The Portland daily press., 1873-07-25
Ernst CAmnanieS.

The frequency of the failure of various trust.
deposit and saving institutions in New York
and vicinity the past few years, prompts an
exchange to speak of them as dstrust COM
panies. The last of this class that has sus-
pended is the Brooklyn Trust Company. The
details have been already given. The story
is but repetition of the facts in connection
with similar failures. From the first, the di-
rectors gave no attention to their responsible
-tru.es- made a careful eXamina-
tion into the affairs of the institution, Dut
uueted the public by official statements m de
bv the President and Secretary. They failed to
INQUIRE into the investments made by these
officials. The fact that Mr. Mills was engag-
ed in speculation which, with the best OF
men. gets to be mania, did not lead these
Guardians of the funds of others to inquire in
to his transactions with the corporation.-
They did not know, or if they did, they failed
to interfere with his purchase OF Georgia
railroad bonds, or stocks in Connecticut
quite as doubtful. For all That they knew
about the institution, Mr.. Mills might have
drawn every dollar and lost it in speculation.
Doubtless majority of people outside OF
New York regard such transactions as that
of Mr.. Mills as robbery of the worst charac'
ter Consequently they will be surprised to
learn that Judge McCue, city judge OF
Brooklyn, with about the same power as one
of our supreme court judges, declares that
she does not consider that Mr. Mills had
been dishonest in the business, but had COM
mitted the too prevalent error of using other
funds than his own" So long as men like
Judge McCue regard the stealing of two or
three hundred thousand dollars of money
trusted to his care, as only ''too prevail
ent error" it will not be likely to become less
frequent, and the term trust company will
become more and more a misnomer. The
prompt and severe punishment of few of
these princely thieves as if they were low
bred rascals. is the only means to correct
growing evil and prevent the confounding OF
great crimes with slight errors.
Meanwhile these frequent occurrences in
New York should lead the guardians of raw
ings' banks and like institutions in this and
other States to rigidly examine into their.
condition and carefully scrutinize the charac-
ter Of their investments. The last report of
the Bank Examiner showed that quite a
number had invested in Western bonds that
are not first-class, perhaps because they were
purchased at a figure considerably below par.
Doubtless there is not the slightest danger of
any trouble, hut good policy and good faith
hat I,o Oh ho
csed by those honored by such responsible
positions.
In marked contrast with the constant abuse
of President Grant with when Of our
Democratic papers in Maine abound. is the
following notice of the President by the
Brooklyn Eagle, sound Democratic paper:
He has had giants strength by law, which
he might have used against the South and in
all State elections. But he has not used it
like giant. He bore down little on North
Carolina, South Carolina and Louisiana. Few
justify that, but none can maintain that he
went to anything like the length of his legal
tether. As to elections, there is a great deal
of difference between the heated indictments
of the stump and the press, and the absurd
fact that every man voted as he pleased with
none to modest or make him afraid. The
habits Of the President are primitively demo-
cratib. lie goes where he wants to and leaves
when it pleases him. He travels invariably
with his consorU and children, like the good
family man that he is. He has properly
low value of the force of unjustifiable denunci-
ton and snap criticism. He is lamentaby
lacking in appreciation of the selfprcclaimed
illimitable power of the press. In short, he
does what he pleases, unless he pleases to
do something else. 1t palpably pleases him
to keep his mind and body as snug and COM
Portable as possible, especially in hot weather.
We wish he was less Indifferent. But for The
life ofus we cannot esteem him dangerous.
We wish be was less phlegmatic and more dig
nitied, but that in his mind he harbors coup
a etat is asking too much for a people to be-
lieve who recognize in their Chief Magistrate,
matter of-fact person, devoid of "airs'' al
together and OF proved patriotism.