The Saint Paul globe., 1897-08-29
NEITHER GOLD NOR BANK NOTES
REQUIRED AS A MEDIUM FOR
BUSINESS.
PROSPERITY OF THE NORTHWEST
Interdependent on That of other
SectiOns-Crash the Result Of
RecI&IeSsneSs.


H. Eckels, comptroller of the United
States treasury, who is spending but
day in the city.
The gathering of prominent bankers
and business men of both Minneapolis
and ST. Paul was one of the most no
table that ever sat down to the ban
quet board in the history of the Ncrth-
west. Bankers, manufacturers, lail-
road and grain men, capitalists, pro-
prietors of great mercantile establish
ments, all sought to honor one of the
famous government officials and man
who is perhaps the greatest authority
upon financial matters in this land.
The hosts of the affair were the
Northwestern National, First National,
Nicollet National, Swedish-Amecican
National and Flour City National
banks, the National Bank of Commerce
and the Security bank.
The dining room of the club house
was most tastefully decorated with
plants and bunting, flags and pictures,
while the tables, arranged in the form
of an f, sparkled with the array of
silver and cut glass upon the snowy
white cloth. Cut flowers were much in
evidence, both on the tables and on the
evening was plain, but rich. 1t bore en-
the front a fac simile of the 500 gold
piece and a small photograph of the
guest of the evening. The announce
ment was Complimentary Dinner to
James H. Eckels, Comptroller Of the
Currency. Minneapolis, Mimi"
After a suptuous feast, assisted by
| music from an orchestra selection by
quartette and mandolin orchestra,
| had been disposed of, w. c. Edgar, as
toastmaster of the evening, announced
| that, although the repast just finished
! had been excellent, yet it was not the
| most important feature of the even
ing. Col. Monfort then arose and pro-
posed the health Of the guest of the
eVenig. In response Mr.. Eckels said:
Il have been more than pleased to
witness upon all sides the evidences Of
| prosperity that seems to be surely re-
turning to this great and glorious
Northwest. The business interest of
this section of the country is not en-
tirely its own. This great Mississippi
valley and great Northwest will always
be an important factor in the making
of the wealth of the United States. Its
interests are and always will be large
ly determined by the business interests
OF the other parts of the country. 1t
, Will not do to teach a doctrine that its
interests are diStinctand separate from
! the East and West. 1t cannot be de-
Veloped Independent of other sections
All sections are dependent upon one
another, and the sooner they
thoroughly understand that, the
better for the prosperity and business
interests of the people. The financial
interests yAc,t ~,
dependent of those of the East and
South. Just as soon as they endeavor
| to maintain financial system or try
to get a system different from that of
the East or South, it will be the be-
| ginning Of it's everlasting destruction.
| Great as has been the prosperity of
| the West, we of the West know that
| the business interests of this section
are dependent upon the great wealth
| and resources of the East There is
no room in the West for a financial
| heresy. No room for any doctrine on
| money that does not coincide with that
of the East and long-settled and es-
taohshed countries. They make the
| financial systems.
I'VE have here a great country, great
IN agricultural interests, great in min
efal interests, people of unbOunded
lntelIlgence, but we must recognize the
TACT that we are dependent upon the
great resources of the East, dependent
upon their surplus capital for the de-
velopment of our undeveloped interests.
1t Is only by the union of surplus capi-
tai of the East and undeveloped resour-
! ceS of the West that we can expect
prosperity.
THE solution of the financial prob
lem does not lie in the direction of
| metallic currency. The business
world demands that only the best and
lnands of their Transactions, and trans
fers OF property 1t is not to the
| metallic money or even in the bank
note that the solution lies, but in the
check which has been devised by
bankers as the most convenient med
lum OF exchange. 1t was an enact
| ment of the banks. We have had a
banking system which gave US a safe
currency, but the bank note has moi
| received the amount of attention
which it shotld have Law makers
nave not paid it the proper attention,
Ihere should be a system of bank
ing that would allow the grain of the
| west to be handled without the
| trouDesome methods now resorted to
The Northwest needs a system of cur
rency not based upon a depreciated
silver dollar, but upon actual worth,
Ihen the West and Northwest would
| pe prosperous and that condition
| "Ou!u ne IeII all over the land
II this prosperity which is bringing
us an array of sunshine in the bust
ness world, is to be profited by, and if
| does not lie in the province of the law
! to DO that, we must live within our
incomes. Let every man live within
his income. 1t is the extravagance In
! private and public life that has
brought us to the ruin of the past few
years. A continued extravaganza will
lead to inevitable destruction. A set
Ting day will come when matters must
readjust themselves and then the utter
foolishness of private and public in
| tereSt will make itself manifest
'Who dares to say that in the ten
years prior to the disaster of '93 that
! there was not an undue public and
private expenditure? 1t could result in
nothing else than what we have wit
messed to our sorrow. Let every citizen
let every community do it's duty, live
within it's income and make the hope
| of today the realization Of tomorrow.
This country, the most highly develop
ed the sun shines upon, will be then
forever blessed. You of the North
west do as you did last time, stand
Tor a dollar that 1T worth 100 cents at
| home and abroad"
other speakers of the evening and
@tnelr @ subjects were D. A. Monfort.
me Bankers of the Northwest" w.
l. Benton, "The Northwest and It's
Future" w. D. Washburn s"The