New-York tribune., 1897-08-19
MR.. ECKELS TO THE BANKERS
THE CONTROLLER DISCUSSES THE CUR
RENCY PROBLEM.
SAYS THE LEGAI~TENDERs FORM THE CLOUD On
THE OBSERVATION-DISCLOSURES OF RETURNING
ppocpEprry py EVERY HAND

Controller OF the Currency Mr.. Eckes. wouid make
an address drew TO this mornings session OF the
Bankers Convention an audience unusually large.
A large number OF women present. The Rev.
Dr. David NJ Cooper. Of this city. delivered the In
vocation.
The roll OF States was called. and from each
State a member of the Nomina ting Committee was
named This committee will meet tomorrow morn
ing in the Russell House TO select the new oricers
of the association
a representative from each State was then called
upon to give a brief statement as to the general
condition CT business In his locality This drew
forth In every instance reports of good crops, re-
vlving business and encouraging prospects FOR
bankers. Marked impr ,vsmcnt In business condi-
tions and Indications for better things in the future
were the characteristic features of all the State
reports as detailed by the delegates. Henry w.
Yates OF Nebraska said the golden grain OF the
ripened and rpening harvcsts in his state ola not
reflect the calamity tint to which the utterances OF
so many OF it's public men and the vote or the
State last fall had seemed TO consent
John W. Faxon. Of Chattanooga, Tenn, derded
Mr. Bryan's claim that the price of silver controls
the price OF wheat, and said the recent fall OF the
one end the rise of the other offered conclusive
proof OF the fasity OF that claim.
CONTROLLER ECKELS'S SPEECH
When Mr. Eckels came forward he was greeted
with applause Mr. Eckels said In part:
The country stands rid for some years. at least OF
tariff agitation; and irrespective oi h,nnss ,ns man
knows in far as 1t Is concerned upon wha'
basis to engage in h eacb ru doT
advces that the long-contnued depression q III
financial circles has passed ana thnk Of SO
iation coupled with to-day's abundant harvests
at remuneratve prices to the agrcui@1utiS', @ new
ity If II Is be of real worth. ought to be per-
manent In character and reach to all classes ana
II demands to this end cooperation on the part par,
"a a public public or private station. Otherwise it. VIII
be- as in the past. law-made In every feature OF
Il ndns Sn Snys BEEN a mpon us 30
student OF affairs fail TO know how largely as
ae,,ot,on ' distress and poverty has been the ex-
travagance which has entered into the american
c and his private affairs and in It's full effects has
been menace to the countrys welfare 90 NOT no,
that much OF this must be chargeable to the over;
speculation which in the years prior to iSs m owsa s
the part of those who have had to do. In con,
trolling capacity, with the moneyed institutions OF
tween banking institutions which lies beyond the ne
and when S fac canno be- too
strongly stated or the truth made too pronounced ed
Keeping within legitimate bounds the activities Of
trade the operations OF the Spectator ana tne
st b d of a Pn0G n9@ IS and
the lending OF funds intrusted TO ms Keeping ,ia' M
industry becomes profitable and iaDor nhus en-
The criticism which may justly be passad, upon o,
they have observed the iduciary relation In ne
great majority OF Instances. but because; In the
snXey TO haen GenrT wde from doing
inercial business. The line to be drawn IN the ex-
4 bank dealing with commercial deposts; should
cOnne its granting Of e.edts right ,I to take COM
meIcial deposits payable upon demand II IL pu,-
sue different policy Fixed loans ana nXea I'm M
savings institutions. and not the held 20 be en-
tered upon by COMMERCIAL - DaR proper Conduct
OF daily commercial business. am confdcnt INA.
there being many bank failures because OF an ac-
cLmulation of unconvertible assets tnere "ouiu oe
few. and then largely through crimihai u'shoh-
But outside Of these acts Of business character
0e 0 DC copdiions there are Weaknesses in the bust
ness world beyond the corrective power OF any any
Sonc of betsr St1T things IS fully Justified These found
their origin IN ss,1'Ory T Naan ann i~s BODY
The problem IS Eth ak9S MSc II e 9y aaa
nor political prcfermen II Is as BANKERS more
han all Others ought to rea5e ch sSoss On o' command
at the hands of those who are sworn to guard ana ana
preserye the peoples rghts ,, be magni,le Of
the interests involved. 1t ought as well. 10 enist %
ishment upon those who attempt to make II the
plaything Of party desires and the subject Of mere
main hv which political presdgitators can de.
neivn the public and substitute without the act
boir, inouired into other issues for that of sound
either one nor all OF them Is OF such
~. =, i,nnor,ance as this which reaches TO the Ma
Iltii inPo .t crnii, At the bottom OF
!oh anu t n"o.,ion in lis last ANALYSIS lies that
We III, ,bo esteem in which the Nation Is
OF Situ.t "'u hnmo ard abroad "Historv" II IL
i1 pears evidence that the power OF credit will
hac.arorth decide finally the great contests OF the
I-rder such n truth If is "a blunder worse
,hnn a cr,mo' Of potlcal strategy. Indifference or
Az taLine such stems rs will give TO the coun-
IN owe thaf will strengthen and not
ts financial standing and comport with its
w~eahtn ~ ~ 1n1 nn, ~ 80, .ni,y o ~
'Me pow, anu NJ rr, our currency system IS one
lhat Will VIII 7, acta every element OF what right
IN idine "'hs' i,5 sys.eIn If violates i'm every
IuiI! Ctn re 80 what in all other departments
r,en,ai ,rairs We denominate system II
o. o. ~ nriery comhination of parts into whole
accnr1jnq IN some rational principle organic
iSea Tvcrywhere there is want of unity, and in
Stoad ~ nresenting TO the world financial com
nieIencss II exhibits Itself as a work OF "shreds and
a,chns
~ IN any nation Of coual importance are
horo 80 no found a currency and financial system
H. I,aUa,a for tho nurnoses 10 be accomplished