New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-29
ECKELS SPEAKS IN BOSTON.
AN ADDRESS on THE CURRENCY AT THE
MASSACHUSETTS REFORM CLUBS
DINNER

Boston. Feb. 2S-"The Currency" was the general
topic under consideration at the dinner of the Mas
sachusetts Reform Club. at ioungs Hotter to-l'e''
James H. Eckels Controller of the Currency, peihs
the chief speaker There were about one huhirei
and fifty members and guests In attendance anu
every OF the speakers spoke In commehuauo" "a
the stand In favor Of sound money taken Dy 'he
present Administration. Resolutions were adopted
in favor OF the settlement of all international as
putes by arbitration, and 1t was voted tna' ''e
president appoint a committee OF 1ve 10 represent
the club at tie conference on this subject u p'
held in Washington.
Besides Mr.. Eckes, Professor F. W. Tausss'
Of Harvard, Horatio c. Curtis president Of the
Old Boston National Bank; Edward Atkinson, Sam
ie,t Bradford Joseph O'Neil. United States sub
Treasurer. and Representative Myers OF Cambridge
spoke Mr.. Eckes said. in part.
At the bottom of all this currency question iies
this people Is held, both at home ana ABROAD
am not unmindful of the recent marvellous GlspiaS,
OF the abundant reserve wealth OF our people and
their purpose to maintain the Governments IMAM
Itself proof posve Of the defects Of the currency
system striving TO uphold, ana the uouotiui
character which it bears nv Was p nffre" a
tenton and support or be subject to daiiy lnspeS
unmoved by wars and rumors OF wars Enu tne
patriotic announcement Of a Thoroughly beleveI-lh
principle OF American poity would me,ter o aSc c
the fiscal operations Of the Government nor de-
range the business affairs OF the citizen
The Government Is striving to MAINTAIN thai
single gold standard of value, and continue goid
payments under conditions wholly unnatural. and
in defiance of all monetary laws ana experience
Those charged with the responsibility or Keeping
unainted the Nations currency credit are denied
powers commensurate with the dii'culnes Mith
which they have to contend, and are tauh,ed WIN
unfaithfuness to duty when they bring into use
the poor means at their command If thus
FAR the Government has succeeded IN escaping
financial Disgrace Il has done so al a tremendous
cost. and at the expense of every taxpayer IN the
land.
Tho difficulty lies IN the fact that embedded In
the minds of many of our people IL the Elusive
theory that something can be created out OF moth
ing. and that GOVERNMENTS are investor "ltn d
power denied Individuals of bringing forth value
where none exists. The cause of this weakened con-
dtiOn OF the credit Of our American currency,
weakness made more shameful by the fact that our
natural resources are uncqualled by those OF any
other country and the enterprise and skill OF our
people beyond that OF every other nation, Is 70 be
found In the fact that from the Issuance OF the
hrs Treasury note In 1862 to this very day the IN
can monetary legislation II IS the innationist who
the advocate OF an !rreieemabe sreenback
looks upon the fat OF the Government and the OPP
eratons Of the printing press as the greatest wealth
producing agencies IN tho land. and, as the advo-
cate of the free coinage Of silver. has no less faith
in the results attained when that fiat IS applied
to the product Of the silver mine at fictitious
ratio He stands to-day the strenuous opponent OF
The single gold standard OF value. and he iliy con-
ceas his attitude by taking refuge In his announced
belief "a the historically demonstrated mpossibllty
and ahsuriiiy OF bimotaliism. whether 1t be Ma
tlorll or International He demonstrates against
the retirement OF the Government Treasury paper
because Of the fear he Processes to feel Of con-
traction OF tho currency unmndful that these very
issues tho controlling factors In calling forth
bonds. diminishing incomes and restricting on other
lines the who'c vaster volume 81 credit machinery.
l'ntil the innaiionlst IL dis!olgrd there can be
career Is ended the Treasury Of the United States
win cease carrying ON the operations Of bank, It's
notes " ISSUE vii. be pad and cancelled and their
btucfu. Influence lifted from all the Industries In
the land.