The Montgomery advertiser., 1906-11-22
ECKELS HITS
 BANK SYSTEM Approves the Proposed
 Legislation. HE CALLS II COMMON SENSE Says Government Method of Bank
 ing is Irrational. Declares Centralized sNStem Impossible Where Individuality wnl Net Sure render Itself To COncentra-
 ted Power.

Omaha. Neb., Nov. 21.-Ahout 2oe 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 H. Eckels, president of the Commer- clal National Bank of Chicago and for mer comptroller of the currency. Mir. Eckels spoke in part as follows:
 T am not unmihdful of the fact that the attacks on what are termed the evil effects of so-called trusts the inequalities of taxation and the wrong- full follies Of tariff schedulSI, together with the dreamy and chamingly pie tured benefits of governmental and mus nicipal control and ownership today ate tract 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 cf prosperity In the country than does the less alluring subject of currency re- form.
 "A great central bank Is an impos- sibility in the country where political issues always prevail, and where indi- viduality in every part of the country will not surrender itself to concentra- ted power in the field of banking. no matter how carefully such power is dealt with or how perfect and beneft. cial might be the results of it's uses The legislation that is the most nears ly perfect and improves existing condt- tions, and remedies present defects must commend itself as a practical thing, and the country can better af- ~uN~ nah fr. the best thing than to wait still long CT for legislation without defects.
 '"The Commission which sat at Wash ington under authority of the Cham Der of Commerce. and the American Bankers Association, proposed legisla- ton which wili, enasculate the sub- treasury system and place the banking business of the government of the 5ni.ed States upon the same rational and common sense lines as Is that of the banking transactions of the man of everyday affairs, that of every State' county and municipality In the coun- try. And why not?
 "whafsds there more sacred about the revenues collected through the tax levies of, the national government than those of the individual States or of our great cities, or of the accumulated lands of pi Ivate capital? Is 1t ques-
  banking institutions which are under dltect supervision and control of the < ederal authority?
 of it is, there Is a remedy, and the government can readily avail itself of it. The government method of bank ing It's receipts of revenues Is the ir- rational method which, if followed by the individual, 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 of trade the force essential to 8 continuance of the flow of business undertaking.
 "As long as the nation takes through force of law from the individual citi- gen more than the government needs for Legitimate governmental purposes, it ought in justice to him at least at- tempt to minimize the wrong tt in- ficts by permitting the business world of which he is a part to have the bene- it of the daily use of the surplus rev. snues which are accumulated. The wrong is dCubly inflicted when the cit- izens capital is directly lessened on the enc hand and indirectly injured on the ether
 ''If on revenues deposited in the banks by the Secretary of the Treas urv interest is paid, there can be no complaint about such deposit nor charge of governmental favoritism. It. t,,o will put an end to the continual appeal to the Secretary to aid the monty situation, for day by day the government will bank as other banks and all will know what the conditions are and not dwell in continual expec- talsty of relief being granted from A-asIlinEtOn."