The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-19
BANK MEN Dine.
Distinguished Men Address
Bank Clerks Association.


at the tables by most distinguished COM
pany OF the prominent bankers and
financial men OF the city and State. There
were 400. present-presidents directors,
their subordinates in the money institu-
tions and notable gathering OF guests.
President John w. Vernon, OF the asso-
citation, was toastmaster and he opened
the after-coffee exercises with brief re-
view of the years work OF the association,
and the conditions that had effected
He paid tribute to the memory OF
the late William Knight OF the
Mechanics Bank and then introduced
as the speaker of the evening, Hon. James
III. Eckels, comptroller OF the currency,
one of the most brilliant and competent
appointees OF the present Administration.
Hon. Mr.. Eckels is but 81 years old and
he looks like a man of "a, but he under
stands public finance, and as Colonel John
&. Wyman remarked il was wonderful
how she had learned SO much in such a
short time.
Comptroller Eckels' Speech.
Mr.. President-It was an act OF extreme
courtesy on the part OF the members oil
the Bank Clerks Mutual Benefit Associa-
tion of this State, and of the bank presi-
dents Of this city, to join in asking me
to become their guest The fiatterlng
extended was coucheG, not less
than the sincere hospitality which IL eyi-
denced, make me so much the debtor that
Ishould be most ungracious If failed TO
give warm expression TO the
sense OF appreciation IN Which which
tion, and of nv feeling OF pleasure in
being thus afforded an opportunity OF
forming the personal acquaintance OF
those whom have heretofore known only
through the medium OF official communi-
cation.
II cannot but be a source of gratifica-
ton TO the members OF this association TO
note that with each recurrence OF its
annual gathering IL retains the
public's interest and enjoys the publics
confidence. / congratulate them upon
the success which heretofore has been at
tendant upon their efforts TO promote the
mutual benefit of one another, and
Join with them in expressing the earn
est hope that each year shall add To their
strength and make more marked their in
fluence in promoting the general good OF
the interests with which they are con-
nected, and in the conduct OF which
they play SO considerable a part. Such
an association, having such aims and pur-
poses, cannot but exert an influence
here and elsewhere that in the highest
degree must tend TO maintain the
standard efficiency in labor, integrity of
character, and unquestioned honesty OF
individual duty in meeting grave respon-
sibility on the part OF all who have To do
with the banking interests of this State.
Those interests, as well as the banking
interests OF every State of the Union, are
entitled TO the thoughtful consideration
of all our citizens and the conserving
care OF every legislator. The COM
manding position which they
occupy in the world of finance,
and the Importance of their hearings on
the world OF trade andcommerce, cannot
be gainsayed or successfully denied. Long
since, a distinguished economist declared
ssthe bank 90 be the handmade of
commerce." aud the history OF all com
merciai transactions gives ample testi-
mony TO the accuracy OF hestatoment. 1t
found its origin in the needs OF commerce,
and through the development wrought
by il, IL has so facilitated exchange that
the most remote portions OF the earth are
brought in the closest OF business rela-
tions with the busy. marts of trade. IL
has taught the use OF credit and through
cheque and bank note, bills
of exchange and drafts, has
made possible the mighty doings Of each
days business, and demonstrated how
unessential to the needs of the people of
any country, is n great volume of circu-
lating medium.
Ii is the one institution in each com
munity which constitutes the greatest
source of business activity and successful
enterprise. Ii gathers to itself the idle
sng sSga dTeGts TSish verywherss n rs.nnes %sGand
trade alike profitable to borrower
and lender and makes it OF benefit to all.
Conducted upon right lines and free from
dishonest methods it, more than all other
business undertakings, distributes peo-
ples' wealth and makes each and every
dollar of the countrys currency an eff
cient aid in discharging the largest num-
ber of obligations. Its prosperity is the
prosperity of those whose agency it is,
and its distresses, with equal force, fall
upon the varying interests which centre
in it..
In its management, II calls for the
highest sense of business integrity and
the keenest judgment lt cannot afford
TO lend its credit to purely specu-
lative enterprises, or join in promoting
the schemes OF those whose plans out
strip the necessities OF the country. It's
danger always lies in its disregard OF that
conservatism which takes into fun
account the fact That times of great
prosperity viii not always continue, and
that credit extended beyond che legiti-
mate needs of business and the wants of
the people, mast, in the very order of
things, bring about in times of monetary
strinCency collapse and ruin.
Never was the Importance OF tho bank
and the relations which il bears TO every
avenue Of trade and commerce., so exempli-
Ilcu rs uufilk NlcuSttTS OF the
year just closed. The severest strain of the
unwise silver legislation of 1890, fell in the
first instance upon the banks OF the coun-
try, causing the depletion OF their deposits
and necessitating the reduction OF their
loans and discounts in turn, to
meet the demands made upon them.
The condition thus brought upon them
was soon reflected in the lines OF COM
merce, the stagnation in business, the sus-
pension OF factories and the closing
OF mills, for in depriving the banks OF
their resources, the people took from
them the means heretofore available for
purposes of business. Happily for the
people, that lack of confidence i'm the
banking institutions of the county.
which marked the months from May 10
October, has passed away, and again
equipped with the means OF fulfilling he
wants OF trade, the banks stand ready TO
contribute their full share 20 revive again
interests which have so long been dor
mant.
Unwise financial legislation, Mr.. Presi-