New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-13
MR.. .ECKELS THE CURRENCY
WHY HE THINKS THE GREENBACKS
SHOULD BE RETIRED.
A SPEECH AT A DINNER GIVEN IN HIS HONOR
BY Mr.. HEPBURN HIS PREDECESSOR AS

and president Of the Third National Bank gave
dinner last evening for James H. Eckes. Con-
troler Of the Currency, at the Metropolitan Club
The following gentlemen were also present: E.
s. Clouston. general manager of the Bank OF
Montreal: f. ID. Tappen. president OF the Gala
tin National Bank; J. w. Sterling. of Sherman
& Sterling; J. Edward simmons. president of the
Fourth National Bank: Thomas L. James presi-
dent of the Lincoln National Bank: John A.
Stewart, president of the United States Trust
Company Dumont Clarke. president OF the
American Exchange National Bank; James Still
man. president Of the National City Bank; James
A. Roberts. Controller Of the State OF New-York
w w. Sherman. president OF the National Bank
OF Commerce: Brayton Ives president OF the
Western National Bank; James r. Woodward
president Of the Hanover National Bank; +. o.
Leach. ex-DlrectOr Of the Mint Charles B. Van
Nostrand Of Samuel ID. Davis & Co.; George
Rutledge Gibson. ex-Secretary Charles S. Fair
child president of the New-York Security and
Trust company; w. A. Nash, president OF the
Corn Exchange Bank and the Clearing House.
and II. w. Cannon, ex- x-Controer of the Cur
renew.
MR.. ECKELS'S ADDRESS.
In response to the toast in his honor, Mr. Eckels
said:
1t act of extreme courtesy the part OF
my predecessor IN ONCE 10 make me MS guest upon
this occssion and thus afford me the opportunity
of meeting those here present. l sure, without
my saying It, he must know how greatly ap
preciate his kindness and enjoy his hospitality
Within tn. period which has elapsed since my
first introduction number of the gentlemen az
this board SO many things have occurred to affect
the financial conditions of the country and the
interests which they conserve that 1t incredi
bic that that time is embraced within the period Of
but little more than two years We have witnessed
during 1t tremendous upheaval In banking circles,
a complete stagnation in business circles, and
absolute cessation OF nanufac turing industries, and
we have seen them change back again. The country
has passed through the terrorzing influences OF
strikes Of unusual magnitude and threatenngs. ard
mas been travelled FOR the first time in many parts
Of the Union by predatory bands giving physical
expression to the discomfort which had taken hold
OF 30 many Of the people.
Not less marked have been the acts Of public leg
islaton placed upon the statute books, less
striking many which were proposed and rejected.
The Nations tariff laws have been changed. and
system. involving In large measure at least a re-
versed principle in taxation invoked There has
been taken from volume Of enacted laws
that was rapidly vtiatng whole currency sys-
tem and bringing into dsrepute American credit;
and measure Of kindred character. fraught with
greater danger. has been prevented, through the
well congratulate ourselves that despite the tre-
mendous loss attendant upon some Of these hap
peninss. and the unsettlng influence OF others, the
country is now emerging from their depressing in
Hurnce, ana To-Day Is ftlrly started on an era OF
prosperity commensurate with the vastness Of her
resources and the energy Of her people.
1t is common charge that the American citizen
is always boastful Of that which he Is accomplish
ing in the lines Of trade, manufacture. and com
complete Justification in his array of accomplished
ected to fnancai strain when the outside business
& w9ria ~ a,scnn,t rr' rer o1Is Is so cistinctvey
our debts must iirst OF ali be paid and our credit
Thus. in addition 70 maintaining prosperity at
home. we must. upon demand. meet Obligations that
W shro.e e''hTF b preXen disaster or resore activity
conditions so extraordinary that no one should deny
70 any citizen Of the Republic the right to boast of
But we are only on the road to prosperity. We
apprehension line. Our source OF danger lies in Il
failure to appreciate that that which was the one
great which brought complete frutiOn
many others vet remains menace to us. mean
evidence could be had of the fact that currency
system has in II elements radically wrong and
everywhere the system 1t now stands is the
great subject OF discussion and debate. No one is
ernment because all recognize the inherent correct
Of Of eH %den our
IN legislative halls nor IN the columns Of the press
the National legislator and the executive officer of
the Government are all confessing by their daiiy
pies weii-beng is with US SO far from being sound
that 1t Is absolutely weak
WHAT AGGRAvATEs THE SICKNESS
have many times expressed my views upon the
evil OF II. and the dangers which Ii, unchanged,
must inevitably bring upon the country and will
not repeat IN detail that which upon other oc-
casions / have said. There things, how
ever that at this time may well be said upon the
wisdom of correcting without delay that which so
many confess is wrong. l content myself. however.
with touching a single evil which is both a source
and continued aggravation to our monetary sick
ness-our Governments credit Issues.
credit currency and have as speedily as possbe its
treasury Department return TO rs legitimate func-
ton OF collecting revenues and dlsburs!ng the same
These credit issues evidences OF the Governments
Indebtedness. ought to be paid because they are
more expensive to maintain than the payment OF
interest on bonds for their funding could possibly
because under present laws Whenever there is DIS
is made ,wofod greater BY reason OF the doubt OF
mand currency obligations. and the taking through
them from the Government alone of gold for
1t is absurd that the. Government should be the
one source OF supply for the gold that all people
wnf the change which ought 70 come is bToSgb
about and the people relieved of this unnecessary
the amounts necessary for the reason that hey
know what the ultimate result Of pursuing the
present currency policy Will be.
The skilled business man who cares nothing for
the effect politically wishes the demand obligations
OF the Government paid because he knows that, as
matters stand to-day. they are source Of cheap
us OF large sums OF money which otherwise would
here seek Investment This IS so serious a side Of
sary bonds TO pay this debt Is nothing compared
TO Il. These investments are withheld. not because
OF any difficulty in the amount Of our revenues
past present, but because of lack in our cur
| rency system. There ample funds in the
Treasury TO meet present and future Obligations,
but gold still goes from us. and amount OF in
crease through the operation Of tariff laws will
change the situation and put an end TO the taking
OF II from the Treasury for export and what is
equally patent and more significant, for boarding
By our people
The cancellation OF the legal-tenders would lead
TO contraction. They could not and would not
be all presented at once. The banks the
hand would supply much OF any needed currency
TO take the place Of such were and, the other
lust as soon il demonstrated that we were
freed from this weakness to credit great
an amount OF foreign gold would flow in 10 be in
vested that there would be deficiency whatever
The conspicuous fact in the financial history
OF every civilized people has been that money has
never been wanting where such peoples credit in
dividual and national. Is not under suspicion. II
we put ourselves in such position. will have no
faa he lack ~ to carr