The evening tribune. (Pawtucket, R.I.) 189?-190?, 1897-08-18
Comptroller Of the Currency Eckels
Delivers An Able Address.
Our CurrencySystem Unstable
and Erratic.
All Business interests Arc m Jeopardy Under
Present Conditions


Banking association assembled here.
The welcoming speech OF Governor
Pingree while considered somewhat rad
zeal by some OF the members. was, on
the whole. well received. and he was
given a generous amount OF applause at
its conclusion. The feature OF today's
proceedings was an address by Comp
stroller OF the Currency Eckel. who said.
in part:
"The country In rid, for some years at
least, Of tariff agitation. and irrespective
Of the merits or demerits OF the new act,
every business man knows. In so far as 1t
is concerned, upon what basis to engage
In manufacturing, rtrade and commerce.
The evidence accumulates with each
days advices that the long continued
depression In inaneial circles has passed.
and, thanks TO five years Of forced econ
oIny and cessation speculation. coupled
with today's abundant harvests at re-
munerative prices to the agriculturist,
q new prosperity Is coming TO the peo-
pie. This prosperity, II 1t Is to be of real
worth, ought to be permanent In charac-
ter and reach to rall classes and inter-
ests."
Mr. Eckels then said most of our
financial disasters are due to overspecu-
lation and q desire by banks to declare
dividends. He cautioned bankers to be
prudent and conservative at all times.
THE currency problem is, taking 1t by
and large, the most momentous with
which the American statesman has to do.
II Is one, neither of politics nor political
preferment 1t is,t as bankers more than
all others ought TO realize. one of bust
ness self preservation and as such should
command at the hands Of those who are
sworn to guard and preserve the peo-
pies rights statesmanship and pat
riotism commensurate with the magni-
tude Of the interests involved. 1t ought,
as well, to enlist public sentiment that
would bring q swift punishment upon
ehose who attempt to make 1t the play
thing Of party desires and the subject
OF mere political oratory. There is no
political legerdemain by which political
prestidiGitators can deceive the public
and substitute without the act being in
quired into, other issues, for that of
sound currency. Neither one nor all of
them Is o1 such vital Importance as this,
which yeaches to the nations and the
individuals credit. At the bottom Of the
lcuTfency question in its last analysis lies
That of credit and the esteem in which
the nations is held both at home and
abroad. History, II Is said, bears evil
dence that the power Of credit will hence
forth decide annually the great contests
of the world. Under such q truth il Is
a blunder worse than a crime in those
clothed with the power Of action to de-
fer, whether from motives Of political
strategy, indifference or timidity, taking
such steps as will give to the country
monetary laws that will strengthen and
not weaken its financial standing and
comport with It's true power and dignity.
Inadequate Financial System.
THAT which we term our currency
system is one In name only. It lacks
every element Of what rghtfully can be
called a system. It violates in every es-
sential feature what In all other depart
ments Of governmental affairs we DOM
mate a system. 1t Is not an orderly
combination Of parts into a whole, ac-
cording to some rational principle or or
ganic idea. Everywhere there Is want of
unity, and instead Of presenting to the
world financial completeness 1t exhibits
itself as a work Of 'shreds and patches
I'VE have had currency legislation,
some of it bearing promise Of working
out the country's financial salvation,
but in many such instances 1t has been
changed and amended into that which
has made 1t an engine for harm.
Nowhere in any nation Of equal i'm
,portance is there to be found a currency
and financial system SO inadequate for
the purposes to be accomplished as here.
1t presents in its circulation feature the
Singular spectacle of nine different
kinds Of currency, all except two of
which are directly or indirectly depen-
dent upon the credit OF the United
States. The treasury department es-
tablished by II is the greatest banking
institution in the land. clothed with the
least powers for self preservation and
beneficial action. One statute requires
the secretary Of the treasury to redeem
the legal tender notes In coin on presen-
tation, and another compels him to pay
them out that they may return again
and again for redemption. Upon every
hand. the laws OF the land make II an
embarrassment to the profitable conduct
OF the business affairs Of the country
1t adds TO the embarrassment by the
forced imitation of the volume Of the
circulating medium at one time and the
forced contraction through the operation
Of the sub-treasury system at another.
Its only source Of strength lies In the
believed forebearance OF attack upon It's
solvency by those who hold It's obliga-
tions. Designing to have banks. created
under II and subject to governmental
supervision. supply the currency needs
OF the country. It still insists on compet-
ing with them In their note issuing func-
ton and prevents through tax and other
barriers which the law erect, accom-
plishing the very purpose for which they
were brought into being.
I'VE search In vain to find some solid
foundation upon which all this structure
rests. but the statute books reveal moth
ing. Save that there is drawn about II
what ls deemed the sacred circle Of
governmental protection. In the declara-
ton ostentatiously made. that IL is the
established policy OF the United states
10 maintain the two metals at n parity
!. and each other upon the present legal