The Birmingham age-herald., 1906-11-22
MR. ECKLES FAVORS
 PAYING INTEREST
Federal Funds No More Sacred
 Than Others
CENTRAL BANK IMPOSSIBLE
New Plan Will EmascuIate the Sub. Treasury System and Place Gov ernment Banking Business
 On Commonsense Basis.

Omaha, Neb., November 21.-About 300 members are in attendance at the two days convention of the Nebraska Bank CTS association, which opened here to- day with United States Senator J. H. Willard, the president in the chair.
 The principal address of the convention was delivered this afternoon by James E. Eckles, president of the Commercial National bank of Chicago, and comp troller of the currency. under President Cleveland. AIr. Eckels spoke in part as follows:
 T am not unmndful of the fact that the attacks on what are termed the evil effects of so-called trusts, the inequalities of taxation and the wrongful folies of tariff schedules together, with dreamy and charmingly pictured benefits of govern nental and municipal control and owner- ship today attract the attention of men In public place and more than fill the public eye, but no one of them is of more far reaching importance, or affects more greatly the underlying conditions of pros perity in the country than does the less allurng subject of currency reform.
 Central Bank Is Impossible.
 "A great central bank is an impossibil- ity in the country where political issues always prevail, and where Individuality in every part of the country will not sur render itself to concentrated power in the field of banking, no matter how care- fully such power is dealt with or how perfect and beneficial might be the re- suits of it's use. The legislation that is most nearly perfect and improves existing conditions, and remedies present defects must commend itself as a practical thing, and the country can better afford to take the nearest approach to the best thing than to wait still longer for legislation without defects.
 "The commission, which sat at Wash ngton under the authority of the chamber of commerce and the American Bankers association proposed legislation which will emasculate the sub-treasury system and place the banking business of the govern ment of the United States upon the same rational and common sense lines as is that oe the banking transactions of the man of every day affairs, that of every
 
 country. And why not? What is there more sacred about the revenues collected through the tax levies of the national government than those of the individual states or of great cities, or of the accu- mulated funds of private capital? Is question of safety of funds deposited with banking institutions which are under the direct supervision and control of federal authority?
 There Is Remedy.
 If it is, there is a remedy, and the gov ernment can readily avail itself of it. The government method of banking its receipts and revenues is the irrational method which, if followed by the individ- ual would spread disaster everywhere, and make daily business impossible. It converts the dollars of activity into the dollar of idleness and takes out of the channel tide the force essential to a con tinuance of the flow of business under taking As long as the nation takes. through force of law from the individual citizen more than the government needs for legitimate governmental purposes. 1t ought in justice to him at least attempt 10 minimize the wrong it infliets by per hitting the business world of which he Is a part to have the benefit of the daily use of the surplus revenues, which are ac- cumulated The wrong is doubly inflict- ed when the citizens capital Is directly l,lessened on the one hand and indirectly injured on the other. If no revenues de- posted in the banks by the secretary Of the treasury, interest is paid there, can be no complaint about such deposit, nor charge of governmental favoritism. It, too will put an end to the continual ao- peal to the secretary to aid the money sit uation, for day by day the givNnment will bank as other banks, and all will know what the conditions are, and not dwell in continuing expectancy of relief being granted from Washington .