New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-23
THE CONTROLLER OF THE CURRENCY.

Probably palpating world will never know
the full extent Of the virtue OF MI Eckeis, the
present Controller of the Currency. because II
is the pleasure and the interest OF all the DahK-
crs in the country who have been treated COM
fortaby by him 20 vouch for his surprising
fdelit,: nevertheless. worn and weary puDic
does not know how far such Endorsements are
of face value There have been some failures
at the West which might apparently nave
been avoided by the Controller had he acteu
upon and followed up official returns made to
him as he has done in some other cases. Inc
public notices these facts, and does not COM
prehend the reasons which justified patience
and lenency in respect to some banks WHICH
have failed. while others are getting closed up
as soon as their shortcomings are known.
These criticisms might not occur to many
Western people. if the Controller had not Deen
so vocifcrous an ADVOCATE of retirement or me
lecatender currency in order that National
banks should have larger field That I'M
happv circumstance has turned against him all
the batteries of the fiat money people. who can
find no excuse for the existence of National
banks at ALL and it has ut the same time re-
strained from his defence many who believe
the National system fairly we'll managed, but
do not want it tempted TO mischief by note
issuing monopoly. Some letters from bank
cashiers and others have appeared in Western
papers. attributing to the Controller singular
twisting of the law or personal favOritism,
but these are obviously the accusations of per-
sons whom he must have offended. Truth to
say. they are somewhat impressive, but the
Controller has gained the goodwill OF most
bankers. and is entitled to all the aid it gives
him.
Controller Eckels was not appointed TO office
for the express purpose of pleasing the Ma
tional bankers. 1t is not altogether 10 his dis
credit that he has pleased most of them who
indors.. him with considerable frequency and
enthusiasm as an official of peculiar merit. The
trouble is that a number of the banks, while
supervised by him and his subordinatcs, and i'll
dors,d after such supervision as altogether
trustworthy, have been found by the public
unworthy of trust Accidents happen in the
best of families but when typhoid breaks out
and proves deadly in repeated instances the
family is apt to conclude that there is some
thing wrong with the drain, and also with the
inspector.
The anxiety of Controller Eckcls TO thrust
upon the public financial policy which would
leave the noe-ssuinS business entirely TO the
banks is legitimate reason for scrutnZing
with some care his conduct rs Controller. If
he has not so controlled as To prevent certain
failures which ought 10 have been prevented.
the public is liable to ask whether official SUI
pervison would be more valuable if the entire
notcissuing business were turned over to the
National banks or To State banks. Perhaps it
would. but experience under Controller Eckels
scarcely proves it, In fact. that experience
thus far tends to persuade many people, espe-
cially in Western States. that the proportion Of
currency issued by banking institutions Is about
large enough already