Morning journal and courier., 1893-07-19
NEWS BY TELEGRAPH. From All Quarters. NO NEED TO TAKE FRIGHT Passed the Period When a
 Panic is a Possibility. GREAT ExeIrEMEaT Ia DEayER Many of Its Banks Have
 Closed Their Doors. Al ITALIANS muRDER0US YORK STABBED HIS VICTIM
 WITH A sTILETTO.
Al ITALIANS muRDERoUS YORK
NOT A TIME OF PANIC.

| Comptroller EckeIs Says That Noih. l ing Gan be Gained by Taking 2 1 Fright That is Unwarranted-Bad l Banking is Dangerous Eastern | Banks BuiIded on Solid Rock and 1 Not on Sand.
 1 NEW YORK, July 1S-Comptroller of the Currency J. H. Eckels was guest to- 1 night of ex-Comptroller A. F. Hepburn at
 a dinner at ths Union League clab. Among those present were & number of
 the Chemical National bank and president | of the clearing house, presided. MT. Will Hams introduced MT Eckels, who made 0 speech, in which he said:
 'sThe condition which confronts the American people is one that deserves the thoughtful attention of every citizen who
 has at heart the interests of the country. It is not time of panic, because we have passed the period in our history when a panic is possibility, but 1t is one of slow liquidation, the result of undue speculation and unwise financial Iegisla- tion. Nothing is to be gained by taking on 8 fright that is unwasrsnted by either the immediate past or the immediate future.
 "What the American people ought to do in the midst of the failures that have oc cured is not te give way to uncalled for alarm, but to study the character of the institutions which have failed, the causes which have produced the failures snd the localities where they have occurred. After such study let them view the solvent institutions everywhere about them and the conclusion that must irresistably fol- low is that the life of the country is not threatened, but will come out of the tur- moil strengthened.
 Conservative centera have shown few failures either in banking or other lines. Bad banking at any and all times is dan gerous, and must inevitably bring disaster upon these who engage in it. The p1es- ent stringency has simply hastensd the closing of some banks, because they were inherently weak. Others have closed as a result of the effect of having kept alive the operations of spectators in the extreme west and in portions of the south. The art has not as yet been discovered of making something out of nothing and the fnan- cier who stakes his all upon an unbuilt structure reaching into the waste places must bring about the ruin of his own and kindred institutions which havc trusted III u1uu anu Dluutu tu6lT IdlLu to aSB6IS yet unborn.
 "Disasters have fallen upon the specule- tive institutions in boom cities of Wash inRton, California and Missouri, which have in turn In jared solvent onss, but the states of New England and the east middle states and those of the north west. not less than of the south, have thus far escaped and will, becau.e the foundations upon which they are builded is of rock and not of sand. Such review as that which have indicated cannot but have the effect of quieting the fears of the timid and en- couraging those who have thus far main- tained an unswerving faith In the spsedy coming of better times. It ought to check those who invite disaster by withdrawal from solvent institutions the money which the depositor cannot possibly use.
 ''The people are hoping and asking much from the banks of the country. In turn the banks have right to oonsiderate treatment from people. Lst those who have 80 long transacted business with the banking institutions have sufficient conf dence to know and feel that if in years past they have proved safe they are likely so to do in the present emergency. Runs upon banks but destroy the interests 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 MT. Eckels eaid that ths
 wise course followed by the banks of this city throughout the past stress has com mended them to the good wishes of every citizen of the republic.
 Mr. Eckels' remarks were received with applause. Bank Superintendent Preston spoke. He deprecated the idea of remov- ing the ten per cent. tax on state banks un- 1aoo r,rffN C nss currency be adopted by every state. Each of the other gentlemen present spoke briefly and MT. Eckels was given a good idea of what the New York bankers would like in the way of treasury action | and congressional legislation.