Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-04-18

Result Unmistakable.
| Cincinnati, O.. April I'm response
| to joint invitation from the Chamber
OF Commerce, the Clearing House and
| the Commercial Club, Hon. James H.
Eckels, comptroller of the currency, ad-
| dressed a fine audience of representa-
tive business men at the Grand Opera
House tonight, on finance and curren-
cy. His hearers were not exclusively
| Cincinnatians. Representative busi-
ness men were present from all neigh
boring cities and towns.
He was introduced by President ]. D.
Hearne, of the Third National Bank
and was received with liberal applause.
! He said that owing TO the oppressively
hot weather, he would abbreviate his
remarks somewhat. He was often ap-
plauded.
COMPTROLLER ECKELS SPOKE
| in part as follows: Il consider the first
and great essential to the return CT
prosperity 10 the American people the
complete elimination of the free silver
fallacy and the equally emphatic and
unequivocal reafirmation of our adher-
ence to the single gold standard of
value. AS part OF that work, / deem
| it necessary that the outstanding de-
mand obligations Of the government
| shall be at the earliest practicable mo-
| ment paid in gold and cancelled, and
| that assurance thus be given that we
have entered upon an era of financier-
| ing That is based upon correct and
| sound monetary principles. AS a con-
| tIibuItion to ali this every note OF is
sue to circulate as money should be is
sued by the banks, and every bank that
issues such a note should stand ready
and capable to redeem the same in
| gold upon preservation. The Govern
ment of the United States ought not to
occupy the position OF being the one
great source OF gold supply fOr uhis
and every other nation.
During all the years prior to the civil
war the country's banks without incon-
yenience to themselves and without
woking disturbance TO the business
| world supplied whatever gold was
needed to transact business at home
and to settle international balances
abroad. No one then considered it
either the part OF duty or of wisdom for
the general government to take upon
itself so great a burden. Neither was
the task placed upon the Treasury De-
partment after the resumption OF spe-
Gle payment until the passage OF the
| Sherman silver purchasing act. 1t was
| only then transferred when it became
| manifest that a policy had been enter
ed upon through the increasing Of the
| demand obligations Of the government
payable in gold without correspond
ing increase in the gold reserve, that
made doubtful the
ABILITY OF THE GOVERNMENT
to continue gold redemption. | am
confident that if the government should
give sufficient proof through proper
enactment that this policy would be
changed, there would be at once re-
turn to normal methods and the bank
ing institutions of this country would
as they did in the years to which I
have alluded, with profit to themselves
and with benefit to the people, contrib
ute to the business ~orld every dollar
| in gold which it could possibly use or
need.
If. however, it is still insisted that we
shall have free coinage OF silver, that
there shall be no lessening Of the de-
mand obligations OF the government,
and the Secretary of the Treasury shall
be denied proper powers to properly
protect the governments credit, | cam
not see how it can be expected that
there can be other than hesitancy
upon the part Cf either banks or indi-
viduals to lessen resources which gov
ernmental policy makes a necessity for
| purposes OF their own preservation.
| Il trust that in the contest that Is
| now being waged between the forces
OF free silver and fiatism on the one
side and those who take their belief in
! monetary affairs from that which the
world of business and Of commerce
| holds to be controlling principles, the
| outcome may be definite and the settle
| ment conclusive. There is no room for
compromise or means Of avoiding
| definite issue. To-day the American
| business world stands eager and expec-
tant, prepared, if doubt and indecision
| comes to an end, to set at work forces
which will make this country again the
home of a new and greater prosperity.
Its resources are ample, the energy OF
its people unbounded, its opportunities
would be worldwide. It only needs
| such financial and monetary laws and
politics as will again inspire the worlds
| confidence and again draw 70 it d1e
worlds idle capital"