Rensselaer Republican, Volume 26, Number 9, Rensselaer, Jasper County, 26 October 1893 — THE BANKERS’ CONGRESS. [ARTICLE]

THE BANKERS’ CONGRESS.

American Financiers Meet at Chicago and Uaten to an Address by Control* ler Eckels. The American Bankers’ ‘ Congress met at the Art Institute at Chicago, Wednesday. The assemblage was welcomed by Mayor Harrison. When routine matters had been disposed of Hon. J. H. Eckles, Controller of tbe Currency, made the principal address of the occasion. He said: “Heretofore in our financial distresses the test of solvency has always been applied to store and factory, to great industrial enterprises and railway corporations, but within the period of these months an affrighted people became for the first time doubtful of the financial institutions of the country, the banks, and as a consequence a steady drain upon deposits was begun until within the period of two months from May 4 to July 12, from Nationalbanks alone > had been drawn out more than one hundred and ninety-three million dollars, and from State, savings and private ones a sum as great, not for the purpose of trade or Investment, but to lie in wasteful idleness, thus rendering the soundest Institutions helpless, and complete currency starvation in the midst of absolute plenty. These months witnessed the closing of more than one hundred and fifty National banks and not less than five hundred State, savings and private ones, many of which under ordinary circumstances would have been solvent and, under fostering care and improved conditions, have reopened their doors for business again to enjoy the confidence of the very ones most doubtful of them. “In conclusion, let mo say that the greatest safeguard to the banking interests must always rest in the wisdom, the high character,’ the absolute Integrity of those who manage and conduct these institutions, whether they be national, state or private. The officers of the law must look to them for constant aid, and if mindful of the law and regardful of their duty toward those who have placed faith in their probity, there need be little fear of dangerous banking or dishonest dealings.’’ Other addresses were made by Allen Ripley Foote, on “A Sound Currency,” Geo. A. Butler, on “Practical Banking, and Geo. 8. Coe, of the American Exchange Bank, of New York.