St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-19
TALKS TO BANKERS.
COMPTROLLER EcKELS DELIVERS A
VERY THOUGHTFUL SFEEcH
at THE UNION LEAGUE CLUB.
Slow Liquidation Now Going on
the Result OF Undue Specula-
ton and Unwise Financial Leg
isIation-Tribute to Northwest
ern Soundness.


sIation-Tribute to Northwest
ern Soundness.
New YORK, July 18.-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. The affair
was stated by the distinguished diners
to be a purely social affair, given as
compliment to the new comptroller aud
for the purpose of enabling him to meet
the New York bankers.
The gathering of so many of the lead
ing financiers of the country at this
particular time and the presence in this
city of the comptroller of the currency
attracted much attention, and th9 meet
ing between Mr.. Eckels and the bank
ers was regarded more as a conference
on the monetary situation and the pros
pective measures for ITS relief than for
a purely social meeting.
As Mr.. Hepburn is not a member of
the Union League club, the dinner was
given in the names of Henry w. Can
non, president of the Chase National
bank. and Fred D. Tappen, of the Gal
latin National bank.
President George q. Williams. of the
Chemical National bank, and president
of the clearing house association. pre-
sided.
Comptroller Eckels, in response to
few words of welcome from his host,
Comptroller Hepburn, said
"When l accepted the invitation to
be present this evening it was that l
might indulge myself in the personal
pleasures of meeting some of the repre-
sentatives of the great financial institu-
tions of your city. l did not then, nor
do l now, intend to make a formal ad-
dress, but there are one or two things
that may not be inappropriate to the
time or occasion.
The condition which confronts the
American people is one that deserves
the thoughtful attention of every citi-
zen who has at heart the
Interest OF the Country.
sit is not a time of panic. because we
have passed the period in our history
when a panic is possibility; but it is
| one of a slow liquidation, the result of
! undue speculation and unwise financial
legislation. Nothing is to be gained by
taking on a fright that is unwarranted
by either the immediate past or the i'm
mediate future. What the Ameri-
can people ought to do in the
midst of the failures that have oc-
/ Cured is not to give way TO un-
called-fOr alarm, but to study the char
acter of the institutions which have
! failed, the causes which have produced
! them and the localities in which they
/ have occurred. After such a study let
them view the solvent institutions
! everywhere. also about them, and the
! conclusion that must irresistibly follow
! is that the legitimate life OF the country
! is not threatened. but Instead will come
| out of the present turmoil the stronger
| for having passed through it. In con-
| servative business centers the failures
| have been few, either in BANK
! ing or other lines. Bad banking
at any such times IS dangerous and must
! inevitably bring disaster upon those
]
! gency has simply fastened the closing
| of some banks because they we're in
! herently weak. Others have closed as
a resultant effect of having kept alive
! the operations of spectators in the eX-
| treme West ana in portions of the
| South. The art has not been discovered
Cf making something out of nothing,
! and the dnancier who stakes his all
upon an unbuiit city. reaching out into
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 Vet Unborn
Disasters have fallen upon the spec
| ulative institutiOnsand bOOm cities of the
! states of Washington, California, Col
orado, Kansas and Missouri. which have
| in turn injured solvent ones but the
states of New England and the East
ana the Middle states and those OF the
| Northwest, not less than OF the South.
have thus far escaped; and why-be-
cause the foundation upon which they
are built is rock and not sand. Such a
review as that as l have Indicated can
not but have the effect of quieting the
fears of the timid and encouraging those
who have thus far maintained an I'M
swerving faith in the speedy coming of
better times. 1t ought to check those
who invite disaster by withdrawing
from solvent institutions the money
which the depositor cannot possibly use.
The people are hoping and asking much
of the banks of the country. In turn,
the banks have the right of consider
ate treatment from the people. Let
those who nave so long transacted buSi-
ness with the banking institutions have
sufficient confidence in them 10 know
and feel that if in years past they have
proved safe that they are likely so TO
do in
The Present Emergency
Runs upon banks but destroy the
interest which otherwise would be pro-
tected, and those who indulge in them
cause to come about the thing which
they saythey wish to avert.
'In conclusion, permit me to say that
Indulge neither in extravaganza OF
speech nor undue fiattery when 1 say
that the conrse followed by the banks
Oh LllS SI6dI CllN luIOue II LllC pOSt SGLCSS
has been such as to commend them to
the good wishes Of the citizens of tht
republic. There has been displayed :
wisdom that has met every emergency
and the safe financial condition of
affairs on the part Of banks las been a
constant source OF inspiration to all the
country"
Charles NJ. Preston. superintendent
, of New York state banks, was the mex
speaker. He confined his remarks tC
state banking. and deprecated the idea
of removing the 10 per cent tax on state
banks unless some uniform system o
regulating the currency be adopted by
every state in the Union.
Each of the other gentlemen spoke
briefly and informally, and Mr. EckeI