The Washington times., 1902-09-26
Mr.. ECKELS SCORES THE
US. TREASURY SYSTEM
Stirring Address to Penn
sylvania Bankers.
'1RIGHTs OF BUSINESS MAN.
Made Plea for Less Governmental In
timacy and Influence in Business
World-Oficers Elected.
Special to The Washington Times.)


PHILADELPHIA, Sept 25.-The fea-
ture of the eighth convention today OF
the Pennsylvania Bankers Association
was the address by Mr.. James H. Eckels,
and now president of the Commercial
National Bank of Chicago. In begin
ming his talk on the subject of the ma
tional Treasury system Mr.. Eelels said:
Il propose today to discuss a question
not distinctively of finance CT. banking
or currency, but one of broader scope
and Of more immediate Importance, for
within its scope come all of these
phases OF our business interests. and
more besides"
Continuing, Mr.. Eckels discussed the
relation which the General Government
bears toward the private business af-
fairs of the country. He made a plea
for less governmental intimacy and
influence in the business world, say
ing:
Opposes Legislative Interference.
business man to manage, regulate, and
control the interests in which he has
invested his own property. unhampered
by any improper legislative enactment
and free from useless supervision of
regulating commissions and other bo-
dies. 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
fits departments, and the disbursement
Of the same.
When it goes beyond and enters,
under the hard and fast rules which.
here. at least, govern 1t. the domain of
q wider finance, it does so without the
ordinary and natural means of main
tanning its position. and of necessity
brings upon itself confusion. and TO the
country's trade uncertainty and loss.
Stocking of the Ignorant.
Mr.. Eckels stated that while the
Treasury Department by force of law
undertakes to be a bank, it is founded
upon no banking principles and is con-
Quoted in accordance with no recognized
banking rules. and that in it's subtreas-
ury system it is the bank OF the mere
safety deposit vault or the stocking of
the ignorant or suspicious citizen. In
conclusion, Mr.. Eckels said:
IF the safety deposit theory of bank
ing as exemplified in 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, cities.
and villages, and these all should go
outside the banks and each establish its
own respective strong box and withdraw
still more of the country's currency from
daily business life So. too, the indi-
vidual business man should do the same,
for there can be no correct rule for one
which is not applicable to all who are
engaged in any business which requires
the management of money and credits.
whether it be CORPORATION or an indi-
vidual
Not on Business Principles.
''If all in business received deposits
only to hoard them, soon Interchange of
commodities would cease, manufacturing
come to a standstill. agricultural inter
ests .languish and transportation lines
grow idle. That which no business man
accepts as correct principle in his own
undertakings his Government enforces,
to the wasting of his own and his fell
lows substance"
Financial reform was the slogan Of
the convention, and the specteT of dis
tress was raised by a number of speak
ers. Banking in all its phases was dis
cussed at the meeting. from the address
OF President Grier Hersh. through the
line Of speeches following. The annual
election resulted in no surprises.
Mr.. J. r. McAllister Philadelphia. was
elected president; Mr. David Mex.
Lloyd. Pittsburg vice president, and Mr..
E. E. Lindermuth, Philadelphia, treas
urer.