The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-19
COMPTROLLER EcKEhs
Makes Speech on the Monetary sltua
ton Confidence in tho Banks,


Makes u Speech on the Monetary sltun.
tIon-Conldence in the Banks.
New YoRK, Luly ls.-Comptroller OF
the Currency James H. EekeIs was o
guest Of his predecessor, ex.C Comptroller
A. b. Hepburn, at dinner at the Union
League club this evening. The affair
was stated by the distinguished diners
to be a purely social affair, given as q
compliment to the new comptroller and
for the purpose OF enabling him to meet
tho New York bankers.
The meeting between Mr.. Eckels and
the bankers was regarded moro as u
conference on the monetary situation
and tho prospective measures for its re-
lief than purely social gathering.
AS Mr.. Hepburn ia not member OF
the Union League Club the dinner was
given in the names OF Henry w. Cannon,
president OF the Chase National Bank,
and Frederick d. Trappen, oi the Gal.
latin National Bank.
President George Williams, OF the
Chemical National Bank, and president
OF the Clearing House Association, pre-
sided,
Comptroller Eckels. in response to a
few words Of welcome from bis host,
Ex-Comptroller Hepburn, said:
"1he condition which confronts the
American people, is one that deserves
the thoughtful attention OF overy citi-
zen who has ut heart the interests Of
the country. It is not time
of panic because we have passed
the period in our history
when a pauic is a possibility,
but it ia one OF alow liquidation, the
result Of undue speculation and unwise
financial legislation. Nothing ia to be
gained by taking on fright that is un-
warranted by either the immediate
past or tho Immediate future. What
the American people ought to do in
the midst OF tho failures that have
occurred is not to give way to
uncalled for alarm, but to study
the character OF the insti.
tutiona which have failed; the causes
which have produced them aud the
localities in which they have occurred.
After such study let them view the
solvent institutions everywhere about
them and the conclusion that must
irrosistably follow is that tho legitimate
life Of the country Ia not threatened but
instead will come ont OF the present
turmoil the stronger for having passed
through it.
"The present stringency has simply
hastened the closing OF some banks be.
cause they were inherently weak.
Others have closed as resultant effect
Of having kept alive tho operations OF
spectators In the extreme west and in
portions Of the south, The art has
not been discovered Of making
something ont OF nothing and the hnan-
cier4who 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 institutions
which have trusted in him and pinned
their faith to assets yet unborn.
"Disasters have fallen upon the spec
ulative institutions in boom cities in
the states OF Washington, California,
Colorado, Kansas and Missouri, which
have in turn injured solvent
ones, but tho states Of New
England and the east and middle
states and those oil the norln-
west, not less than Of the south have
thus far escaped and will because the
foundations upon which they are built
is OF rock and not Of sand. Such re.
view as that which have indicated
cannot buthave the etlectof quieting the
fears Of tho timid and encouraging those
who have thus iar maintained an un.
swerying faith in tho speedy coming Of
the better times. 1t ought to check
those hoinvite disaster by withdrawing
from solvent institutions the money
which the depositor cannot possibly
use. The people arc hoping and asking
much from tho banks Of tho country.
In turn tho banks have tho right Of
considerate treatment from tho people.
Each OF the other gentlemen present
spoke briefly and informally, and Mr..
Eckols was given very good idea OF
what tho Now York bankers would
like tho government to do in the way
Of treasury action aud legislation at tho
approaching session OF Congress. b.