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Editorial
January 30, 1897
The L'anse Sentinel
L'anse, Baraga County, Michigan
What is this article about?
Controller Eckels rebukes a Bryan supporter's glee over bank failures by highlighting the strong record of national banks, which have few failures despite economic shocks including Bryanism, paying 75% of claims.
OCR Quality
98%
Excellent
Full Text
A BRYAN MAN HIT HARD.
His Ghoulish Glee Over Bank Failures Quickly Squelched.
In the office of Controller Eckels the other afternoon there happened to come an enthusiastic follower of Bryan, who found great comfort in the recent bank failures. His ghoulish glee was suddenly cut short when the youthful-looking controller of the currency raised his head from the desk where he was signing his name to a batch of letters about a foot thick and delivered himself of the following neat little financial sermon:
"Do you know, my friend, that there is no other line of business in the United States handling any such amount of money where the failures have been so few as in the case of national banks? Since the establishment of these institutions there have been 5,053 national banks in operation, scattered all over the country, from the Atlantic to the Pacific, and representing the most diverse interests. During the time they have been running they have withstood the shock of the close of the war, the resumption of specie payments, the financial panics of 1873, '84, '90, '93, and the years following them, besides the strain of such campaigns of folly as Bryanism, and yet in all that time and of all that number, handling billions and billions of dollars, only 323 national banks have been placed in the hands of receivers, and it is a fair estimate to say that these broken banks, on the whole, have paid fully 75 per cent. of the claims against them. This record cannot be equaled by any other commercial business in this country."
And the Bryan man stopped talking.—Washington Cor. Chicago Tribune.
His Ghoulish Glee Over Bank Failures Quickly Squelched.
In the office of Controller Eckels the other afternoon there happened to come an enthusiastic follower of Bryan, who found great comfort in the recent bank failures. His ghoulish glee was suddenly cut short when the youthful-looking controller of the currency raised his head from the desk where he was signing his name to a batch of letters about a foot thick and delivered himself of the following neat little financial sermon:
"Do you know, my friend, that there is no other line of business in the United States handling any such amount of money where the failures have been so few as in the case of national banks? Since the establishment of these institutions there have been 5,053 national banks in operation, scattered all over the country, from the Atlantic to the Pacific, and representing the most diverse interests. During the time they have been running they have withstood the shock of the close of the war, the resumption of specie payments, the financial panics of 1873, '84, '90, '93, and the years following them, besides the strain of such campaigns of folly as Bryanism, and yet in all that time and of all that number, handling billions and billions of dollars, only 323 national banks have been placed in the hands of receivers, and it is a fair estimate to say that these broken banks, on the whole, have paid fully 75 per cent. of the claims against them. This record cannot be equaled by any other commercial business in this country."
And the Bryan man stopped talking.—Washington Cor. Chicago Tribune.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
National Banks
Bank Failures
Bryanism
Financial Panics
Controller Eckels
What entities or persons were involved?
Controller Eckels
Bryan
National Banks
Editorial Details
Primary Topic
Stability Of National Banks Against Bryanism
Stance / Tone
Pro National Banks, Anti Bryan
Key Figures
Controller Eckels
Bryan
National Banks
Key Arguments
National Banks Have Fewer Failures Than Any Other Business Handling Large Amounts Of Money
5,053 National Banks Have Operated Across The Us
Withstood Shocks Like Civil War End, Specie Resumption, Panics Of 1873, 1884, 1890, 1893, And Bryanism
Only 323 National Banks Failed And Placed In Receivership
Failed Banks Paid 75% Of Claims
Record Unequaled By Other Commercial Businesses