The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-19
THE COUNTRY Is ALL RIGHT
Sound Talk from the Comptroller
of the Currency.
CAUSE OF PRESENT TROUBLE
The People Are Hoping and Asking
Much from Banks.
In Turn the Banks Have the Right of Con-
siderate Treatment from tho People
Runs Produce the Very Things
They WISH to Avert.

NEW YORK, July 18.-Comptroller of
the Currency james H. EckeIs was the
guest of his predecessor, ex- Comptroller
A. B. Hepburn, at dinner at the Union
League club this evening. The affair was
stated to be purely social, but owing to
the gathering of many leading financiers
the city was generally regarded more as a
conference on the monetary situation and
prospective measures for relief than a
purely social meeting.
The dinner was given in the names OF
President Cannon of the Chase National
bank, and President Happen of the Gal
latin National banks, as Hepburn is not
a member of the club. President Will
liams of the Chemical National and also
president of the Clearing House Associa-
ton, presided In response to few
words of welcome from the host, Mr.
Eckels made brief speech.
The comptroller said in part. 'sThe con-
dition which confronts the American Deo-
pie deserves the thoughtful attention of
every citizen. 1t IS not the time Tor a
panic but of slow liquidation the result
of undue speculation and unWise financial
legislation. If citizens would study char
acter in the situation which have
failed, the causes and localities IN
WIlCu bueJ anu IUSu VIEW
the solvent institutions everywhere,
also about them, the conclusion that
must follow is that the legitimate life of
the country is not threatened, but in
stead will come out of the present turmoil
stronger for having passed through it.
''Bad banking must inevitably bring
disaster upon those who engage in it.
The present stringency has simply
FASTENED the closing of some banks be-
cause they were inherently weak; others
were closed as result of keeping alive
the operations OF spectators. In the ex-
| IRENE west and parts 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 unbuiIt city reaching out
into waste places must bring about the
ruin of his own and kindred institutions
which trusted IL him and pinned their
faith to assets yet unborn.
| s'Disasters have fallen upon the specu-
| lative institutions and boom cities of the
states of Washington, California,
| Colorado, Kansas, and Missouri,
which have in turn injured the solvent
ones, but the states OF New England and
the east and those of the northwest have
thus Jar escaped and will because the
foundations upon which they are built is
a rock and not sand.
The comptroller said people should not
invite disaster by Withdrawing from
solvent institutions money the depositor
cannot possibly use. The people are
hoping and asking much from the banks
In turn banks have the right of consider
ate treatment from the people. Let those
who have long transacted business with
banking institutions have sufficient con-
fidence in them to know and feel that If
IN the years past they proved safe they
are likely to do so now. People who in
dulge in runs on banks cause to come
about the very thing they say they wish
to avert.
Chas. NJ. Preston, superintendent of the
New York State banks, spoke on state
banking deprecating the idea OF remov-
ing the 10 per cent. tax unless some uni
form system or regulating the currency
was adopted in every state in the union.
Other gentlemen spoke briefly and in
formally, and the comptroller was given
q good idea of what New York bankers
would like the government to do IN regard
to treasury action and legislation in the
lapDrOaching session.