The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-12-31

Let no Due think that because we live
amid the crash uf banks ard VT, ok OF
business houses thai the crack OF doom
or the bursting of the whole commercial
world is at hand. Ii IS not. Comptrol-
Ter of the Currency Eckels assures us
that it is lot and that should be enough
to satisfy anybody. Think what it
would have been if Mr.. Bryan had been
elected and count yourselves happy G).
OF course the crashing Of these banks is
making considerable noise about MIR.
Eckles' ears, for there is scarcely a day
that there are not three or four failures
reported, and he excuses away he din
in the following philosophical terms:
'Of cougse eenk failures are more or
less disqskks. but those which have
occurred havslitt!e OF no general sig.
q q ance attached 10 them. They we're
due largely 10 local causes, wholly un-
connected With the general condition of
the banks throughout the country at
large. As against these few failures
based on l0ca causes, the general condl-
ton of tho basks is excellent. The re-
ports reed yed under the last call, that
of Deeembet l., are uniformly favorable
and shos0. an average reserve held of
consideeaHle above the % per cent. re-
quired by law. One of the last reports,
that q ON Brooklyn banks, shows the
average reserve held to be 34.O2 per
cent and most Of the reports run ) or 10
per centkaS0ve the legal requirements.
In each DalA, too, the assets in detail
make al entirely satisfactory showing
as compared with the liabilities. On
the wAo is evident that the national
banksto4daH are as stable rs they ever
were aadstlse sporadic failure OF a bank
here aud ftbsre though defects peculiar
to ,hsstafiiDg bank is OF small import
ance, Ehoiiy without general lnsignlti
Now cCuling from the comptroller of
the clErencF this statement is very re;.s.
suringy1O ue has only to look out that
he Is not r. the wrong locality and he is
all right--that is, his bank is all light.
The ossy.dificuity about the precjseness
Of the statement is that. with the excep.
ton Of 4kboklyn, Mr.. Eckels doesn't
point ddttbs safe localities, else a man
could pick up his business,
business honses and real estate and
move thither.
Anottax significant feature of MIR.
Eckelss15sSkement is that AS these sickly
banks bunk But the reserve strength of
the othasSis getting stronger. None of
them at9 NsslFy strong, not more than 5
or 1OMESSnt than the law compels
them - -, and the law is very lenient
at thesheet u its requirement of reserve
strength, Hut Mr.. Eckles indicates
that tho. sooAaining banks are getting
stronger M1eesult of the winking out
of the 9th This is the old process of
centralisal1 rHtof wealth going on before
u eye Q3tRs arlthmetlcal precision and
demonse lion. A gradual removal of
the curr kcy af the country from the
hands, ssht people to the financial
centerS. 4er0feat reserve banks o. the
country-14 you please. Nothing demo-
cratic MtlApk, Mr.. Eckles! The people
will e9p10crp to get along without
much 4sat hand-by barter and
trade --eAp4b All it needs is conf
dence.s the object of Mr.. Eckles'
statem4 inspire confidence. II
now, "a lily will only have conf
dence1 1ome out all right. Ac-
cordin& 4Eck]es we are moving in
the ri9 Zion. There is no cause
for 4 ground for complaint.
The gu > confidence times are
almost here. Prosperity is at hand.