Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-11-10
NOW, PROSPERITY.
Comptroller EckIes Predicts
Good Times for Country.
Settlement Of Money Question ard
Good Crops Encourage People.
Thinks They Will Take Advantage Of the
Golden Opportunity.


New York. Nov. 9.-The Herald ha
published the following dispatch from
Comptroller James H. Eckles unde
Washington date of Nov. g.:
ITO the Editor of the herald:
The liquidation of the last thre,
years has prepared the way for a re
vival of business in this country upor
a basis which ought to insue stabilit,
and continuance. The immediate eff
feet Of the defeat of the free silver pro
paganda and the issues connected will
it, is seen in the suggestions every.
where made of preparation for new
undertakings and a restarting of ole
ones. Undoubtedly some of these will
fall off, but the general tone of hopeful
ness will continue. and investors will in
vest in those things which clearly
promise a return ofprotit on the invest
ment.
don't believe speculative enterprise.
Will succeed for a long time to come a
great amount of money will come ou
of boarding but it will be used cauti
ously. The amount which has beer
secretcd in safety vaults and els.
where is larger than ever in the coun.
try's history. Much of ii is in goId
coin. but not a little of it is in the form
of credit currency. such as bank notes
silver certificates and legal tenders.
The favorable conditions for the PEG.
pie, aside from the settlement of tn.
money question. rest in the abundant
crops here and the shortage elsewhere
the reduction in the stock of manu-.
featured products and the fact that ex.
penses have been brought to a mini
mum of every line of business. The
banks have, since 1898. been charging
off bad, and better securing doubtful
paper. 50 that they will be able t.
speedily loan out such sums as bust
ness men need. Already deposits are
returning to such an extent that the
prospects of a strong showing under
the next bank call are very flattering
With the restored confidence now mani
fest in our determination to maintain
the single gold standard of value and
the rehabliment of American credit
there is reason to believe much foreign
capital will come lere.
l don't see, either, why the banks
ought not to soon resume the furnish
ing of any gold needed in business
tTdIlSdctloHS, a tnlnS tney Olu without
injury to themselves until the passage
of the Sherman act of 1890.
A great opportunity is presented to
the country of entering upon a long
period of prosperity. 1t ought not to be
frittered away through unnecessary
tariff or currency agitation. All tariff
legislation should be based upon
remedying any patent defects in the
present law. and not general in its
scope, while the currency suggestions
should be with a view to bringing about
the gradual retirement of legal tenders
and the improvement of not issuing
powers OF the national banks.
l believe the national banks should
issue all the paper currency of the
country. and with this power given they
should be obliged to redeem the same
in gold. This they could readily do if
the legal tenders were removed and
they were completely freed from further
silver agitations. l have no doubt that
under such circumstances they would
be willing to undertake it.
(Singned) JAMES H. ECKELS.
Comptroller of the Currency"