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

LIE, no one think that because We live
amid the crash rf banks and wrt OK or
business houses that the crack of doom
or the bursting of the whole commercial
world is at hand. IL IS not. Comptrol-
ler of the Currency Eckels assures us
that it Is not and that should be enough
to satisfy anybody. Think what 1t
would have been if Mr.. Bryan had been
elected and count yourselves happy (:}
or course the crashing ot these banks ls
making considerable noise about Mr..
Eckles' ears, for there is scarcely day
that there are not three or four failures
reported. and he excuses away he DIN
in the following philosophical terms:
"Of course bank failures are more or
less disquietiDg, but those which nave
occurred have little or no general sig
n q ancs attached 10 them. They were
due largely to local causes, wholly un-
connected with the general condItion OF
the banks throughout the country at
large. As against these few failures
based on local causes, the general condi-
tion Of the ba1ks is excellent. The re-
ports received under the last call, that
OF December II, are uniformly favorable
and show an average reserve held OF
considerable above the % per cent. re-
quired by law. One OF the last reports,
that of the Brooklyn banks, shows the
average reserve held to be 3.O2 per
cent and most Of the reports run or III
per cent above the legal requirements.
In each case, too, the assets in detail
make an entirely satisfactory showing
AS compared with the liabilities. On
the whole it is evident that the national
banks to-day are as stable rs they ever
were and the sporadic failure of bank
here and there though defects peculiar
10 the failing bank is OK small import
ance, wholly without general lnslgnlti
canoe"
Now coming from the comptroller OF
the currency this statement Is very reas
suring. One has only 10 look out thai
he is not IL the wrong locality and he IL
all right-that is, his bank Is all right
The on,y difficulty about the preciseHes.
OF the statement Is that. with the excep
ton OF Brooklyn, Mr.. Eckels doesn'
point out the safe localities, else mar
could pick up his business
business houses and real estate ant
move thlther
Another significant feature OF MI
Eckels statement is that as these sckl
banks blink out the reserve strength O
the others is getting stronger. None @
them are Very strong, not more than
or 10 per cent than the law compel
them to be, and the law is very lenien
ut the best in its requirement Of reserv
strength. But Mr.. Eckles indicate
that the remaining banks are get.in
stronger as a result Of the winking OF
of the others. This is the old process
Capitalization of wealth going on befol
our eyes with arithmetical precision al
demonstration. A gradual removal
the currency Of the country from Il
hands Of the people to the inanci
centers-the great reserve banks OF Il
country-if you please. Nothing dem
cratic in that, Mr.. Eckles! The peop
will soon learn to get along witho
much money at handy barter al
trade credit. All it needs is con
dence. This is the object OF Mr.. Eckl,
statement-to inspire confidence.
now, the country will only have cor
dence we will come out all right. A
cordiDg to MIR. Eckles we are moving
the right direction. There is no cat
Tor alarm no ground for complai
The good times confidence times
almost here. Prosperity is at hand.