The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-18
OPPOSES SUB-TRBASURIES.
y. N. ECkELS TELLS BANKERS
THEY MENACE TRADE.
Former Comptroller wants Legal Tenders
Cancelled. sub-Treasuries Abelished
and the Revenues ef the Government
RESTRICTED to the Smallest Point.

and the Revenues ef the Cevernmens
Restricted to the Smallest Point.
MILWAUKEE. Wis, Oct. n. Former
Comptrollor Of the Currency james II.
lckels. in a speech before the Bankers Con-
yen,ion to-day, advocated tho abolition
o. tho sub-Trcasury system. His speech
caused a stir, Several times he vas inter-
rIpt@i with questions and shouts Of mo,
No After the address President Ran
dolph. 81 the Atlantic Trust Company. Of
New York. got up and said II was q wild cat
.v,,em that MIR. Eckels advocated. Mr..
Eckel. said in part;
I agree with the Secretary OF the Treas
ury that the financial and economic system
a, this country has not reached the point.
the development which people Of so much
progress proplc Of 50 much energy. people
Of - much force as the people Of the United
states have n right 10 expect that Il should.
Il faulty largely because Of circumstances
and not because II a desire upon tho part
Il the People 10 have a faulty system.
i would like mlrh 10 see the legal tender
issne- q the government not only impris-
onei. but ~can~,lled and retired lApplausel.
. hcal.a until they are retired until they are
EllNFHNFNNt ANANA - AAaAA.tA'a
the monetary system Of the country there
= always a possibility Of their reissue In n
form that will be dangerous 10 the financial
and monetary interests Of the country.
q would like 20 see not only hat done.
but would like 10 $50 tho complete abolish
m-rt Il the Sub-Treas,Iy system Of tho
Untet states. There never was any ex-
cuse for the establishment Of that system,
- q -. - -
. no possible reason why II should be con-
tinuei II and a. a menace To the trade
and Of the people Of the United
States. because each day takes out Of the
channels ~ trade and much
81 the money 81 the country which could
~ u-ed lcgitimately for the purposes 81
the trade and commerce.. and locks II up
there. IN wssteful dleness. "A mcnarc to
business and a source OF recurring danger
10 the fnancial interests Of all the people.
Il teli-v. the business 81 tho Govern
ment. ~ far a. its fiscal undertakings are
clrc~rr~I. ought To- he conducted n Is
The business 81 private individuals or the
large corporations through the p~roI-'rly
pru,ided channels 81 business. the banking
Interests Of tn. country. and when tbs
governments business u - transacted,
tho legitimate function Of the Treasury
All A@ ff~iflfAfNl W. INV III ''AhfNtNn
Of he revenues oi the Government and
the proper disbursement thereof
would e 4 step further than the Nerre-
t.ry u. the Treasury in dealing with the
surplus revenues 81 the Government Of the
United states. agree with him perfectly
that the reveu,Fs of the Goverlmeat con-
stituti1c a surplus over and above a small
Norhl4E apitnl II the Government needs
any vofking capital At all. ought To fe
with the banks, th"rc going dEiiy into the
chAnres 81 trade and commerce and IL an
All instead 81 n d"'nment 10 the proper
conduct 81 business would -" 10 Il
that the slrplus 81 the Government 10
restricted To the very smallest point pos
,ihla. ard insisad ~ taking unnecessary
reyerues from the people. who want that
surplus. 7 would lea We tncSe revenues with
the peoUle urcollrcted lApplsu re
4 womb restrict tho revenues 81 the
GovCrumer' 90 a herr point where ~. credit
of tho GoveTrm-nt at oil tines could H.
properly maintained, and he rat" Of tax
alton v'iucsi to tie very smallest point
possible. lecause IN an excess revenue. in
an o~verfiouiag treasury. Won have always
presented 20 YOU tho dangers In m. Ad-
Dol mist ration o. grea, eSt-avugarce, and
On the part Of the people undue ~specula-
tio1. When Won have eNtravngance on
tho part 81 the Government caussd hy
unrccessary rsvenue when YOU have AN
lue sp-cul7tion on tho part Of the people.
YOU must 81 necrssity, no matter how
complete your banking system. whether
thsr~ L. a system Of one great central btnk
or 81 many hanks have the danger ~ a
plric which your banking system cannot
prevent
I am not a believer in preventing panics
hy Jaw. or 10y law-made banks or 10y law
made money Applause Panics ar" tho
result IN the first instance 81 undue Ell
tnvsgauce upon the part Of the Govern
meat ard or the part Of the people. nor could
The act of any legislative body. the central
Congress A. Washington or the attempted
at ~ -om. State legislative body prevent
the thing which the people Themselves
have created
Abolish tho Sub-Trcarury, keep the
revenues - the Government 10 the lowest
POINT consistent With the credit and the
maintenance q tho dignity 81 tho country
MAKE the tanks the source Of the moneys
for carrying on the fiscal operations ~ the
Government. carrying with them the un-
Necessary revenues Of the Government.
always maintaining the integrity Of our
monetary system. ard there comes but =
single thought Ia aid In the advancement
ard prosperity Of the American men 81
commerce. 81 labor. Of tho merchants.
II the manufacturers and Of the farmer.
That l., In having engrafted upon tho
banking system a note-issuing power which
IN and 81 itself does not depend upon the
depo-i, with the Government of any bonds
for the purpose Of securing their circu-
lAtion
The annual election resulted President.
Myron I Herrick, Cleveland vice-President.
CALDWELL Hardy. Norfolk. Va Chairman
Of Executive Council. Frank q B!R-low.
Milwaukee. TREASURER, George NJ key-
nolds, Chicago, Secretary. James X. Branch,
New York, Assistant Secretary. William
& Fi'z Wilson, New York.
Papers were read by 7. {. Kaufman
~ Tacoma and ". n Coles OF ST. Louis. Az
N" meeting Of the Executive Council held
this afternoon at the Milwaukee Club, the
following officers We're elected. Chairman,
fraik g Bigelow. Milwaukee. Treasurer,
George VI REYNOLDS. Chicago. Secretary,
James r Branch, New York. Assistant
Secretary. william g. Ftz Wilson.
mIII ulALRI-HI mn