Rensselaer Republican, Volume 28, Number 17, Rensselaer, Jasper County, 31 December 1896 — PULSE of the PRESS [ARTICLE]

PULSE of the PRESS

Reckless Banking Methods. That the failure was brought about by reckless management is patent to the most casual observer.—Minneapolis Tribune. * . The most striking feature of the Chicago bank failure is the heavy loaning la excess of the legal limit.—lndianapolis Sentinel. •,] . The Illinois'National ißank failure appears to have been another case of directors who did not. direct—Portland, Me., Advertiser. 1 Recklessness, indefensible : banking methods And apparent fraud and rascality, were fit the bottom of the trouble!— Wheeling Register. The National Bank of Illinois failed because it violated sound banking policies. chief of which is absolute honesty,— Lafayette Journal. The principal object of the bank management appears to have been *to make everything in Chicago prosperous except the balik.—St. Louis Republic. The revelations are sufficient to show , the necessity for an investigation that at will reveal the real nature of the wrongs committed.—Rockford Register-Gazette. Under Such-business conduct the failure of the bank is not at all astonishing. The officers doubtless will be prosecuted on criminal charges for their violation of law.—Topeka Capital. The directors-of the National Bank oc '% Illinois conducted themselves so badly in the management of that institution that many will think they ought to tie consigned to the State prison.—Milwaukee Wisconsin. The revelation is clearly made that the Officers violated the laws of safe banking and that they extended credit!foolishly and to such extremes as could not but endanger any institution. —Council Bluffs Nonpareil. ' , The National Bank of Illinois is bub one of several banks that have recently failed, and in every instance the failures have been eaused by reckless banking and not by the business conditions. —Grand Rapids Herald. When directors direct bank officers do not lend money of their depositors by hundreds of thousands 1 to their untrust* -worthy relatives.— When bank inspectors inspect such loans are simply impossible. —New York World. —There could be but one result to such : reckless methods and such disregard of the restrictions of the banking law’s as is indicated by the transactions which brought the collapse of this Chicago institution.—Springfield, 111., Journal.

The failure of the Bank of Illinois turns out to be a ease of rascality rather than a lack of public confidence. No system of government can guard against the failure of banks which are so grossly mis-, -managed^—lies Moines- Register, ytThere is no financial system which 'could lshg save "any bank conducted along tile loose lines of making loans that characterized the Chicago concern in going practically •into partnership with kiteflyers and irresponsible speculators.— L’hiludelphiu Bulletin. The bank had been in operation twen-ty-five years and had a strong place in public confidence, but the men who should have carefully guarded the institution — the directors—recklessly allowed the officials to do business in their own way ami the resit 1 1 i s -fuiln re.-—Ohrohu Bee. The comptroller says that the failure,of .the; bank was due to the'injurious, reckless and imprudent methods followed by the officers and not checked by the directors. It Would have been improper~for the comptroller to have said that the failure of the bank was due to rescality.— Salt Lake'Herald. The suspension of the National Bank of Illinois was an unpleasant surprise to Ihe country. But when the circumstances that led to its closing are known the surprise that suck -methods led to- disaster—gives way to tile-surprise that such methods could exist in a first-class banking instil iition.—l’i tt slmrg Dispa tell, Tly* fact that, the National Bank of Illinois loaned $2,500,000 on the bonds of an unfinished street railway company and $1,000,000 to two sons-in-law of the president of the bank, to use in' two brewery companies, is indisputable evidence that. the bank at once time must Have had more money than it knew what to do with. —Kansas City Star. ■ X■' The Cuban Question. It looks as if Mr. Gluey is quite prepared to itoUl Congress down while Mr. Cleveland does the rest.—Washington I’osfi ,

Let us keep this Cuban question straight.- The right of Congress is not necessarily the duty of Congress.—Cincinnati Commercial-Tribune. Senators Shermah and Morgan have gotten vfbgether on j'the Cuban question, and the rest of tlnjk-buntry ought to, be Unanimous. —Kansasi City World. S|min does not wijpt war. To that extent the United States is in harmony with Spain. This is not a war time. W r ait a while. —Baltimore American. The notion that Spain intends to make a stubborn light in Ctibft is corroborated by tho fact that she is buying her mules in Kansas. —New York Journal. It is doubtless purely h coincidence that some persons in Washington began to sell stocks before the Cuban __ TbsdlCffioh caiao -ouL—-Gblesgo Record. If the so-called government of Cuba, which, by the way, is no government nt ; 11, has ever declared its independence, the fact has escaped the Journal’s notice. —Indianapolis Journal. One of the worst of the possible results of the Cuban excitement is a new button. It is already threatened, and nothing but the utmost conservatism on the part qf Congress will protect the public from the infliction. —Detroit Free Press. Carlisle’s Messasra. Secretary Carlisle's report of the condition of the treasury contains, as usiial, some interesting information and some very bad advic.e. For the current fiscal ,yeais 4ha .dt>fit4t«-i».-e»tiu»a4eU aife,sU4vs£iU,* -i«« 000, and for the next, $45,718,070. —Philadelphia Inquirer. The annual report of Secretary Carlisle. which has just been given to the public, offers some clear and “substantial reasons in favos- of the withdrawal and cancellation of the greenbacks. What,he has* say. however, contains nothing very new, and adds but little to the body of reasons alrendy fixed in the minds of most well-informed- pedple.— Champiofi Gazette. Secretary Carlisle’s official plea for the national banks has been made. A large proportion of his nnnunl report is devoted to the subject. The plea consist 4 k, recommending the' cancellation of greenbacks and treasury notes, and so modifying the restrictions upon national banks ns to gnable them easily and profitably to issue national bank currency to fill the void caused by the cancellation^ of , the government currency.—Oleveland’llerorder.