Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-19


Interest Must Hold Themselves
Above the Breath Of Suspicion.
CHICAGO, October 1s.-After the
Bankers Congress had been called to
order and q prayer had been offered,
the programme at the Bankers Congress
was begun at the Art Institute This
morning by an address Of welcome by
Mayer Harrison. When the Mayor had
set the ball rolling, President VIM. II.
Rhawu, of ths American Bankers AS
sociation, made a speech.
The time Of the Congress was then
taken up for short time by roll call
aud reports Of officers. When these
routine matters had been disposed Of
Hon. James Il. EckIes, comptroller of
the currency, appeared to make one OF
the principal addresses Of the morning.
The hall was not crowded, but all
those who were present listened with
intense interest TO Mr.. Eckels' words.
Mr.. ECKELs' ADDRESS.
Mr.. Eckels said:
Doubts have arisen In my own mind as
70 the propriety of one who is not prac-
tical banker undertaking 70 discuss before
this assemblage of experienced men Ques-
tious bearing upon the conduct and opera
ton Of banks And vet because Of
the Official position which happens
% oe mine it is not inappro-
pirate that 1 should be here If for no Otner
reason than 10 form your acquaintance.
Nor is it impOsible but that from the want
age ground Of having under the law TIE
supervision Of system or banking Whlcu
embraces within ius folds almost 4,OJJ
national banks, capitalized 20 the extent or
hundreds OF million OF dollars and having
within their keeping more than three
billions OF the peoples money, / might
utter something gathered from sn eX-
perienCe, which, if brief, in space OF time,
has at least been big with events ia tue
history Of American banking.
1T Is no ExAGGERATIoN
Of statement TO say that the happenings OF
the months past from May 20 September
be accounted the most remarkable in every
by the American people. Heretofore Ia
our financial distrcsses tho test OF soiven-
cv has always been applied 20 store aud
factory. TO great industrial enterprises aud
railway corporations, but within tue Pc
Rod of these months an Ghrglted people,
fearful of the resultant effects OF imam
cial system, vitjateC 0y ill advised and lu
considered legislation, became for the first
time doubtful OF TOE distiuCtlvely financial
institutions OF the C0untry-tbe banks
and, as q consequence, steady drain
upon deposits was begun, until within the
period Of two months, from Nav +tn 20
July IL from national banks alone, mad
been drawn out more than SlsS, O0O, OuO, and
from State. savings, aud private ones
sum as great-u0t for purposes Of trade or
investment, out 20 lie lu wdsteful ld.eneSS,
thus rendering the souudest institutions
helpless and a complete currency starva-
tiOn iu the midst of absolute plenty. Those
months witnessed the closing Of more Jnau
$50 natiOna, banks and not less than 500
State, saving aud private ones, many OF
which, under ordinary circumstances,
would have been solvent, and under foster
ing care aud improved conditions, have re-
opened their doors for business again 70
enjoy the confidence Of the very ones most
doubtful of them.
To-day, so greatly has the situation
changed, that, having iu mind the past
both iu the severity of the strain uLder-
gone and the long continuance Of 10, IL
would be, In the light OF present conditions,
both unfair and uuius, 90 deny that the
bankers Of this country have
EXHIBITED NAsTERFUL SKILL
In coping with a situation rendered com
pleX beyond anything heretofore known by
the Withdrawals OF currency by depOsitors
on the one hand and the pledges of assist
cd
1aCturerOu the other. Tho course pursued
has caused no depos,t0r 10 complain,
while the generous treatment of uerCau-
tile interests no extension OF credit and re-
uewal OF paper has prevented panic Ia
other dirCctiUus-the TAR reaching effect Of
which cauuot 5e estimated
But while 10astiug OF this new evidence
Of the ability Of our people 20 understand
the sCverest OF financial ailments, 10 Will
not DO 90 count too much upon the progress
made toward recovery aud the reclpers-
tive powers shown.
Complete returns 20 financial health
cannot be bad 50 long as the first great
cause which covered all the land with
doubt and uncertainty aud filed jhe peO-
PIES minds with fear as 90 the stability
of our financial institutions vet remains 70
plague tle lines of business, create dis
trust 40 bOue aud abroad as 20 the value of
American secUrie,es, and bring 70
naught tle efforts Of those who, iu the
midst of present disaster and threatened
ruin, yeJ maintained all faith in the COM
inE OF better times Until our financial
laws accord Witn those that govern the
worlds trade, our currency takes on q uni
fOrmity and elasticity that now are wholly
lacking ana our people are rid Of the per
nicioUs doctrine that money which is cheap
and plenty Is a blessing and q source OF
~uanlfh instead % a nr -ea and fna Tsaueo Of
financial panic and ultimate poverty, we
cannot but expect az stated periods a re-
currence Of conditions such as have and do
STILL THREATEN Us.
But II is said that in bringing about q
different aud other set Of financial laws
the banking interests must hold alOOf 10
is a striking Illustration of the extent 20
which unreasOolug passion aud prejudice
have crept into our politics that IN the
present emergency which cOnfr0nts the
country bankers are compelled to hesitate
as 70 the advlsablity, from the standpoint
of prudence, Of activity In urging the re-
neal Of measure which stands COnfesseGly
as the source in the largest degree Of past
disasters and a dire menace 70 future
prosperity. Surely the banking IN
terests Of the country are vast
enough and of sufficient import TO
warrant q respectful hearing and careful
consideration, without arOusing either the
passions OF prejudiceS Of any fair-miuded
citizen Of the Republic. IL may De that the
bankers are selfish but not more so, vent
ure. than men In other walks Of life. sure
" not more so than the silver interests
which to-day inveigh the most loudly
against 1hem, and yet with an inconsisten-
cv so marked that she WI Drums may read. -
sad with selfish indifference 10 fhe public
0bod. not only blocking the WHEELS Of legIs-