The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-09-21
COMPTROLLER ECKELS
Addresses tho Convention of tho
Ohio Bankers Association.
OUR NATIONAL BANKING SYSTEM
The Text of His Renarks-The Fa'.
iacics ofthc InGationtsts-The Great
Obstacle In tho Way of an Elastic
Currency-To be Productive Of
Good 1t Must, Whether of Gold,
Silver or Paper. De of UuqucstiOned
and Uuyarying Value.

CLEVELAND, O., Sept 2O.-Among tho
speakers to-day at the fourth annual
convention Of the Ohio Bankers Asso-
citation was Comptroller OF tho Currency
James II. Eckels.
After reviewing the history Of tho
national banks and declaring that the
system under which they were con.
Quoted was the best that could be de.
vised, and one which would be changed
only when circulation made q change
necessary, Comptroller Eckels said that
tho problem to be met to-day was how
to secure moro elastic currency and
still maintain II solely upon bonds de-
posted to secure the same. The serious
difficulty in tho way was the idca TO
which 90 many Of the people chung. that
1t was essential to the peoples pros.
perity that there always be large vol
ume Of money regardless OF Its represen.
tation or intrinsic value. He thcn said:
FALLAorEs OF INRLArIoN.
"our colonial history is replete with
attempts to make the people rich
through a great volume Of currency
which has neither representative nor
intrinsic worth. Its a history of tiuan-
cial failure and distress. Later, under
tho articles Of federation, is recorded
tho same attempt, and the san1e series
OF failure and financial loss. There was
scarcely state in the Union before the
war but whose history is marked by
efforts to enrich people through such
currency, and tho outcome was disaster.
II tho result Of such attempts was 30
prolific Of ruin to the people then why
will they not iall with equal ruin now2
The laws Of political economy do not
change with changing ages or changing
people, and the same causes find fruitIon
In tho same effects whether the century
be tho eighteenth or the nineteenth: !:
the form Of government colonial or re-
public.
NOT A SENTIMENTAL QUESTION.
There Is no sentiment embodied In
tho laws OF money, and no matter how
great may be tho volume Of the cur
rency, II each and every dollar OF that
currency Is not Of value to pass current
in the world OF business, 1t cannot. add
to the blessings of the people To be
productive Of the peoples good it must,
whether of gold, silver or paper, in tho
very order Of things, be of unquestioned
and unvarying value, and when called
into rcquisition discharge, without the
aid OF legal tender acts at home or
abroad the obligations OF the holder.
But with such currency our people
have yet much to learn, and most i'm
portant is the lesson that, no matter
how abundant II may be. 1t will not
find its way to those who are wanting
in credit"
ALMOST A SPLIT.
Trouble 90 serious that IL threat.
ened to break up tho organization came
when the bankers elected officers. John
Whitelaw, Of Cleveland, was nominated
for president by tho committee, where
as Hon. ]. Sullivan, of this city, was
considered BY his friends as entitled to
the honor upon a precedent which was
broken ut last years meeting. Mr..
Sullivan quieted the storm by with
drawing from the contest
Tho annual meeting closed tonight
NTH mn aIa0nnt hanonot