The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-19
uptroller EckeIs Was the Attrac-
tion Of the Day.
kANcH SUBMITTED a PLAN.
Will He Appointed 20
thoroughly Investigate and
Report on II.


Re number Of ladies' were present. Rev.
David M. Cooper Of this city delivered
invocation. The roll Of States was then
he'd and from each State member OF
nominating committee was named.
10 committee will meet at 9 o'clock in
Russell house to select the new Of
hrs of the association. a representa-
of each State was then called upon to
dition of business in his locality. This
Nv forth in every instance reports of
ID crops, reviving business and encour-
ng prospects for the bankers. Marked
brovement in business conditions and
ications for better times in future were
characteristic features OF al! the State
orts as detailed by the delegates. Only
ew Of the States failed to respond with
tatement of industrial conditions.
When Comptroller Eckels came forward
was greeted with most generous round
applause, Throughout the reading OF
address the large audience gave him
eful attention.
lon James H. Eckels, comptroller OF
currency, spoke on the subject THE
Id of Currency Legislation" He said
part:
appreciate the compliment paid me by
American Bankers association in again
king me its guest and inviting me 10
ress it's members. l do not, however,
tier myself that upon the questions of
king and currency reform, which have
K been of public moment, l can either
DIV any new light or adduce any Dcw
IS. They have so much engaged public
Fntion and provoked public dispute that
the best, all arguments are now but a
arrangement of propositions already
down and all facts given but re-
cement of those already known. The
dom and strength of their continual
fation lies in emphasizing. through such
ourse. the necessity of remedying the
ent evils OF a financial system OF which
complain. The time for such action
Id not be more opportune.
10 thoughtful student of affairs can fail
know how largely as contributing ele
bit to all the past idleness, agitation,
ress and poverty has been the extrava-
CO which has entered into the Ameri-
Is everyday life, 1t has reached to boz b
public and his private affairs and In
full effects has been menace to the
ntrys welfare. do not indulge in
unwarranted assertion when say that
oh of this must be chargeable to the
rspeculation which In the years prior
1893 flowed from the unwholesome
apenlng OF credit on the part of those
have had TO do. in controlling ca
ity. with the moneyed institutions OF
country. There Is a point in competi-
between banking institutions which
~ beyond the danger line and when
ched invariably results In complete COL
Be.
he criticism which may justly be
sed upon commercial bankers in this
ntry Is, not that they have not OBJ
fed this fiduciary relation In the great
ority of instances, but because, in the
iety to declare dividends upon capital
ested. there has been wide departure
n doing commercial business. The
to b drawn In the extension OF credit
DOT hard OF ascertainment. A bank deal
with commercial deposits should con-
Its gaining OF credits to strictly COM
fetal undertakings. 1t has no right to
commercial deposits payable upon de-
pa, II II pursue different policy. Fixed
hs and fixed investments are the prov
OF trust companies and savings In
utions, and not the field to be entered
n by commercial bank, handling COM
clal deposits, essential to the proper
duct of daily commercial business.
confident that II this line Of demarca-
was drawn, instead OF there being
ny bank failures because OF ain accum-
ion OF unconvertablc assets, there
nd be few. and then largely through
ninal dishonesties.
he currency problem Is, taking 1t by
large, the nest momentous with which
American statesman has TO do. 1t is
neither OF politics nor political prefer
ht. 1t is. as bankers more than all 9TH
ought to realize. one of business self
servation and as such should command
the hands of those who are sworn to
rd and preserve the peoples rights a
fesmanship and patriotism commensur-
with the magnitude of the interests In
fed 1t ought. as wen, to enlist pub
sentiment that would bring a swift
pishment upon those who attempt TO
ke II the plaything OF party desires and
subject Of mere political oratory.
hat which We term our currency sys-
is one in name only 1t lacks every
nent Of what rightfully SIN be called
ystem- It violates In every essential
lure what in all otfOv, departments Of
Ornamental affairs we dominate sys-
IL is not an orderly cOlnDinatiou ot
Is into whole. according to some ra-
pal prt1ciplc of organic idea. Every
Pre- there Is want Of unity. and instead
presenting to the world financial COM
eness 1t exhibits itself as work OF
reds and patches"
am not unmindful that some OF the
s OF it found their origin 10 the flush
excitement Of great war, when men
ced their better Judgment TO what
med the Demands Of patriotism and SAM
ed currency legislation that under 9th
Ind different circumstances they would
er have consented should find place
n the statute books
owhere in any nation OF equal import
is there to be found currency and
neiai system 80 inadequate for the pur-
: to be accomplished as here. II pre-
In its circulation feature the singular
tacle Of nine different kinds OF cur
y. all except two OF which are d.
y or indirectly dep< Edent upon the
a Of the United States The treasury
rtmert established by II IL the great
sanksog Institution IN the land. clothed
the least powers for self preserya-
ana beneficial action. One statute re-
!he -eyrtny of the treasury to r.
the legal tender notos In coin ON
NATION, and another ccmpels him 10
nem out that they may return axnin
Ian TOR resumption Upon every
- hNs q he land make II - en-
b. ia.