The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-15
NIX. ECKELs ON THE CURRENCY.
lie Talks to Bankers pom the Necessity OF
EeinrdNIny ENiI. of National Einances.

tencdying Isil- of Nationai Finances
James III. Eckels, Controller OF the
Currency, talked interestingly to party
Of bankers, with whom he dined at the
Metropolitan Club, last night. In speak
ing of the many things that have &C.
CURED since, as Controller of the Cur
rency. he had been brought in contact
with New York business men, he said:
The nations tariff laws have been
changed. and q system involving, in
large measure. at least a reversed prin-
ciple in taxation. invoked. There has
been taken from our volume Of enacted
laws one that was rapidly viuating our
whole currency system, and bringing in
to disrepute American credit. and
measure OF a kindred character, fraught
with greater danger, has been prevented,
through the Presidents courage. from
taking its place. We may well congrat-
ulate ourselves that, despite the tremen-
dous loss attendant upon some Of these
happenings, and the unsettling influence
of others, the country Is now emerging
from their depressing influence, and to-
day is fairly started on an era OF prosper
fly commensurate with the yastness OF
her resources and the energy OF her peo-
pie.
one source OF danger which yet re-
mains a menace 10 a complete revival OF
"our unwhOlesome currency condition.
The currency system posses elements rad
ically wrong and weakening 10 the Imam
cial world, and everywhere the system
as il now stands is the one great subject
of discussion and debate. lie added:
The Government ought at once to cease
issuing credit currency. and have as
speedily as possible its Treasury Depart
ment return 10 its legitimate function OF
collecting revenues and disbursing the
same. These credit issues, evidences OF
the Governments indebtedness, ought 10
be paid because they are now and have
been under existing circumstances more
expensive TO maintain than the payment
of interest on bonds for their funding
could possibly be.
Again they should be retired through
payment, because under present laws
whenever there Is disturbance IN our bus
mess world the embarrassment Il made
twofold greater by reason OF the doubt
Of proper payment by the Government
Of these demand currency Obligations,
and the taking through them from the
Government alone OF gold for export.
IL is absurd that the Government should
be the one source of supply for the gold
that all people want II is now such,
and will continue to be such unt the
change which ought 10 come is brought
about and the people relieved OF this
lnneressary expense. The banks Will
not. a. formerly supply the amounts
necessary. for the reason that they 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 Govern
ment paid. because he knows that as
matters stand to-day they are source
OF cheapening the American credit and
the Withholding from ms Of large sums
of money which otherwise would here
seek investment. This IS so serious
side Of the matter that the cost of in
trest on the necessary bonds 10 pay this
debt Is as nothing compared 10 H. These
Investments are withheis not because
Of any difficulty I'm the amount OF our
revenues. past or pre- cent, hnt because
OF lack I'm our currency system. There
are now ample funds in the Treasury 10
meet present and future obligations, but
gold still goes from ms and no amount
OF increase through the operation OF the
tariff laws will change the situation ana
put an end TO the taking IL from the
Treasury for export and what is equally
natent and more significant. for boarding
NV our own people. The cancellation.
of the legal tenders will load TO no CON
traction. They can not and VIII