The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-22
FrTELS AND HIS WAYS.
20 !, Young In Years, But Old In
Brain Power.

49,. Things About the Controller Of
~. currency That VIII Interest
hers and Business Men Here and
Elsewhere.
l5...rt occurrences Of local interest
,.,..-.aie James H. Eckels, of Illinois,
.~.rs,y controller Of the currency.
-aIked-abOut young man. For he
- .r,ug man. Just getting well into the
.s,.-f,-. Notwithstanding the fact that he
ho.4. one Of the most important of the
a,...-,tiye Offices under Mr. Clevelaud's
es,rfrt-tration. At the time of MIR Eek
a. appaiutment he was an unknown man.
v-squ tine nomination went to the Senate
oca Monday morning the universal ques-
zion went up: Who is this man Eckels}
Trs question that followed was: What
doe. he know about banks
The answer to the first question was
,rst MIR Eckels was a practicing lawyer
trora Ottawa, Ill d writer on tariff sub
- and a friend of the President The
answer to the second, widely published
and generally accepted, was that Mr..
TI,ss knew nothing about banks-iu
al il was common report that he had
re,rr been in a bank. This was gross
syaogaratiou, but it is Il fact that Mr.
FrspIs had no more knowledge of bank
a. than any other good lawyer who has
no- taken an especial interest in
banking matters; in fact, Mr.. Eckels CON
tessrd to a Chicago Herald representative
tb.t he had never read the national bank
.-art IN its entirety before his appoint
There was a howl from many of the
senators over the appointment. The
leaders of finance in the Senate went to
the secretary of the treasury and the
president and urged that it be with
drawn Mr. Carlisle said that he had
had nothing to do with the appointment.
Mr. Cleveland said that he had made it
after intelligent consideration, and that
ftbe Senate chose to reject Mr.. EckelS
berause of his lack of experience in bank
inc. he would promptly nominate another
man who knew quite as little The Sen
ate had held up the nomination, hop
ing TO have it withdrawn There
was an impression among the sena-
tors that the appointment was all a
mistake anyway somehow the Pres
dent had picked the wrong name out of a
hat. or that the clerks In making out the
appointment papers had juggled two of
MIR Cleyeland's selections and given Mr.
Fr,pIs the wrong Office. When the sena-
tors learned that they were mistaken, and
that Mr. Cleveland proposed to uphold
Nlr Eckels, they reluctantly confirmed the
nomination, with an inward prayer that
the national banking system would not
go To the demnitiOn bowwOws before the
President learned what mistake he had
made
The importance of the Office to which
Mr. Eckels had been appointed will be
understood when the duties Of a comp
tr0ller Of the currency are outlined. The
comptroller of the currency has entire
control of:
The organization of national banks
. The appointment with the approval of
the secretary of the treasury Of all national
bank examiners
3. The preparation and issue OF national
bank circulation.
The examination and consolidation of
the reports of national banks
3. The redemption and destruction of notes
issued by national banks.
The closing up of the affairs of all failed
national banks through receivers appointed
by him.
FORMER CONTROLLERS OF THE CURRENCY.
The men who had occupied this position
before Mr., Eckels, had been men of distinc-
ton in finance. The most famous of them,
excepting Hugh McCulIoCh, was John Jaw
Knox. he received his business training
in bank and was advanced TO the posi-
lion of controller through a number of
minor grades in the treasury service, end
ing in the deputy controllership. He
remained in office from 1872 to 1884, and
MS reports constitute a standard author
ltF ON the financial questions that arose
during his term. That this financial au-
thoritN should be succeeded by a beard
less young man who fourteen years ago
was attending a law school, at Albany,
seemed little less than sacrilege TO old
senators ike Sherman and Morrill,.
But Mr.. Eckels has had his chance,
and if Mr. Cleveland surprised the coun-
IT, by appointing him he has given it a
surprise hardly less startling by his adj
mmlStrtiOn of the Office He has shown
himself to be a clear-headed, practical,
'ommon-sense man. He has tried TO ad-
minister the law as he found it, on the
luroiE that that was what he was here
lori Dut he has shown an independence in
DIS administration Of it which has utterly
surprised the men who thought him
youthful and inexperienced He has
adopted Davy Crocketu's motto: First
Dc sure you're right and then 90 ahead "
ii he has not been right in all that he has
cone he has nsed his best efforts to that
end at least
reporter had a conversation with Mr..
LyErls only few days ago about him
sen ms appointment and the conduct of
Ills oitce. He has made firm friend of