The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-19
EoKBLs ON GREENBAoKs.
The Comptroller speaks on Our Currency sys-
tenn Mt the n Meeting.

DETROIT, Mich, Aug. 1S.-Tho bankers were
not prompt in getting together for work this
morning. and it was Il half hour after tho stated
time before President Lowery could muster
enough TO call together.
Vice-President Hendricks then called the roll
OF States for naming of members Of tho Nomi-
nation Committee, which Will meet and select
candidates tomorrow. On this call John q.
Fletcher of Little Rock, Ark. took occasion to
boom his State. Each State had five minutes Of
time, and every delegate cndeavored to make
his prosperity report moro roscate than the
Then Comptroller James II. Eckels arose to
deliver his speech in appreciation Tor the COM
plii!msnt paid him by the bankers. He said:
least, of tariff agitation. The evidence, accumu-
latos with each days advices that the long con-
tinned depression IN financial circles has passed.
and a new prosperity is coming to the people,
With a hutnily on the duty OF public and pri-
yate citizens he told of tho Importance of the
bankers in relation to the funds init listed to
their keeping. Then he pointed out tho dan.
FER Of The p9rescn, financial .ds system r,, and "nd CALLED LIZA
the currency system Of the country was one in
name. only and lacks every element of what can
greenbacks, saying:
Nowhere in any nation Of equal Importance
systom 50 inadequate for the purposes to be
ACCOMPLISHED as here. 1t presents in is CIR;
SplSti9n tsN,ur eth tho ~ singular spectacle stco OF
two of which arc directly or indirectly de-
pendent upon the credit of the United States,
One statute requires the Secretary OF the Treas
ury to redeem tho. lcgal.tcnder notes in coin
on presentation, and another coinpels him to
pay them out that they may return again
and again for redemption. Upon every hand
the laws of the land make it an Embarrassment
TO the profitable conduct of the business affairs
OF Tho country. Its only source of strength lies
in the believed forbearancc of attack upon its
solvency by those who hold its obligations.
Designing to have banks, created under 1t
and subject to governmental supervision. sup
ply tho currency needs OF the country. 1t still in
sists on competing with them In their noto.is-
suink function. and prevents, through tax and
other barriers which the law erects, accomplish
ing the very purpose for which thcy were
brought into being.
THE b~oastful plea OF the sustaining power OF
patriotism, rs applied to tho country 3 currency
issues, in time OF a financial stress Is of no avail.
A great Governments fiscal operations cannot
be conducted simply upon patriotism, nor can
lacks in dignity when it puts itself in u position
where 1t is either n lnendicant asking aid from
private citizens or a weakling at their mercy.
THE citizen who notes the trend OF events
must see that the cloud upon the beautiful ho-
ri2on, which WE count as already ours. is tho
ambiguity in. governmental contracts intro
duced by the legal.tCndtr issues. These Issues
are condemned by the student of finance familiar
with the worlds monetary history and with
equal emphasis by the man of affairs trained in
the school OF business. In their operation they
constitute the strongest hope of the advocates
of the free coinage of silver, thus working q
double hindrance to tho return of complete and
lasting prosperity.
Those who now assert that they are a patri-
otto emblem OF the war and unchanged must
remain the peoples money. should study the
history OF their creation and their eject upon
the country's welfare. They are demand obi
rules OF trade necessities in expansion or con
traction in volume