The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-20
danger that paymentof the interest and
principal might have to be accepted in
COURAGE AND JUDGMENT

ON the Part OF All Good Citizens ars
Needed Now-Ex,C Comptroller Laeey's
Encouraging Words.
CHICAGO, ILL.,, July l0,-Ex'Comp.
tEoller Of the Currency Lacey, president
OF the Bankers National bank, Of this
city, in speaking Of the financial situa-
ton, says;
Aside from the recent bank failures
in Kansas City aud Denver and their
effect upon tho regions tributary to
these cities, the country seems to be re-
covering from the recent severe strin-
gency which has prevailed for the past
three months. It Is probable that the
disturbances at Denver are the out
growth OF the recent silver agitation
aud the consequent depression in re.
lated industries, Want OF confidence,
resulting from an unusual number OF
failures, has been tho chief cause OF
the recent disasters which the public
presa has been called upon to record.
Its well to remember, however, that
the Rumber OF bank failures alluded to
has borne a very small proportion to
the total number OF institutions doing
business In the United States. Here
and there unsound conditions have de.
veloped and failure has resulted, but
the great body OF the banks OF this
country possess an abundance OF sound
assets. and will be found able to meet
all calls made upon them. Depositors
in banks who are so unwise as to make
demands upon them for funds which
they do not need are simply adding TO
aggra"ate the existing conditions and
unnecessarily embarrass the industries
upon which all alike are dependent for
q livelihood.
The epidemic Of distrust has overruu
nearly the entire country, and these
later cases are simply the last outbreak
which precedes the return OF healthful
conditions. It is fortunate that the
demonstration at Kansas City has been
delayed until the harvests are we'll un.
der way, as the marketing Of the I'M
menSe crops OF tho Mississippi valley
will speedily replenish tho drain upon
the banks by reason Of this aenseless
scare, and we shall soon see those in tho
interior strengthened by the payment
Of maturing paper. AS these local in
stitutiona replenish their cash 1t will
overflow into the reserve cities, and 90
the whole banking system will be re-
stored to It's normal condition OF
strength, aud be enabled 10 afford such
accommodations to those engaged In
legitimate enterprises as will again I'M
part healtltul activity to the indus.
tries OF the entire country. The meet.
ing Of Congress is near at hand, and
there seems TO be no reasonable doubt
Of the speedy repeal Of the silver pur-
chasing clause Of the Sherman act. The
importation OF gold has already set In,
and will undoubtedly increase as the
effect Of the already large expectation
Of cereals produces its legitimate results.
New York banks have commenced
retiring clearinghouse certificates, and
are abundantly able to meet the de-
mands OF Legitimate business, and the
panicky condition Of the stock market
need not necessarily excite distrust.
The Chicago banks are steadily gaining
In deposits and in cash reserve, and
this Is also true Of most Of the reserve
cities in the interior. The recuperative
powers ot the country arc now actively
employed, and In all probability will in
tho near future restore the conditions
necessary TO a renewed era Of pros.
perisy. What Is most needed now is
the exercise OF courage and sound
judgment upon the part OF every good
citizen in the land, and forbearance
on the part OF the public press from
magnifylng the importance OF the fail
ureS which will inevitably occur, even
though We speedily realize our highest
expectations in the way OF renewed
confidence and increased business
activity