The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-26
COMPTROLLER ECKELs' SPEECH.
His Views of Bad Banking and
s.BOom'' institutions.

HIS views OF buu bhhklhB aHu
'.BOOm" institutions.
NEW YORK, July 1S.-Comptroller of
the Currency James II. Eckels was
guest of his predecessor. ex-Comptroller
A. B. Hepburn at dinner at the Union
league club this evening. He spoke as
follows:
1.-THE condition which confronts the
American people is one that deserves the
thoughtful attention of every citizen who
has at heart the interest of the country.
1t isn't time of panic because we have
passed the period in our history when
panic is a possibility, but il is one OF
slow liquidation, the results Of undue
speculation and unwise financial legis-
lation. Nothing is to be gained by tax
ing on a fright that is unwarranted by
either the immediate past or the imme-
date future.
What the American people ought to
do In the midst of the failures that have
occurred is not to give way to uncalled-
for alarm, but to study the character or
the institutions which have failed, the
causes which have produced them and
the localities in which they have &C.
Cured. After such a study let them
view the solvent institutions every
where about them, and the conclusion
that must irresistably follow is that the
le&lllIndle lie Oh the country 10 nOl
threatened, but instead will come out
of the present turmoil the stronger for
having passed through it, In conSerVa-
tive business centers the failures have
been few either in banking or other
lines. Bad banking of any and all
kinds is dangerous and must newt
ably bring disaster upon those
who engage in it. The present
stringeucy has simply fastened the
closing of some banks because they
were inherently weak. Others have
closed as a resultant effect of having
alive the operations of spectators in
the extreme West and in portions of
the South. The art has not been dis
covered of making something out of
nothing, and the financier who 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 i'm him and pinned their faith to
assets unborn.
Disasters have fallen upon the specu-
lative institutions in boom cities of the
states of Washington. California, Colo
RADIO, Kansas and Missouri which have,
in turn injured solvent ones, but the
states Of New England, the east and
middle states and those of the north
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 a re-
view as that which I have indicated
cannot but have the effect Of quieting
the fears of the timid and encouraging
those who have thus far maintained an
answering faith in the speedy coming of
better times.
cit ought to check those who invite
disaster by Withdrawing from solvent
institutions the money which the de-
positor cannot possibly use. The people
are hoping and asking much from the
banks of the country. In turn the banks
have the right to considerate treatment
from the people. Let those who
have so long transacted bushes with
the banking Institutions have sufficient
confidence in them TO know and feel
that If in years past they have proved
safe they are likely so to do In the pres
ent emergency. Runs on banks but de-
stroy the interest which otherwise would
be protected and those who indulge in
them cause TO come about the thing
which they say they wish to avert.
"In conclusion, permit me to say that
I indulge neither extravaganza of speech
or undue fiattery when say that the
course followed by the banks OF this
great city through the past stress has
been such as to commend them TO the
good wishes Of the citizens OF the pub