The herald., 1897-08-19
Listen While EckelS Talks
on Finance
HIS BELIEF NEVER WAIVERS
HIS FAITH IN THE FUTURE rs
STRONG
A Lot of Long Speeches Which No
body Listened to-The Program
for Today
Associated Press Special Wire.

Associated Press Special Wire.
DETROIT, Mich, Aug. 1S.-The star
attraction of today's session of the
bankers convention was Comptroller
Eckels, who concluded as follows:
II myself have never in the past wa
vered in the belief, nor do 1 now, that
in the end we will be possessed of a
banking and currency system so strong
as to make impregnable the country
credit. Its coming may be long delayed
and only be attained after tremendous
loss to capital and injury to labor. 1t
was the misery and distress entailed by
the assignats and mandates OF the
French revolution that placed France
upon the solid rock of sound finance
| 1t took the threatened starvation of the
lpeasantry of a great nation to wipe out
the corn laws of England, but the vic
| tory when obtained was complete. AnG
thus, in conformity with the course OF
history, it is possible that before the
nations financial structure rests upon
a foundation firm as the eternal hills
the American people will be called upon
to pass through the awful experience
and loss which would follow in the wake
of unchecked paper and silver fiatism.
But at last, no matter how prolonged the
struggle, or great the suffering, with
the acquiescence of all, the monetary
principles which accord with the worlds
business experience, all financial re-
search and every dictate of common hon
esty will prevail In complete and endur-
ing triumph"
At the conclusion OF his address he
was surrounded by more than score of
members, who pressed forward to shake
his hand. A vote of thanks was unani-
mously given the young comptroller for
his speech.
While Mr.. Eckels was speaking stand
ing room was barely to be had in the
theater but as soon as he had finished
the audience rapidly dwindled, leaving
such wide expanse of empty seats that
most of the addresses remaining on the
program were put over until tomorrow
morning. This makes the list of papers
for the final day of the convention very
long one. and as trip to the distillery
of Hiram Walker & Sons at Walker
willie is scheduled for 1 o'clock, it will
keep the delegates busy to dispose of
all their business.
The list of new officers will. be SUBJ
mitted by the committee on officers in
the morning. Joseph c. Hendricks seems
to be the unanimous choice for presi-
dent, with Frank W. Tracy of Spring
field, ILL.,, and George H. Russell of De-
troit apparently about even for vice
president.
i,ta tipo
banking questions followed Mr. Eekels'
address.
"Is Credit Bureau or Bureau of In
formation to Prevent Loss from Bad
Debts Possible Among Banks?" was the
subject of the first paper read by John
H. Leathers of Louisville, KY.
John P. Branch of Richmond, Va,
gave his ideas as to what legislation is
needed with respect to the currency.
Ralph Stone of Grand Rapids read
a paper on "The Statutes of the Several
States Relating to Trust Companies"
There are twentynine states that have
no statutes, but one state in the west
has a law prohibiting the formation of
pools, trusts or oher combinations in re-
straint of trade. From information fur
rished by the attorney general of the
state the only trust doing business in
the state was the Standard Oil company.
Mr.. Stone deudced the moral that it
will be an excellent plan for all trust
companies to advertise them to such an
extent that people would become con-
versant with the operati ton of the COM
panies
Francis S. Bangs, president of the
State Trust company, read a paper on
THE Duties and Powers of Trust Com
panies When Acting as Trustee Under
Corporation Mortgages" and Henry A
Dehert contributed one on THE Rela-
tions of Trust Companies to the Trust
Estates"
The paperswere generally discussed by
the delegates in speeches limited to five
minutes each.
Francis S. Bangs of New York. Henry
A. Dehert of Philadelphia and Gordon
Abbott of Boston. were elected members
of the executive committee, to serve
three years.
The executive committee held a short
session after the section had adjourned
and selected Mr.. Bangs as chairman and
George S. Southard of Brooklyn as vice
chairman
At 2 o'clock the convention adjourned
until tomorrow. In spite of the rainy
and somewhat cold weather the delegates
boarded the steamers Pleasure and
Promise late this afternoon and steamed
up the river and across Lake st. Clair.
An elaborate luncheon was provided
by the Detroit entertainment committee
and the party did not reach the dock
again until well along toward midnight.
The following members of the execu-
! tive counsel were chosen tonight: Jos.
P. Branch, Richmond, Va; F. w. Hayes.
| Detroit, Mich; A. G. Campbell, Natchez
Miss; A. G. Bigelow, Milwaukee; J. c.
Hunter, Duluth, MINI. The other mem
bers will be elected tomorrow.