The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1873-09-18
GNeeklp Gimes
rsCgspAY- ,EpraMBER IS, 1873.
SIR. c,x.A. SAVINGS BANK

THE GERMAN SASIS@S bAA-
ucan hardly be denied that an institution
which does business under the laws OF ID
State. and lives and thrives by tine ccnfidenc
o. the people, should be exempt from pub
lie cri,;cisu. when it makes mistakes. W
d,not own any of the stock Of the German
swings Bank, but as citizen OF Leaven
worth. desiring that everyOood institution 0
he ,ity should prosper, We wish the nan'
,hs larees, measure OF success, and the mos
enduring prosperity.
The stories of Cashier Mo,ler's defalcatioE
IN the sum of $50. 900, and the embarrass
ment consequent are quite well known to thu
reading Public Of the city, and need no ex'
tended comment here. Subsequent proceed
ing. BY the ptesiden, and directory Of the IN
st;tutiop are not 80 well known, however, &c
the public, and We conceive it to be ou'
RICH. to express plain, unvarnished
opinion concerning tne'n.
+, is a fact well known to every Intelligent
citizen of the community that the stock
holders of the German Savings
Bank are amply able to raise almost
instantly a sum FIVE times as large as the re-
ported defalc,'ion. The further fact is also
pl.in that the directory closed the bank in
the face of the public yesterday morning and
posted On the door notice which in half
heading manner besought the patience OF
creditors until the books could be examined
and IN assessment levied, therefore creating
the impression that an injury almost ire
parable had been inflicted by the defalcation,
whereas the trivial sum of $4,000 as COM
pared with the capital Of $500, 900, was
about the extent of the loss, and one-half of
tina: amount mad been'secured by the sur
render Of the cashiers real and personal
property. Hence We have the spec
tacle of an incorporated institution,
with capital of $500, 900, and
under the Law Of the State, liable to depos-
i,ors for one million dollars, acknowl-
ing, in the language of the notice TO creditors,
chat the run yesterday had exhausted all
available funds" when the run mentioned
amounted to $50, 900. That run was made
ON the impulse of the frs. rumor, ANA was
in all probability stronger one than would
have been made the day following. 1t is
useless to say that the money could not have
been raised, because it transpires that even
The hills receivable on hand aggregated
more than the total sum Of deposits. With
the resources within reach, funds enough to
have paid all checks could have been Sc
cured without an assessment, il .kiiiinl
nse OF the means had been mad. |
All of which goes to show that the harm 20
the bank from the defalcat:on Of the cashier |
was trivial in comparison with the injury !
inflicted upon it by the weak and democrat
izing course of the directory.
When Mr.. Moller was deposed, the Direc-
tors called Or. J. W. Morris to his place, |
trusting to his courage and experience fer
assistance. The selection was an unfortunate
,ne. Or. Morris il coed citizen, but OF
W. lieu WIN iAc oahn i.S "s7 a-'>
most unserviceable for such an emergency,
,ecsuse of his lack Of business nerve; hence
he directory leaned upon broken reed,
nd listening to cautious timidity instead Of
DOL courage, permitted prestige of pros
,eri,y worth more to the institution than all
he money on deposit to be sacrificed in
sy.
There il no sounder institution in tie
hole western country than this same Ger
,an Savings Bank, and upon the par, OF lis
epositors and creditors there is no alarm.
he whole trouble results from the timidi.y
( its management, and while the officers
nd directors may not thank Us Tor the ad-
ice, we can tell them frankly that every
az the bank remains closed adds an injury
D its future business that can scarcely be
It mated. If they want TO re-sssure the
ub,ic and invite the COZ Fl ience Of cpsto-
ners LEI them open the bank to-day, and pay
..c.s, even If individual sacrifices must DE
made to accomplish that end.