Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-18
Controller Of the Currency Talks to
the Bankers at Detroit.
CRlYIcIsES TEE PRESENT SYSTEM
Delegates Take Occasion to Rap
Some of Bryan's Theories.
BIG wDS ATTEND

DETROIT. Mich. August 1S.-The an
rouncement that Controller of the Cur
reney Eckels would make an address
drew to this mornings session of the
bankers convention audience unusually
large. A large number of ladies was pres
ent. Rev. DIR. David NJ. Cooper Of this city
delivered the invocation.
The roll of states was then called and
from eacn state a member of the nominal
ing committee was named. This committee
will meet at o'clock tomorrow morhing
in the Russell House to select the new
officers of the association A representa-
tive from each state was then called upon.
to give brief statement as to the general
condition of business in his locality. This
drew forth In every instance reports of
good crops, reviving business and encour
aging prospects for bankers. Marked i'm
proyement in business conditions and in
dications for better things in the future
were the characteristic replies of all the
state reports as detailed by the delegates.
Neirasi<m's Glowing Crops.
Henry w. Yates Of Nebraska said the
golden grain of the ripened and ripening
harvests in his state did not reflect the
calamity tint to which the utterances of
many of it's public men and the vote of the
state last fall had seemed to consent.
John W. Faxon of Chattanooga, Tenn,
derided aIr. Bryan's claim that the price
of silver controlled the price of wheat,
and said the recent fall of the one and
rise of the other offered conclusive proof
of the falsity of the claim. Only few
of the states failed to respond with
statement Of industrial conditions.
When Controller Eckels came forward
he was greeted with round of applause.
Throughout the reading of his address the
large audience gave him careful attention.
Eci<eIs ON Currency Reform.
Mr. Eckels said. in part:
THAT which we term our currency sys-.
tenn Is one in name only. 1t lacks every
element of what rightfully Can be called a
system. 1t violates in every essential fea-
ture what III all other departments of gov.
ornamental affairs we dominate q system.
1t Is not an orderly combination of parts
into a whole, according to some rational
principle or organic idea. Everywhere
there is want of unity. and instead of pre-.
senting to the world financial completeness
it exhibits itself as work Of 'shreds and
patches. g., g.,
Nowhere i'm any nation of equal import
ance is there to be found currency and,
financial system so inadequate for the pur-
poses to be accomplished as here. It pYe-i
sents in its circulation feature the singular
spectacle of nine different kinds of cur
rency, all except two of which are directly
or indirectly dependent upon the credit of
the United States. The Treasury Depart,
ment established by it is the greatest bank
ing institution in the land, clothed with the
least powers for self-preservation and bene-
fetal action. One statute requires the Sec
rotary OF the Treasury to redeem the legal
tender notes in coin on presentation and
another compels him to paw them out that
they may return again and again for re.
demption.
Upon every hand, the laws of the land
make 1t an embarrassment to the profitable
conduct of the business affairs of the coup-.
try. 1t adds to the embar-a ssment by the
forced imitation of the volume of the cir.
ctdating medium at one, time and the
forced contraction through the operation
OF the subtreasury system at another. Its
only source of strength lies in the believed;
forbearance of attack upon it's solvency by.
those who hold its obligations. Designing:
to have banks. created under 1t and sub
Ject 10 governmental supervision, supply the
currency needs of the country, it still in
siSts on competing with them in their note
issuing function and prevents, through tax.
AID other barriers which the laws erect
accomplishing the very purpose for w17rcil'
they were brought into being
"A great governments fiscal operations'
cannot be conducted simply upon patriot,
ism, nor can they be based upon senti-
meht The government lacks in dignity.
wren II puts itself i'll a position where 1t is
eiher mendicaEt asking aid from private.
citizens or weakling at their mercy. 1t.
Possipiy may be a bad thing from the
patriots standpoint to present for redemn-.
ton the currency demand obligations which
the treasury. under the mandate of the
raw, SENDS forth. at u time when the gov,
eminent is financially embarrassed but
the act is business one and is governed
by business reasons.
me treasury Department should he m
stcn condition that it would not find If
necessary for its protection to have tho
citizen eliminate all the elements of human
seHishness when dealing with it, In order
10 inspire confidence it must stand anon
the same footing as any other business es
tabiishment. ready and willing to nav the
governments debts without asking ieniencv
from ITS creditors and at no time having
larger liability outstanding than il is able
10 hquldate 1t certainly ought not TO in.
s;st on voluntarily furnishing the means
Tor IT'S own destruction AMI then compIain
II those means are employed and danger
threatened