Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-19
CONTROLLER ECKELS.
THE EXISTING FINANCIAL CONDITION
OF THE COUNTRY.
Few Failures In Conservative Business
Circies-issd Banking Always Dan.
gerous-Duty of the Hour.
fBy telegraph to the Dispatch.I


Currency James III. Eckles was guest Of
his predecessor. ex-Comptroler 4. b. Hep
burn. at q dinner at the Union League
Club this evening. The affair was stated
by the distinguished diners TO be purely
social. given as compliment TO the new
Comptroller and for the purpose of en-
abling him to meet New York bankers.
The gathering of go many OF the leading
fnanciers of the country at tins particu-
lar tune. however. and the presence IN
this clty of the Comptroller of the Cur
rency, has attracted much attention. ard
the meeting between MIR. Eckels and the
bankers was regarded more a. conte-
renee on the monetary situation ana the
prOspectiye measures for its relies than rs
a purely social gathering.
George J. Williams. president OF the
Chemical National Bank. and preldent
also of the clearinghouse Association,
presided and made short speech, intro
duciug Nlr. Eckels. who spoke as folioWS;
MR. ECKELs's REuARKs.
COMPTROLLER Ec&els. IN response to few
words of welcome from his host, eX-Comp-
troller Hepburn, said: when accepted
the invitation To be present TINS evening
il was that might indulge myself IN tue
personal pleasure OF meeting some OF tue
representatives OF the great nnanclai
institutions Of your city. did not then,
nor do now intend to make a formal al
dress, but there are one or two things that
NAV not be inappropriate To the time or
season. A.,
The condition which contronts the
American people is one that deserves the
thoughtful attention OF every citizen VINO
has at heart the interests OF the country.
II is not time of panic, because we nave
passed the period IN our history wnen
panic is possibility. but II Is one OF SLOW
iiouIdation. the result of undue specula-
tIon and unwise financial legislation. No
thing IL TO be gained bv taking on fright
that is unwarranted by either the imm"-
date past or the immediate future.
WHAT OUGHT TO pE DONE.
"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 10 stud tne character or
the institutions which have failed, the
causes which have produced them, ana
the localities in which they have occurred.
After such study let them view the solvent
institutions everywhere about them hha
the conclusion that must lrrrsstIbly lol-
low is that tine Legitimate lie ot the coun,
trv il not threatened, but lnsiea VIII
come OUT OL tue ltNoNAA t"A siN'' Wv
stronger for having passed through II.
=" I'm conservative business centres the
failures have been few, either IN banking
or other lines. Bad banking ~ ANY aud
ALL times is dangerous and must inevitably
bring distrust upon those who engage ~
II. The present strngencY mas SIMPLY
hasteued the closing OF some banks oc-
cause they were inherently weak, others
having closed az a resultant effect of
having kept alive the operations ol speeu-
lators in the extreme West and III portions
of the South.
BooM.CITY BANKTNd.
THE art has not as yet been discovered
of making something out OF nothing. ana
the financler who stakes hrs ell upon an
unbuilt city reaching out into the waste
places of the earth mus; bring about the
ruin of his own and kindred interest.
| which have trusted IN hun aud pluneu
! their faith to assets yet unborn.
Disasters have fallen upon the specu
! latiye institutions III boom cities OF the
States of Washington. California, Colo
| RADIO. Kansas. and Missouri, which have IL
/ turn injured solvent ones, bnt TIE State'
/ of New England and the East. and th'
/ Middle States and those of the NorthweS
/ not less then those of the South. have
thus far escaped, aud will escape, bccaIsr
the foundation upon which they are build
| ed 3 OF rock and MT OF sand.
"Such "A review "a that winch have IN
dlca,ed cannot but have the etect o
ouietlnQ the fears Of the rlnld and en-
couraging those who have thus tar man
tanned an answering faith IN the specll
coming of better times.
UNwfsDoM OF RUNs.
at ought 10 check those who invite dis
aster by withdrawing from solvent lnstl
| tutlous the money which the dcpO,lt0
cannot possibly use. The peOple ar'
hoping and asking much from the bank
of the country. In turn tho banks hay'
rho right Of cons'dcrate treatment IRON
| the people Let those who have so Ion.
transacted business with the banklng IN
stltutions have sufficient confidence Il
| them TO know and feel ths: If IN years pas
! they have proved safe, they are likely 81
| 10 DO in the present emergency. l.un
uDon banks hut destroy interests whlcl
ofherwlse would be protected aud thos
! who indulge IN them cause TO come abou
the thing which they say they wish Il
avert.
" In conclusion permit me 20 say that
! indulge neither IN cXtraYaeanc5 OF speeci
nor updue hattery when ] say that tn
! course followed by the banks of this grea
city Throughout, the past stress has beel
such as TO commend them 10 the goo'
wishes of every good citizen of the repuo
lie. There has been displayed n wisdom
that has met every emergency, and IN
| sale financial condition OF affairs on tn
part Of the banks has been conStan
| source Of inspiration 10 all the country.
Mr. Eckels's remarks were received witt
applause.
AGAINST REMOVAL or 10 PR CENT. TAX.
Mr.. Charles NJ. Preston, Superlntonden
| Of New York State Banks, was the mex
speaker. lie confined lbs remarks entirel
To- State banking and deprecated the Ide
of removing the 10 per cent. tax on stat
hanks unless some uniform system OF regu
latlng the currency be adopted by ever
State III the Union.
Each OF the gentlemen present spok
! briefly and informally and Mr.. Eckels VA
gwen a yery good idea Of what the Ne'
! YORK bankers would like the governmen
TO do IN the way of Treasury action an
legislation at the approaching session q
-