The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-12-24
Predicting that the Western Bank
Failures VIII he Followed by a.
Financial Crisis in the East.
NO BASIS FOR THEIR TALK
LAST STATEMENTS SHOW THE
BANKS TO BE IN GOOD CONDITION.
Silverites Connected with the Chicago
InstitutiOn-Circater Republic of
Central America Recognized.
pecisl to the indianapolis Journal.

Special TO the indianapolis Journal.
WASHINGTON. Dec. 23.-The free-coin-
age people in and out of Congress profess to
be delighted over the bank failures in Chi
cago and st. Paul. They point To them
with sneers. and ironically declare that i'm
them are to be found the fulfllment of the
ante-election promises and prophecies of
prosperity TO follow hard upon the election
of Major Mckinley. Just how the election
of Bryan and adoption of free coinage
would prevent mismanased bank from
railing they do not attempt to explain.
Moreover they carefully conceal the fact
if it be known to them. that Mr.. Hammond.
the active manager OF the failed National
Bank of Illinois, was one of the few men
largely interested i'm financial affairs i'm
Chicago prominently identified with the
free-coinage movement of the late cam
paign. That bank was at that time i'm dis
tress. and no doubt Mr.. Hammond con-
vinced himself that the adoption of the free
coinage policy by the government would
double The assets of the bank and SO save
1t from the collapse which overlook ii last
Monday.
Among the free-coinage leaders i'm the
city at present is Mr.. Bookwalter of Ohio.
who once ran for Governor of that State
on the Democratic ticket and was handed
down to fame as ''Pocketbook'' Walter
owing TO the supposed use he made Of his
wealth to gain votes. He was not elected.
but he has ever since posed as a statesman,
and especially political economist. He
talks to everybody and anybody who will
listen TO him. the burden of his conyersa-
tion being predictions that recent bank
failures in the Northwest are summer
zephyrs compared to the blizzard that will
soon ravage Eastern financial institutions
These ill-omened predictions are eagerly
seized by the free-conage people in general
but in the case of every one else they fall
on deaf. ears. Information from New York.
Boston, Philadelphia. Baltimore and other
Eastern financial centers demonstrate that
these insinuations merely idle though
evil talk. At the office of the controller
of the currency 1t is learned that the bank
statements giving the condition of banks on
the 17th Of this month indicate an encour-
aging state of affairs.
No system of banking that has ever been
invented. and probably none that can ever
be invented. will prevent absolutely the
failure of banking institutions through
fraud or mismanagement. That primary
fact is thoroughly understood i'm financial
circles. so tnat the 1allufeS OF tn1S week
have had practically no disquieting effect
values. A local paper now owned by
Stilson Hutchins, who went to free
coinage during the late campaign, had an
editorial to-day in which Controller
Eckels was made to soliloquize over the
Chicago bank failures and which pictured
him as Mortified at the share Governor Alt
geld had in the matter. The writer of that
ironical editorial was doubtless ignorant of
the fact that Mr.. Dreyer. whose firm had
half million of money of the National
Bank of Illinois, and Carl Moahl cashier
of the failed institution. were personal
friends of Governor Altgeld, who appointed
them on park boards and gave to them the
direction of public funds. So far there
is any connection between the Chicago
bank failures and the political views and
friendships of the officers of the failed
banks, IL seems to indicate that erroneous
political opinions and unwise political con-
nectionS lead directly to the mismanage-
ment of funds intrusted to the care of
officials who hold such erroneous political
or economical views. and who enjoy doubt
full friendships.