The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-07-28
The FINANCIAL SITUATION.
Comptroller of the Currency Eckels EH.
presses Himself on the Financial situa-


| Comptroller of the Currency Eckels Ex-
presses Himself the Financial sftua-
/ tion.
NEW YORK, July I9.-Comptroller OF
the Currency James III. Eckels was a
guest of his predecessor. ex-Comptroller
A ID. Hepburn. at dinner at the Union
League club last evening. The affair
was stated by the distinguished diners
to be purely social given as a compli.
ment to the new comptroller and for
the purpose of enabling him to meet
the New York bankers.
| The gathering of so many of the
| leading tnanciers of the country at
this particular time, and the presence
in this city of the comptroller of the
| currency attracted much attention, and
the meeting between Mr.. Eckels and
| the bankers was regarded as more of a
conference on the monetary situation
and the prospective measures for its re-
lief than for a purely social meeting.
Comptroller Eckels. in response to few
words of welcome from his host. said;
The condition which confronts the American
people is one that deserves the thoughtful at
tentton OF every citizen who has at heart the
interest OF the country. II Is no. a time Of
panic, because we have passed period in our
history when panic is 4 possibility but
1t Is one OF slow liquidation the re-
suit of undue speculation and IN
wise financial legislation Nothing Is TO be
gained by taking on a fright that Is unwsrrant-
ed By either the immediate past or the imme-
date future What the American people
ought 10 do in the midst Of the failures that
have occurred is not TO give wav TO urcAlled
NTr n III hNrF -
situations which have failed, the causes which
have produced them and the localities In which
they have occurred After such a study let
the N view the solvent institutions everywhere
about them and the conclusion that must ire
ststiby follow Is that the Legitimate life Of tbs
country is not threatened. but instead will
come out of me present turmoil the
stronger for having passed through
it In conservative business eenters the
failures have been few, either In banking or
other lines. Bad banking st any such times is
dangerous and must inevitably bring disaster
upon those who engage in it The present
stringeney has simply FASTENED the closing OF
some banks because they were inherently
weak Others have closed as u resultant effect
ofEsving kept alive the the operations OF spec
ulstors in the extreme west and in portions of
the south The art has not been discovered of
making something out OF nothing and the
fnancier who stakes his oil upon an unbuilt city
reaching out into the waste places OF the earth
must bring about the ruin Of his own and kin
dred institutions which have trusted in him
and pinned their faith 20 assets get unborn
Disasters have fallen upon the speculative IN
stltutious ia boom cities of the states Of Wash
ingtou, California Colorado. Kansas and Mis-
souri,. which have in turn injured solvent ones
but the states Of New England and the cas-. and
the middle states and those Of the northwest
not less than of the south. have thus far es-
capped and whyt Because the founda tions upon
which they are built are rock and not SAID
Such review as that have indicated cannot
but have the effect OF Quieting the fears of the
timid and encouraging those who have thus far
maintained an answering faith in the speedy
coming OF better times. 1t ought TO check those
who invite disaster BIZ withdrawing from sol-
vent institutions the money which the
deposition cannot possibly use The people are
hoping and asking much from the banks of the
country In turn the banks have the right of
consfderate treatment from the people Let
those who have so long transacted business
with the banking institutions have sufficient
confidence in them 20 know and feel that II in
vsars past they have proved safe that they are
likely so 20 do in the present emergency. Runs
upon banks but destroy the interest which 9TH
srrise would be protected and those who in
tulge in them cause to come about the thing
which they say they wish TO avert
In conclusion permit me 70 say that I i'm
tuge neither in extravaganza OF speech nor IN
iue battery when l say that the course fol-
owed BY the banhs OF this great city through |
the past stress has been such as 10 commend |
hem 70 the GOOD wishes of the citizens of the |
-epubliG There has been displavel wisdom /
hat has met every emergency and the safe |
lanks has been "A constant source Of fuspirs.
ton to all the country.