The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19
Mr.. ECKELS TO THE BANKERS
1contlnued FROM First PageJ

| ,hts uduciary relation IN the great ma
forty OF Instances, but because, in the
| anxiety to declare dividends upon capital
| invested there has been wide departure
from doing ccmmscial business Inc
line to De drawn IN the extension or
credit is not hard from sscertainment.
A hank dealing with commercial deposits
should connne its granting OF credits 10
! strictly COMMERCIAL Undertakings. II
| ma. no right to take commercial deposits
| payable upon demand, II II pursue a dill
| IeI,nl -olLy. GIxed loans ana HAed IN
yestments are the province OF trust COM
! panies and swings institutions, ana not
/ the field 10 be entered upon by a CONNER
| ciai bank, handling commercial deposits
! essential 10 the proper conduct OF daily
| commercial business. l am comment
! that II this line Of demarcatlon was
drawn, instead OF there being many bank
failures OF AN accumulation OF uhcoh-
vertablo assets. there would be few' ana
| tben largely through criminal dishones-
| ties.
! But outside Of these acts OF business
character arc TO be performed largely Dy
| the banker, in lettering conditions, there
| are weaknesses in the business world
| beyond the corrective power or any PR
| yate citizen which must be eradlcateu
| II the hope Of better things Is fully Just-
fed These found their origin IN sta
| tutorv enactment and their undoing lies
solely with the nations legislation body.
| The currency problem is taking II by
| and large. the most momentous win
| which the American statesman mas 10 40.
| II * one neither Of politics nor politlcal
preferment. II is. as bankers more than
| an others ought TO realize, one OF busl-
ness self preservation, and as such shoulo
| command at the hands Of those VINO are
sworn TO guard and preserve the people
| rights a Craftsmanship and patriotism
| commensurate with the magnitude OF the
| interests involved. II ought, as Wen, 10
| enlist a public sentiment that Woulo pilhs
| a swift punishment upon those VINO at
tempt 10 make 1t the playthins OF party
| desires and the subject OF mere political
oratory. There is no political leseIue-
! main by which political presualslatoI~
can deceive the public and substitute
! without the act being inquired into other
| fssues for that OF sound currency
| Neither one nor all OF them is of such
| vital importance as this. which reaches
10 the nations and the individual cred-
| IT, Al the bottom OF the currency gucs-
| lion I'm its last analysis lies that Of cIeol'
| and the esteem in which the natloh Is
| held both at home and ABROAD. History
| a a. eaid "bears evidence that the power
| of credit VIII leuctiDiAH NNN''~
| the great contests OF the world. Onue'
| sucb a truth IT is "a blunder worse than
| a crime" I'm those clothed with the power
| az action TO defer, whether from motives
| of political strategy indifference or IL
midity. taking such steps ar VIII give 10
: the country monetary laws that VIII
strengthen and not weaken it's financial
| standing and comport with its true power
i and dignity.
THE LACK OF SYSTEM
! one OF the worlds most distinguished
philosophic historians has declared that
'the indispensable thing for politician
| Is knowledge or political economy and
| history" II the statement be correct
review Of the currency legislation OF the
| United States for third OF century de-
monstrates how few If any politicians
| in the historians sense have had to 90
! with il. In all its range evidence Is
| everywhere to be had OF disregard OF
| the underlying principles OF political eco
| nomy and q woeful ignorance OF the iacis
of monetary history. An analysis Of its
| PARTS bears testimony to the truth OF the
| assertion. A consideration of the whole
places IT beyond cavil That which We
| Term our currency system is one IN name
! ONLY II lacks every element OF what
| rghtflny can be called system. IT
| violates in every essential feature What
| in all other departments OF governmental
affairs we dominate a system. 1t Is not
| an orderly combination Of parts into
| whole, according 10 some rational primer
pie or organic idea. Everywhere there IS
want OF unity, and instead OF presenting
TO the world financial completeness II eA-
hibits itself as u work OF "shreds and
patches"
am not unmindful that some Of the
| evils OF it found their origin in the flush
| ana excitement OF a great war when men
yielded their better judgment 10 what
seemed the demands OF rlotism ana
sanctioned currency legislation that I'M
der other and different circumstances
they would never have consented should
! find place upon the statute books. But
| the era of the war long ago passed away
and since that day, through three decades
/ OF peace. legislative bodies OF varying
political faith have convened at Inc
! country's capital, but yet the currency
! laws are still inharmOniOus, productive Oh
! loss TO every citizen and cause or anNl-
! ETY. to the nations executive oIhceIa.
! We have had currency legislation, some
| OF il bearing promise Of working out the
country's financial salvation, but in
many such instances it has been changed
| and amended into that which has mace
II an engine for harm. The citizen VINO
| studies the way VI boF'iAAiilNiAN' anu 80
| ouires into the operations OF financial
| laws. might tolerate during the war
! period, with some degree Of patience, az
| did the son OF the great fnancier, Albert
| Gallatin. the sobriquet of IAN odd fish,
as applied to him by a member Of Con-
| gress IN lS6e, when ne opposed the doc
! trine of currency hatism, but thirty years
! after its close ne has night 10 complain
| when currency hatism in silver and paper
| issues of the government are still sane
! toned by legislative enactment Nowhere
| in any nation OF equal importance Is
| there TO be found currency and imam
| cial system so inadequate for the pur-
/ pose to be accomplished as here. II pre-
| sents in its circulation feature the slngu-
lar spectacle of nine different kinds or
! currency, all except two OF which are d.
rectly or indirectly dependent upon Inc
| credit of the United States. The Treas
| urv Department established by IL Is the
| greatest banking institution IN the lana
| clothed with the lease powers for self
preservation and beneficial action. one
| statute requires the Secretary Of the
! Treasury 10 redeem the legal tender notes
I'm coin on presentation, and another COM
| pels him TO pay them out that they may
| return again and again for redemption.
| Upon every hand, the law OF the land
! make il an embarrassment TO the prom
! table conduct of the business affairs OF
J the country II adds to the embarrass-
| ment by the forced imitation of the vol
| ume of the circulating medium at one time
| and the forced contraction through the
operation Of the sub-treasury system at