Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-05-09

after the most important pending lcgls.
lation has BEEN disposed Of. and VIII
also remind the legislative committee
that they are charged with presenting
70 the next legislature the question
OF nbolshing days OF grace on sigh,
paper and the establishment Of sys-
TEN or state repositories. Before ieav-
ing this branch Of this address. must,
without disparaEement to others, thank
Assistant Secretary Smith and MIR. j.
@. Lowdon OF the executive committee
FOR valuable assistance. l am espec-
Tally Indebted 10 Nice-P President Reed.
who has fgurauvcly had his coat
on and sleeves rolled up" for the en-
tire year. 10 his duties as one OF our
hosts, and the labor OF organizing "a
new bank has been added TO the work
Incident to the nnnral excursion; still.
he has been cheerfuly responsive TO eY-
cry other demand ON his time and
talent. and thcr is seemingly no end
TO his energy In behalf OF the asso-
citation.
Too much praise cannot be accorded
Secretary Longmoor, and II this ad-
miniatrntion has any merit n II largely
due 10 his efforts. to a perfect fnnil-
iarlty with the duties OF his Office has
been coupled an energy aud prompt
ness rarely equhlled and never sur
psssed-and my Individual efforts have
been greatly stimulated by his timely
suggestions, and broad comprehension
of the necessities OF the association.
The executive committee OF 1928 seem
ingly gifted with the sense Of prophecy.
appointed the Hon. J. Il. Miller to en-
tighten this association on that complex
question. "PanicH. their csuses. and
how TO prevent them.' My misfortune
IN failing TO hear his address was very
manifest later on, when an apology
was substituted In Its stead In our
printed proceedings, for an ounce Of
a
world OF annoyance last summer;
however. my gratitude ut having sur
yived that trying time had almost con-
donod Col Mlllcr's sin OF omission
when Il WIS again pushed TO the front
by the demands OF this occasion, for II
nayors so much OF quackery to dag
nose disease after the patient IN con-
valceoent that would cheerfuliy adopt
the oolonora earlier and far-slghted
Views rather thnn venture an opinion
OF my own US 10 the causes OF the re-
cent panic.
hazard no new opinion In the state
mcnt that It's source OF origin was In
the attitude OF this country on the
silver question. The encroaehmen. Of
this metal upon our monetary system,
alarming the creditor nations OF the
world, who, adding fear to their own
necessities, from unfortunate expert
nentH IN other countries, returned our
securities to ms In such volume AS to
rapidly absorb our gold reserves. As
this depletion progressed II provoked 10
much comment from the public prints
and people generally that cOntagiou
followed fear and timld funds were
withdrawn from circulation 10 rapid
ly as to paralygc business and prcclp-
itate failures from uue end OF the Couu-
try to the other In response to pop
ular clnmor and after repeal OF the
law supposed TO be the cause Of the
trouble funds In hiding gradually re-
turned To their accustomed chanuelH
and partial restoration OF confidence
was soon apparent In the accumuln-
tlon Of the largest reserves Nv the his-
tory OF banking.
When the demon OF unrest was at
last exercised the commercial machine
cry OF the country had become 20 dis
arranged by forced process Of liquidn-
tion that a period of somi-stngnatlun
followed in natural sequence aud this.
together with the uncertainty uf tariff
legislation, seems to auHwer the ques-
ton, why complete confidence has not
been rostored2 Other Influences may
have been potential, but 1t cannot be-
said that a defective banking system
was even an important factor IN the
trouble, for the partial liquidation In
cident to the Earrings failure had left
the banks In such a state OF prepared.
ness that In the face OF the later ana
our Hyetem were mndc much more
prominent than It's defects,
Here, II may be well to remark, that
the present large volume OF idle and
useless funds seems TO negative the
popular demand for an Increased cir
eulation and suggests At the same time
that sound legislation, Inspiring cred.
itor nations with proper faith Ia our
Integrity and begettluF confidence be-
tween local debtor and creditor nike
were a better pauapcn for our COM
mercihl llln. look forward with much
pleasure 10 the paper OF Mr.. G. G. Hon
ming for further enlightenment ON this
point
The laurel wreath IL the award OF
the general who sawed HIS army In
case VI a sudden emcg gency By
departure from military tactics Oh In
Violation OF ordurA--so should coun-
lry's gratitude be tile need OF the New
York bankers for the wisdom ana for.
heufance pracucrd during the panic
IL, TO save the country from ohnoa and
ruin they violated tile written law. II
W more an argument FOR correction OF
the law than for their condemnation.
and thelr very. SHINING should be con-
doned In the happy results achieved;
u rs more creditablc Tor us To record
here our appreciation OF their erInrts
than 10 disparngc their methods or To
entertain for u moment the somewhat
popular idca thW The trouble WAS OF
their seeking. | hope. too that YOU viii
not be nnmindful OF the moatlmablc
services OF the Hon. james H. Eukela
present comptroller of the currency.
who, though young In years and with
out previous experience. met the re-
probabilities OF hla position with the
cuulnesa of n veteran and the wisdom
OF the praotincd hnaucier. unmcrclful
20 the Vicious and cnrrcspondiugly
lvnlent with the unfortunate, II was
through his discretion and patience
that many banks Wcrc saved from hun-
Ivy receivers aud rchNbilitntcd under
the direction Of their proper owners,
Experience IL a bitter toachor, but she
teaches Well and the panic Will not
have been without its benenoiont Of
feota II only one-half NJ the good res
olutions formulated under lta pressure
ARE carried Into practical operation, aud
OF from the agony and travail OF last
summer there has been born IA broader
conservatism and more INTELLIGENT
comprehension OF our obligations, then
We may ultimately rejoice that the rod
OF aflllctior was applied with such a
heavy hand I am happy to say that
under the teachings OF thia association
we are gradually returning 10 correct
mothodn In our everyday AFFAIRS, but a
little argument IN seemingly necessary
to convince some OF the younger and
NOR. ardent OF this fraternity, that
profit ~ more desirable than volume.
and that In handling collections for
nothing they reduce the volume OF their
own earnings. without oven the scnnt
compensation OF being conaidN rcd
QhrcWd and Intelligent bV tho f,itn,v