-
sentatives. we're trusted with financial
MANAGEMENT and represent a larger num-
Der Of people. more widely scattered, em-
bracing more classes and conditions of peo-
pie 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 pro-
tected from the influence of harmful laws.
The Comptroller closed with reference to
the wisdom of the existing banking laws
and cauti0ning the bankers 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,
"The Practical Plan of Banking and Cur
rency."
George S. Coe, president Of the Ameri-
can Exchange Bank of New York, pre-
sented resolutions for the creation of a
special committee. composed Of one men,
ber from each State and one from the
District of Columbia. to effect the or
ganization of q national monetary com.
mission, whose aim will be the adoption of
a sound currency and banking system.
Pending tho adoption of q plan by the
commission Congress is to be asked to
hold in allegiance all projects for the
amendment Of the currency laws except
the repeal of the Sherman purchasing
clause. The resolutions were referred to
the executive council. with a request for
immediate action.
The afternoon proceedings included
papers from E. 81. Thayer of Clinton,
Iowa; w. C. Crowell of Buffalo and
Thomas B. Patton of New York.
MORTON ON PARTING.
He Takes Occasion to Score the
AIIScnCo