The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-22

n .a, T."' nanc."i Policy VIII De
..v o. Il - some SO tom.

n. s Tuori nanc.ai Policy VIII De
~ ii Oh" some tom.
CLEVELAND, OHIO. Sept. A.-Nfem-
bers Of the ohio Bankers Association
were ont IN full force az yesterday morn
ipg's session to hear the address OF
comptroller James n. Eckels OF the
United States Treasury Department.
The rational banking system, born o.
the eslgeucies OF a great war, desleh,i
in the FIRST instance 20 give 70 the GOV ,
eminent a market for as BOMBS. san
Mr.. Eckels. $50 Embedded ltaet IN NY
confidence Of the American people ina,
today. although the Law has remained
practically unchanged, there are ~ aC
tive operation almost four thousand Nn
tiOnai banks. capitalized TO the aiho"iie
Of more than six hundred and clghi n ,li...
lions OF dollars having assets OF nv 80
than three and half billions W Ell "!al
the champions 81 the system ohdlehbe W, w
world in annals Of finance 10 S""" o.
signal 4 success. 81,
This system may be changed IN lhe
future under the pressure Of new neces,
stiles. but not as the result oi poIuDal
changes. When the best juds ill'"t ~ ~. tle
American people. viewing Inc pu'sslD''
I'm the ilcht Of a business proposition,
is that the national banking system as
70 nOW stands. no longer serves thc pui-
pose for which Sc was created pu' ld1
another, with all the saicSuaTus OF me
present and none Of its defects, WOull
better meet the needs Of The people, then,
and not Tin ,hen. wifi it give way to
something different
"Tbe serious difficulty which now con
fronts AS arlscssfrOrn the idea. tenacious
~ cIung tD by so many. TINT # is essen
tiai 90 the peoples prosperity that there
always be ID large volume OF circulating
medium. The assumption is that money
Is wealth and capital and not simply
a medium OF exchange.
"a large volume OF currency of itself
never added to the wealth OF any peO-
pie except Ina SO far as 10 aided barter
ana exchange The demand for a large
volume 81 currency. irrespective ~ its
intrinsic or representative Value. is not
new ln The history ~ tho world. Hur
colonial history is rcplctc With attempts
% make people rich ihrouSh great
volume - currency which hal neither
representative not Intrinsic worth. Il IS
n history Of financial failure AMI dis
trcss Later. under the articles Of fed
Grafton Is recorded the same attempt.
and the same series of financial losses.
There was scarcely a state I'm he Union
before the war whose history IS not
marked by efforts 10 enrich people
through such currency. and the outcome
was disaster II the result OF such at
tempts was 50 prolific r ruin TO the
people then VIII they not fan win equal
ruin now?
"Rut of such currency our people
have yet much to learn. and most i'm
pOrtant is the lesson That no matter how
abundant IL may be. /, VIII not find its
way 20 those who are wanting iu credit.
II can give no relief 10 those who have
not the means to pay their obheatons.
or having IL cast suspicion OF their WI
lingncss - maintain their financial iu-
tcgrlty by making their abiding place fhe
home Of all financial vaearieS. which are
bred by those who have no property
rights ~ their own. and are Numiuli ID
Of the property rights of their fellows.
above an others borrowing sections OF
IL Hfa lone