Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-09-26
SUB. TREASURY PLAN
Former Comptroller Eckles Says
lis Based on False Bust.
ness Ideas
THINKS NEW LAWS ARE NEEDED
Says in Speech at Philadelphia That
the Government Should Place All It's
Funds in Banks-His Plan of Taking
Care Of the Money Circulation So as
to Avoid Useless Hoardins.

Eckels made speech last night at the
meeting of the Pennsylvania State
Bankers Association in which he con-
demned the United States sub treasury
system. In the course of his address he
said:
Il propose to discuss question not
distinctively of finance or banking or
currency, but one of broader scope and
of more immediate Importance. Within
its scope come all OF these phases of our
business interests and more besides.
"The relations which the general
government bears toward the private
business affairs of the country may we'll
challenge the thoughtful attention of
every citizen of the republic at a time
when it is sought to make the relations
still more close and the control there
of still more potent factor III their
conduct. The plea which I make is for
less governmental intimacy and influ-
ence in the business world.
Il wish to speak for the right of the
business man to manage, regulate and
control the interests in which he has
invested his own property. unham-
pered by any improper legislative
enactment and free from useless super
vision of regulating commissions and
other bodies, both national and Of state
origin.
1.-THE treasury department in any
government should find the exercise Of
its legitimate functions within the con-
fines of collecting, under the law, the
needed revenues for the conduct and
maintenance of the government in all
its departments and the disbursement
Of the same.
when 1t goes beyond and enters, un-
der the hard and fast rules which here
at least govern it, the domain of a
wider finance, 1T does so without the
ordinary and natural means of main
tanning it's position, and of necessity
brings upon itself confusion. and to the
'country's trade uncertainty and loss.
The government in it's treasury de-
partment by force of law undertakes to
be bank. The futility of the under
taking becomes manifest when it is
known that it is founded upon no bank
ing principles and conducted in accord
ance with no recognized banking rules.
In its subtreasury system it is the bank
of the mere safety deposit vault or the
stocking of the ignorant and suspicious
citizen. Into this government safety
box each day is being lodged vast sums
OF money taken out Of the channels of
most needed.
- %VN-
sury department as at present working
under the operation of law for accom-
plishing results other than embarrass-
,nent was never more strongly evinced
than today. There is no one at al in
formed of the general conditions which
prevail in every section of the country
and in every chars. cter of industry who
will undertake to controvert the propo
sition that the business of the country
and its Influential interests rest upon
a sound foundation. There is in the
business world no structural weak
ness.
There can be no secretary of the
treasury, no matter how wide his ex-
perience or acute his financial percep-
tion. who can accomplish more than
a temporary makeshift for relief with
the half created banking system which
makes UP the subtreasury, an >institu
ton based upon false theories in eco
nomics, and which in every part vio-
lates correct banking methods and
principles.
IF the safety deposit theory of bank
ing. as exemplified by the subtreasury,
is the true one as applicable to national
governmental fiscal affairs, it should
prove equally essential in the govern.
mental finance Of states, counties, Cit
les, and villages, and these all should
go outside the banks and each estah-
lish it's own respective strong box and
Withdraw still more of the country's
currency from daily business life.
SO, too. the individual business man
should do the same, for there can b.
no correct rule for one which is not
applicable to all who are engaged in
any business which requires the man
agement OF money and credits, whethe.
it be corporation or an individual
If all in business received deposits only
to hoard them soon interchange of
would cease manufacture
ing come to a standstill, agricultural
interest langnish, and transportation
Zines grow idle. That which no bust.
ness man accepts as correct principla
in his own undertakings, his govern
ment enforces to the wasting OF his
own and his fellows substance"
4 %.