New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-21
THE EVILS OF CHEAP MONEY.

| CONTROLLER ECKELss ADDRESS BEFORE THE
OHIO BANKERS ASSOCIATION.
| Cleveland Sept 2o-This mornings session OF the
Ohio Bankers Association was devoted to addresses
| by Controller Eckels, of the Treasury Department.
| and T. p Handy one of the oldest bankers in ONO.
Mr. Eckels's speech was well received. Among other
things he said:
The serious difficulty which confron's us and
which has always stood in the way OF proper soiu-
ZION Of the currency questions arises from the idea
tcnaciously chung TO by many people that 1t IS
essential to the peoples prosperity tha lhcre a.
WAYS be a large volume OF circulating medium. The
assumption is that money wealth and capital and
not simply a medium OF exchange ana; aV'iis uI,'
such assumption. those who entertain these ideaS re
fuse 10 take account Of the many instruments OF
credit which equally facilitate exchange ana are
They do not recognize the fact that every day
banks are increasing in number. their Clch'hse en-
largng and their operation more Ihtg'E nepss'u'i
mon Thus each day Is economi2ing the use OF cur
rency by banking house arrangeinent ana c'eariiE
house processes large volume OF Culr. .Y y, az
~ itself never added the wealth OF any people eN
cep IN far as it aided barter ana cNc"ase a,,
as the refinement of business instruments are ip.'
to- the volume of our currency WIZ be OF JESS I'M
The demand for a large volume Of currency IT.
respective OF its intrinsic or represcniaVe NAII"
heard in all and among all people since me
of commerce. and Il VIII no. cSas" nhtl 'n.I
value knows It's own laws and follows .tnen IN
spite OF DEGREES and penalties. There n no Sch"ihe
burden OF their Indebtedness but that has been urea
time after time 10y the American people. ana iheir
na,ions our colonial history is repletc with at
temps to make people rich through GO, Vo.Iine
trinsic worth II H. history OF financial failure ana
distress. Later. under the articles OF Federauph' -
failure and financial loss There was acatsey "a a
State in the Union before the war but whose ms
tory is marked by efforts to enrich people thi0nsh
such currency, and the outcome WIS disaster ~ hc
result Of such attempts WIS - pT2hc o. run 70 nc
people then viii they not fall win equal rum nov
The Of political economy diI not cAanEe WIN
changing ages or changing people. ana INC SAM
causes find frution In the same enecis whether we
century be the eighteenth or me mh@t'e'I'n:: an
the form OF government colonial or rrpublcln IhcIr
Is no sentiment embodied in IN" laws "' none,
and no matter how great may be the volume "i me
currency If each and every dollar Of that currency
Is not Of value to pass current IN the "oril OF bus
ness IL cannot add in the slightfS, degree 10 the
peoples good it must be- whether Of god silver or
and unvaryng value and when called into qu siol.
discharge without the all OF legal-'en1rr acts Al
home abroad the obligations of the holder
But of such currency our people nave yri Hnch 70
learn and most important Is the Lesson int. no
matter how abundant II may be, IL VIII hpt ma ~
give relief 70 those who nave not INC means u
pay their Obligations. or having them cast Su'pcion
on their unwingness 70 maintain their hnanela
integrity by making their abiding pace the homc Oi
all the financial Vagarlcs when ar" prei by tnpS,r
who have no property Of their own ana are unmihI,
fui Of ;he property rights 81 thelr i'ho"S ApoNe AZ
others borrowing sections OF this country should
guard with jealous care the maintenance OF mi
Vdual and public credit. for capita. prpNrrWalN
timjd takes strict account Of the financial theories
OF those who formulate and enact such people laws
These sections least Of all afford 70 have with
drawn the support and aid which are abso.uie es-
senals TO their prosperity. and 10 the extent that
they give aid and comfort to the financial Palaces
of those who adhere 10 the standards OF the Pop
uist or natst. that extent do they lessen that
credit among those from whom they must needs
have the use OF capital
At last nights session the association took de-
cided stand against the Law allowing three days
grace on notes and drafts. memorial 20 the Legis-
ature adopted asking that the law BE- repealed.