The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-02-17
EcKEIs YxExs cUsnsxor.
says our Nsee..i Fi..-ss.i syst.- IL
Patchwork.


James II. Eoksls, COMPTROLLER Of the Cur
rency, made the principal speech at the tenth
annual dinner Of The Life Underwrlters' Asso-
citation at the Windsor Hotel last night. His
subject was Finance and Life Insurance"
The dinner was in the main dining room. the
guests being seated at small tables. The retir-
Ing President Of the Association, Richard K.
Cochran, presided. and with him sat the new
President, James Yeresnce OF the Equitable
Life. who had been elected at . business meet
ing before the dinner.
Comptroller Eckeis devoted tho FIRST part Of
his address to finance. and his peroration to the
praise OF the present Administrators aud the
treaty Of arbitration. After telling In what re-
spects banking interests and insurance interests
were similar. he said, In part:
Banking interests differ from insurance
interests in this respect. Through an unres-
souing prejudice that exists against capital en-
gagged In banking. II draws upon itself all tho
prejudices OF politics and all the jealvusies
brought together by public discomfort. Not so
with Insurance. | have yet TO hear one who
dares to attack that capital invested.
primarily to make an income for those
who have put their money in II, and
secondarily TO provide FOR the protection and
support OF those bereft Of their bread winners.
At no times are those interests marred by poli-
tics or controlled on political lines. Your course
is one Of business and the touchstone Of the de-
sire TO do . thing or not TO do It. 10 whether It is
beneficial to do so or not TO do 10. wholly from .
business stand point.
III the same thing could BE- applied To financial
measures In legislative halls, we would sec no
attempts to establish a financial system with
any other idea than tho public good. II bust
ness considerations only were consulted in the
establishment Of financial systems. and not
or . seat 10 tho House. instead ~ our seeing
business paralyzed at each election. instead of
our seeing doubt overspread the whole country,
elections would come and go. and business aid
commerce would remain undisturbed.
p" II is unfortunate. but true. that our national
financial system Isl thing Of shreds and patches.
IL is in the largest measure made up by the Ell.
geneies OF politics. Instead OF being a symmet-
T.i iii., Sh1isi s SSii ,ii,.S 81 ri .sS a and ms ss sy: Of Sa. |.
and recurring loss We need a System so strong
Of finance viii bear tho burdens laid upon
them: We want no fair. weather system.
.... %s p hsxs our Sq' a] nssses,Y i pss.sf sAFS %s h. =.
seen defeated and dismayed those VINO would
a dsbased standard and a more DO
based currency for what We have That defeat
In itself wa. great compllshmcnt. But there
Is more to do. Let no business man hattsr him
sell that the financial heresy Is beyond resus.
ut has been wounded and beatsn. but IL will
be crushed only when we get q better aud =
sounder system. IL IL not enough TO announce
that We have a gold standard. We have had
that Tor sixty years. and the election introduced
no new elcment. II only emphasized . fact. We
must MAXI that q potential fact beyond question
by eliminating from our statute hooks certain
that have no business there and substituto
for them statutes to the end that the Govern
ment cannot create n value where there Il none.
We have passed through n period of long bust.
moss depression. We have witnessed the effects
OF bad financial law. undue speculation. and
cverca pitalization, but We have reason TO believe
that business will soon start on the up. grade.
In the closing DAYS OF this Administration,
which In the Annals of future history will be
great, there has beon sent forth that
which best voices the best sentine nts OF the
A~nglo-Saxon. q treaty to do away with war, IL
joins the two English speaking people in the
clasp OF friendship. Let US hope that nothing
VIII intervene TO make II idle. TO emasculate IL.
Let.us hope that there IL enough patriotism In the
Legislature to realize that the people wish this
thing To become n living reality. and that when
public sentiment IL appealed to we shall know
England and the United States have at
been bound int - common brotherhood.
only rie'ng In that which makes peoples great
and Governments glorious"
The 81 ner speakers were George 7. Wilson OF
the 10 uitablo Life. f., X. l.. Gould Of Johns
Hopklh s University. who spoke on Social As
pects OF Life Insurance" and Chancellor Nc
Cracker OF the University OF the City OF New
York. whose subject was Education as Re-
lated to Life Insurance"