Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-19

voice Of people and Of press, are making
the fundamental principle OF our govern
ment tue rignt Of the majority TO control,
''a kissing and by-word" that their own
selfish purposes may find fruitiOn in legis-
lative enactment will compel the govern
ment TO be the special patron
OFTHEIR SPECIAL PRODUCT.
These critics who would debar the banker
because Of the business in which he is en-
gaged, from being heard when grave hnan-
cial policy engage the law making powers,
seem 10 forget that the bank stocks are not
al. held in cities by capitalists and mer-
chant princes, but that every town and
village boasts Of its bank, the stock OF
which is owned by men Of moderate means,
by merchants. farmers and mechanics.
They forget that the deposits placed in the
custody OF the bankers OF the country are
Of the many aud not the rev, who entrust
% them their earnings and expect Of them
a wHtchfulnesS that no hnsnclaI dis
aSter, through legislation or otherwise
shall shsue, ana because OF THIS
they would be derelict in the discharge OF
a duty which they owe to a CIlentaga
larger in number, more widely scattered,
en- uracing more classes and conditions OF
people and possessed OF greater aggregate
wealth than any special interest within our
I
this, with all the power at their command
insist that the rights Of those whose inter-
ests have been placed with them were pro-
tected from the wasting influence Of harm
ful laws Therefore when these dangers
% the public good are upon US, lot no
banker hesitate 20 discharge his trust be-
cause of the utterance OF some demagogue
striving 70 win votes in coming elections,
but
HAVING An ABIDING FAITH
in the fairness Of the American people, let
him give utterance 20 his views through
speech. petitions OF the columns Of the
press upon every financial proposition that
is under consideration, discuS Sing 10 not
from the standpoint Of the shop i'll may
be permitted 10 use such phrase, out
upon the broader grounds Of public good
aud sound economic principles, and he may
rest assured the time will speedily come
when the interest Of the bank will be
treated by our public men as dlspassionate-
Nv as that of any other business institution.
But what shall be learned from all this
season Of disaster. It was but yesterday
that a distinguished citizen Of the republic
gave utterance 70 the statement that the
disasters through which our people hava
Just passed, costly as they have been, would
not have been TOO dearly purchased If from
them there should be gathered sufficient
wisdom 90 avoid IN the future the errors
which brought them upon us. The bank
ers OF the country ought 70 gather some
lessons from il all. ] am sure some were
not as strong 70 withstand the drafts made
uDon them as they would have been had
they kept in mind IA times Of great pros
pority the necessity OF 80 banking as 70 be
prepared FOR times Of financial stringepcy.
Competition for business is carried TO the
danger point by many, and the desire TO
secure large business has led 70 the TAX
ing of risks not consistent with prudent
methods Not less a source of weakness
has been the fact that 10 too large an eX-
tent has been carried the paper OF those
engaged IN purely speculative enterprises,
the value Of which is nt the best
LARGELY FICTITIOUS,
and in times Of great depression is worth
less, and when % this is coupled the fur
ther fact that there is too little tendency
on the part OF banks 20 distribute their
loans and too great desire 70 place them
with large corporations, the reason is not
wanting for many suspensions and not a
few failures.
LISA source Of constant complaint on
the part Of national banks that II is un-
reasonable 70 hamper them by limiting
their loans 70 10 per cent OF the amount OF
their capital stock, but the events OF the
past months have demonstrated the wis
dom Of that provision and makes more
strong the belief that a more strict adher-
ence % 10 would make the banks stronger
instead of weaker when threatened by
financial panic No section Of law is so
frequently violated, and In none is there
so great safety for careful banking.
In conclusion, Mr.. President, let me say
that the greatest safeguard to the bank
ing interests must always rest in the wis
dom. the high character, the absolute iu-
tegrity OF those who manage and conduct
these institutions, whether they be nation
al. State or private. The officers Of the
law must look to them for constant aid and
il mindful Of the law and regardful Of their
duty toward those who have placed faith
in their probity, they need have little fear
Of disastrous banking or dishonest
dealings.
"A practical plan Of banking and
currency" was a subject treated in a
very able manner by Mr.. George A.
Butler, of New Haven, Conn. Mr.,
Butler read long paper which was ap-
parently interesting.