The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-09-14
BAsKise AND poruLIsm.


Secretary Eekets' address TO the Mfrn-
fxan Bankers Associations.
Bar crrr, Mica, sept. Is. The event Of
the second days session OF the Michigan
State Bank Assoeisitoa's annual conven-
ton was the address Of Hon. James III.
Eckeis. comptroller Of the currency, which
wss dsIsevsred this morning. Mr.. Eckels
spoke 1t some length Of the far-reachins
Importance OF the banking business, Its
commanding position in the financial and
commercial world: its necessity 20 the
country as the greatest source OF business
activity, and the Judgment and integrity
90 essential 10 Its successful management
He continued:
s'NeYer Was the importance Of the banks
90 exemplified - during the distress OF
1898. The sevsrest strain Of the unwise
silver legislation Of 1880 fell IN the first in
stance upon the banks OF the country,
causing depletion Of deposits and neces-
sary educfions Of loans and discounts 10
meet the demands made upon them.
These conditions we're soon reflected in
decline Of commerce. In stagnaiion Oh
business and suspension Of industries the
forslgn investors depriving the banks of
their resources, the people taking from
them the means heretofore available Tor
purposes OF business. As the then deadened
condition Of the banks reflected the status
OF our commercial world. 30 now their In
creasinR business causes the return of
commercial activity.
s.onr conntryss return 10 prosperity.
within the very order OF things, will be
substantial In character and long con-
tinued fthe people on the one hand re-
frain from undue speculation, and our
national legislators on the other hand
from cfyssailixing into law the financial
vagsries OF those who demand OF the gov
ernmsnt q great volume of money without
regard TO ia intrinsic or representative
value. The banks can In large measure
check the speculative tendencies Of the
people and deny unto them . credit which
their enterprises do not warrant IL rests
with the people 10 say whether they shall
suffer from Legislative folly.
"unwiss financial legislation always in
the end fatin upon the mass Of the people
and brings upon them the creates; ruin.
Ii may be long deferred, bat the history Of
the operation Of every bad Law upon the
subject Of the currency Of the country
proves the result Of the assertion. II
there be any In this state who doubt the
truth Of the statement let them read the
history of the effect of the first
financial legislation in Michigan. enacted
Immediately upon its admission 60 the
Union. Your distinguished citiren and
jurist. Judge Cooley. sums it all up IN
these words: such we're the fruits OF the
experiment OF giving equal aud practically
unlimited rights In banking to everybody
who wanted a shorter road 20 wealth than
that trodden BY labor and industry The
new state. under the bold but tnexperi-
snced guidance of its youthful governor.
disdainlng the lessons of history, had de-
termined 80 try for itself ths experiment
of manufacture of money by the printing
press. The condition after the experiment
might be compared 10 n forest alter = cy-
clone. Everything was Frustrated and in
confusion. One Of its lessons was that
neither real estate nor anything else not
convertible into money can support the
redik of bank currency"