The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-19


which all complain. The time FOR such
action could not be more opportune. The
country stands rid. for some years at
sast. OF tariff agitation, and irrespective
, of the merits or demerts of the new
act. every business man knows. I'm so far
as IL is concerned upon what basis TO
engage in manufacturing, trade and COM
| merce. The evidence accumulates with
each days advices that the long con-
tinued depression in financial circles has
passed and thanks TO five years Of forced
economy and cessation speculation. cou-
Dled with to-days abundant harvests
at remnuerative prices 10 the agricul-
turist, q new prosperity is coming 10 the
people. This prosperity, if il is to be of
real worth. ought to be permanent I'm
character and reach TO all classes ana
interests.
COOPERATION DEMANDED.
II demands 10 this end cooperation on
the part Of every citizen OF the republic.
whether he fills a public or a private sta
tion. Otherwise IL will be, as i'm the
past. law-made in every feature Of 10.
finding fruiti0n in immcasurably worse
conditions than have been upon US. No
thoughtful student Of affairs can fan
to know how largely as a contributing
tiOn, distress and poverty has been the
extravaganza which has entered into the
Amrican everyday life II has reached
to both his public and private affairs.
and i'm its full effects has been "a menace
10 the cOuntry's welfare. / do not in
dulee in an unwarranted assertion when
1 say that much Of this must be charge
able to the over-spccuation which I'm the
years prior 10 1893 flowed from the un-
wholesome chclpening OF credit on the
part OF those who have had 10 do. I'm
controlling capacity, with the moneyed
institutions Of the country. There Is
point I'm competition between banking
institutions which lies beyond the danger
line. and when touched invariably results
I'm complete collapse. The fact cannot
be too strongly stated or the truth made
too pronounced of the responsibility rest
ing upon the banker Of keeping within
legitimate bounds the activities Of trade.
the operations of the speculator and the
standard OF public and private expendi-
ture. II is by bis aid that enterprise is
fostered and through the profitable and
labor finds employment. His rule Of safe
~ lies In n conservatism that is heahhfui
and a prudence based upon careful inves-
tigation and analysis. lie cannot stand
sponsor for spectators and endorse spec
many institutions I'm bankruptcy and
bringing condemnation upon the profess
sion which he should honor. IL he reck-
lessly loans 10 all who apply. solely TO
have his funds employed, he invites dis
aster. When be abandons. on the plea
OF being pressed by competitors, the
gaining Of the legitimate profits Of bank
ing and enters upon the practice OF pay
Ing excessive rates Of interest on depos-
fits, fails to charge for exchange and col
lections and otherwise violates the rules
OF sound banking, he is driven that the
shareholder may have dividends. 10 in
vest I'm undertakings which have no prop
er place I'm the business OF n commercial
bank. 10 the loss OF all concerned. The
standard Of the bankers integrity. pru-
dence and economy and the standard OF
the relation which ne bears 20 his fellows
ought TO be placed upon the very highest
plane. for OF all men in community he
occupies the one place where are given
within his keeping In the largest measure.
the business interests Of those about him.
The profession OF banking cannot afford
to have its members base their acts and
rights upon the bare technlcalities OF the
law. There IS always danger when n
banker construes his relation to his de-
positor IN the naked legal light of merely
being a borrower from a depositor ana
that depositor merely a lender. ~ this
be the legal status. no banker who has
a proper conception Of his dutv. and is
worthy OF his profession. should find re-
fuge in defence OF his acts within such
narrow comes Despite the legal l,mita-
ton OF the case, there enters into that
relation the position Of trust bound by
all the sense Of honor which underlies
every hduciary Obligation. The future
success Of commercial banking must rest
upon these lines. When il IS placed upon
this level there will be no cause for
anxiety among depositors and no demon
stration on the part Of the public I'm the
most trying time OF a sense OF shock
when a hank failure Is announced.
The criticism which may Justly be pass