The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-19
He Points Out the Dangers That Beset
Their Business, and Indicates
Methods of Reform.
EVILS OF OUR MONEY SYSTEM
GREENBACKS AND SILVER CERIIFI-
GATES CONSTANT MENACES.
Views of j. u. Branch on What Cur
by j. \. feathers, of Louisville.

DETROIT, Mich, Aug. 1S.-The star at
traction al to-day's session of the bankers
convention was Controller Eckels At the
conclusion of his address he was surround
ed by more than "a score of members, who
pressed forward to congratulate him, and
shake his hand. A vote OF thanks was
unanimously given the young controller for
his speech. While Mr. Eckels was speaking
standing room was hardly to be had in the
theater, but as soon he had finished the
audience rapidly dwindled. leaving such a
wide eXpanse of empty seats that most of
the addresses remaining on the programme
were put over until tomorrow morning.
This makes the list of papers for the final
day of the convention very long one and
as a trip to the distillery of Hiram Walker
~ Sons, at Walkervlle, Ont. is scheduled
for l O'Clock tomorrow, it will keep the
delegates busy to dispose of all their bust
ness. The list of new officers will be sub
mitted in the morning by the committee on
nominations. Joseph &. Hendrix still ap-
pears to be the unanimous choice for pres
ldent, with Frank w. Tracy of Spring
Held, ILL.,, and George H. Russell, of De-
troit, apparently about even for first vice
president In spite of the rainy and some
what cold weather, the delegates boarded
this afternoon and steamed up the river
and across Lake st. Clair An elaborate
lunch was provided by the Detroit enter
tainment committee, and the party did not
reach the dock again until well along to-
wards midnight
The announcement that Controller of the
Currency Eckels would make an address
drew to the mornings session an audience
unusually large After the opening exer-
clSeS d representative of each State was
called on to give brief statement as to
the general condition of business in his
locality. This drew forth in every instance
reports of good crops, IeViVing business and
encouraging prospects for the bankers
Marked Improvement in business conditions
and indications for better things in the flu
ture were the characteristic features of all
the state reports as detailed by the dele
the golden grain of the ripened and ripen-
ing harvests in his State did not reflect the
calamity tint to which the utterance of so
many OF its public men and the vote of
the State last fall had seemed to consent
John w. FaXon. of Chattanooga, derided
Mr. Bryan claim that the price of silver
controls the price of wheat and said the
recent fall of the one and the rise of the
other offered conclusive proof of the falsity
of that claim. Only a few of the States
failed to respond with statement of indus
trial conditions.
THE CONTROLLERS ADDRESS.
When Controller Eckels came forward he
greeted with a most generous round of
applause. Throughout the reading of his
address the large audience gave him care
f-u attention. in the course of his address
Mr. Eckes said:
The country stands rid, for some years
"a least, of tariff agitation, and, irrespective
or the merits or dement's of the new act,
every business man knows. in so far as it is
concerned. upon what basis to engage in
manufacturing, trace and commerce. The
Ia tpC will II
vices that the lOng-cOntinued depression in
financial circles has passed and, thanks to
five years of forced economy and cessation
of speculation, coupled with tOday's album
dant harVestS and remunerattVe prices to
the agriculturist. new prosperity is com
ing to the people. This prosperity, If it is
to be of real worth, ought to be permanent
in character and reach to all classes and in
terests 1t demands to this end co-opera-
ton on the part of every citizen of the Re
public, whether he fills a public or pri-
Vate station. Otherwise it will be, as in the
past, law-made in every feature of 1t, find
ing fruitiOn in UNNECESSARILY worse cond1-
tiOnS than have been upon us. No thought
full student of affairs can fail to know how
largely as a contributing element to all the
past idleness agitation, distress and power
ty has been the extravaganza which has
entered into the Americans everyday life.
1t has reached to both his public and prl-
vate affairs, and it's full effects have been
a menace to the cOuntry's welfare. | do not
indulge in an unwarranted assertion when
l say that much of this must be chargeable
to the OVerSpecuatiOn which in the years
prior to 1893 flowed from the unwholesome
cheapening of credit on the part of those
who have had to do, in a controlling
capacity with the moneyed institutions CT
the country.
banking institutions which lies beyond the
danger line, and when touched invariably
results in complete cOnapSe. The fact can
not be too strongly stated or the truth
made too pronounced of the responsibility
resting upon the banker of keeping within
legitimate bonds the activities of trade, the
operations of the Spectator and the stand
ard of public and private expenditure. 1t
is by his aid that enterprise is fostered
and through the lending of the funds in
trusted to his keeping that industry be-
comes profitable and labor finds employ
ment. His rule of safety lies in conserV
atism that is healthful and a prudence
based upon careful investigation and analy-
sis. He cannot stand sponsor for Specula-
tors and indOrse speculative programmes
without involving many institutions in in
upon the profession which he should honor
If he recklessly loans to all who apply sole
w to have his funds employed he invites
disaster. When he abandOns, on the plea
of being pressed by competitors, the gain
ing of legitimate profits of banking and
enters upon the practice of paying excessive
rates of interest on deposits, fails to charge
for exchange and collections and otherW1 Sc
violates the rules of sound banking. ne is
driven, that the shareholder may have dlV1-
dendS, to invest in undertakings which have
no proper place in the business of a COM
mercial bank to the loss of all concerned
THE BANKER > 1NIETRII L.
1.-The standard of the bankers integrity
prudence and economy and the standard of
the relation which he bears to 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 bankers base their acts and rights
upon the bare technicalities of the law.
There is always danger when a banker con-
strues his relation 10 his depositor in the
naked legal light of merely being borrow
er from depositor and that depo sitor mere
banker who has a proper conception of his
duty and is worthy of his profession should
lind refuge in defense of his acts within
such narrow confines. Despite the legal
limitation of the case, there enters into that
relation the position Of trustee, bound by all
fiduciarv obligation. The future success of
commercial banking must rest upon these
lines When it is placed upon this level
there will be no cause for anxiety among
of the public in the most trying time of
sense of shock when d bank failure is an
nOunced.
'.'The criticism which may justly be passed
uDon commercial bankers in this country is
not that they have not observed this lidu-
stances. but because, in the anxiety to de
clare dividends upon capital invested there
has been "A wide departure from doing
commercial business The line to be drawn
certainment a bank dealing with CONNER
cial depOSits should cOnfine It's granting of