Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1875-09-18
Still they tall. This time the crash

Still they fall. This time the crash
comes from the gand ofgold-!he sup
posed paradise Of al those who are
blocked with snow-5anks for The half
year, the laad II beauty ami plenty.
Bat wherever man lives on this foot
stool, there are the same sad develop
ments 6f human nature. 1t is the
same old story, Of speculation, fast
living and recklessness. utterly ignor.
ing all business laws, which are as
positive as those that rule the universe
On Tuesday Augu st Doth the Bank of
California ccas d to exist, the loss
somewhere from six TO nine millions.
The papers give graphic descriptions
OF the 'Anal ''run" on that last after
noon as the throng blocked the streets
with their bank books in their hands,
- draw perhaps their all, their living,
before the doors were closed. There
could hardly be anything of the kind
that could give the general financial
affairs a more startling shock than
this event caused throughout the
whole Pacific Slope, for it had for
years yielded most powerful in
fluence In all the varied ramilications
OF business on that side of the Rocky
Mountains, and as sound monied
institution had stood A No. with
the whole community. W. ". Raj
ston was first cashier, and later its
president, which office he held at the
time of its collapse. Naturally enough
men looked upon him as the cause of
the failure, and public sentiment be-
gan to press on him in this direction,
the directors also manilesting the
same feeling. When Ralston went
down 10 the bay ostensibly, for the
purpose Of taking . sea bath, and
was soon brought back corpse, hav-
ing either poisoned himself or was ac-
cidentIy drowned. his end with its sur
roundings was a sad one. His life
fo- years had been one of glow and
glitter, on the jim Fiske plan, only a
hundred times more so. lie seems to
have been audaciously wild and reck-
less in his manner Of doing business,
and in all the traits of his private
character. He lavished money in all
directions with an opeH hand, costing
him $4,000 yearly to live, living
like a royal prince, and his example
has been of the most pernicious kind
to all the young men in the country.
But what were these Bank Directors
doing all this time? They were
either asleep or didn't know anythin2
about bank business. And how is it
with all Bank Directors. Is there one
in ten that have the knowledge and ca
pacity sufficient to look into the inner.
most workings Of their respective in
situations, and by personal inspection
know whether their cashiers or presi
dents were using their funds? Stock
holders usually elect good men for di-
rcctors-but they should not only be
good honest mcn-but men that have
the capabilities to look into, care for
and carefully handle the funds com
mitted to their care, and the commun
hy should hold them reasonably re-
sponsiblc for the officers they create
Presidents and cashiers have stoler
from banks for years, and with little
manipulation Of figures have covered
it up, which shows an incompetent Of
careless board of Directors, and q few
more lessons of the kind ought t
arouse Bank Directors to look afte
their business carefully, faithful.
and often.