The record-union., 1893-07-19
Grounds.
Special to the REcoRD-UN1ox.

Special to the RECoRD-UNIoN.
New YORK, July IS Comptroller of
the Currency James II. Eckels 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 finan-
ciers in the city it was generally regarded
more as a conference on the monetary situ
alton and prospective measures for re-
lief than a purely social meeting. The
dinner was given in the names of Presi-
dent Cannon of the Chase National Bank
and President Tappen of the Gallatin Ma
tional Bank, as Hepburn was not men,
Der of the club. President Williams of
the Chemical National, and also President
of the Clearing Association, pre-
sided. In response to a few words of
welcome from the host, Eckels made
brief speech.
The Comptroller said in part: 1.-THE
condition which confronts the American
people deserves the thoughtful attention
of every citizen. 1t is not a time of
panic, but of slow liquidation, as the re-
suit of undue speculation and unwise
would study the character of the institu-
tions which have failed, the causes and
localities in which they occurred, and
then view the solvent institutions everv-
where 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 tur-
MOL stronger for having passed through
It.
Bad banking must inevitably bring
disaster upon those who engage in it.
The present stringency simply FASTENED
the closing of some banks because they
were inherently weak. Others closed as
result of keeping alive the operations
of spectators in the extreme West and
portions of the South. The art has not
been discovered of making something
out of nothing, and the financier who
stakes his all upon an unbuilt city reach
ing out into waste places must bring
about the ruin of his own and kindred
institutions which trusted in him and
pinned their faith to assets yet unborn.
disaster has fallen upon speculative
institutions and boom cities of the
states of Washington, California, Colo
RADIO, 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 far es-
capped, and will, because the foundations
upon which they are built is of rock and
not sand"
The Comptroller said, people should
not invite disaster by Withdrawing from
solvent institutions money the depostor
cannot possibly use. People are hoping
and asking much from banks. In turn
the banks have the right of considerable
treatment from the people. Let those
who have long transacted business with
banking institutions have sufficient con-
tidence in them to know and feel that if
in years past they have 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 wish to avert"
Charles NJ. Preston, Superintendent of
the New York State Banks, spoke on
State banks, deprecating the idea of re-
moving the 10 per cent tax unless some
uniform system of regulating the cur
reucy is adopted in every State in the
Union.
Other gentlemen spoke briefly and in
formally, and the Comptroller was given
q good idea of what the New York bank
ers would like the Government to do in
regard to the Treasury action and legisla-
ton in the approaching session.