, 1873-09-28
THE SUSPENDED BANKS.

THE SUSPENDED BANKS. d.
Tie banks that hayo actually closed their
doors owe 1t 10 their depoBitors hud to the pub
lio eithor to reopen forthwith or go into volun-
tary liquidation ut once, under tho process pro-
vidod by tho National Currency not. II thcy
neglect to do Ho 1t Is tho duty Of tho Comptroller
Of tho Currency to put then in tho hands Of
Receiver. It is proper that tho interoata of
their creditors should bo protected, aud 1t ia for
Tho public good tint their aasots should beturned
out as speedily as Is practicable. If they really
cannot reopon, tho better way out Of
thoit e1nbarraesmentB Ia formal notice OF vol
untary liquidation. This will ennblo them,
under tho Law, to turn over to tho dopositors
their Just proportion Of tho currency on hand,
md US many Of tho bills receivable and con-
gortiblo assets rs necessary. A1r. Holmes, OF
tho Manufacturers National, is tho only ono Of
tho suspended bankers who has announced tho
intention Of adopting this courso. Tho otlors
should 1oso no time in comiug to Romo decision.
Tho Union Bank cloHod, according to it's own
Htatomont, with e600, 900 currency In the vaults,
$500, ,000of Eastern exchange, which falling duo
from day to day, and collatorals on maturing
notes which may DO converted into cash. Tho
Union Bank las no right, loyal or moral, to With
hold this largo amount Of money from tho pull
lie at such a timo as this, and much less from
tho dopoatora whom It owes. If there was q
necessity to- suspend business, thon 1t became
proper, at tue saue time, to adopt tho road
lost means for turning out to dcpoaftors
the cash md negotiable nssets Oh hand.
What is true Of this case is equally truo Of all tho
others. Time enough will hayo elapsed by Mon
day to decide whether 4 resumption ia possible
Tho whole secret OF tho financial distress in
Chicago and tho West is the lookup Of tho cur
rency. No hayo not been romfss In castigatipg
tho cowardly dopositors who hayo mndo dis
graceful Hcramb]o for currency to stow away Id
Bafoty deposits and private vaults. When half
aozen banks close, and thus keep an aggregate Of
one to two millions Of money out of tho mar
kot at this time, VIC approhond TINT q
targo share Of the blame must ho tranaforrod to
their shoulders. If this largo amount Of money
lH to bo locked up in the yaults Of bankers who
nre doing no business, 1t does nobody any good.
It cannot roloye the banks, nor the merchants,
nor tho grain-doa!ers. It should come out. IT
the suspended banks DO not voluntarily adopt
Tie means provided by law for Just such o con-.
singoncy, tho dopositors will undoubtedly take
RtopB to havo them placod in tho hands of o Re-
soiver. This becomoB tho duty Of tho Comptroller
pf the Currency upon the application OF any ored-
itor who fails to receive lig money On demand.
Tho dopoBitors have q right to representation
and protection. In the present condition Of tho
suspended bankB, tho interests OF tho creditors
nro entirely in tho hands OF the debtors. II
the suspended banks are actually solvent, as
they nll claim to DO and as TIC believe
they are, this process will enable them
to save thcir charters and perhaps their capital.
They will then bo in condition to resume busi-
ness with restored confidence. II any Of them
not solvent it will still bo better tor thom to
eavo the exponso and delay Of necoivership,
and escape tho improcations which such ezpenso
md procraatnation will be sure to bring down
upon them. Every banker who Is not in 3 condi-
tion to resume tomorrow morning can do lis
ehsro toward relieving the distress by giving
notice of voluntary liquidation, aud turning out
his aaHots as fast Us possible.