The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-08
UIS1IiRN M.fT1ERS.
The nrokcu Savings MeCrary-Mayes
as n Practical Fraud.

CHIcAGo, Sept. 3, 1S77.-The failure Of the
State savings institution. involving over 10000
dcpositors and the loss OF over three millions Of
dollars. created much excitement here during
the last week. The tide Of indignation runs
very high. and II the President. Spencer. could
be- found he would be strung up TO a lamp post.
Preparations have been made for his arrest on
his arrival on the Wisconsin ut Liverpool.
There is one feature about this case that
the public attention seems not tc have been
drawn to. The State Savings Bank was started
several years ago by party OF gentlemen. who,
in point Of means and character. were among
the strongest men in Chicago. Their names
and money inspired the people with confidence,
and Mt once it launched out as the leading
savings bank OF the city. Spencer. who had
anything hut good record "a banker and a
man in New York. Wisconsin. and Illinois.
bought the stock of the notably substantial men
at great advance. and with the stock he had
picked ny he had the control Of the institution.
These men retired and Spencer filed their places
with his relatives. This was done 30 quietly
that the mass OF the depositors knew nothing of
How far should the customers OF the
broken bank hold those men responsible for
s"llng them out to pack Of vllains2 Knowing
spencer To- De r scoundrcl. the old managers
sold their stock to him at an enormous advance
in order to enable him to fleece those who felt
enough III tne managers 10 lntruSt
thsm with their money With the money OBJ
tanned from Spencer some OF these men started
other SAYINGS banks. With the same moral OBJ
would they not be liable to slaughter their
present customers. the same as Spencer has
into unsafe hands has become too common and
y Is submitted whether it would not be we'll for
the Slate legislatures to provide against such
abuses. bill was introduced into the Illinois
Legislature last winter. which, II passed. would
have materially abated the evils that havo
Already tallsn upon this community and the
sponshe for its defeat.
=, A politician Of prominence gives the key to
the vaclllaton and hesitation of Mr.; Hayes
about the department to which Mr.. McCrary
WIS to be assigned. The plan was first 10 have
NJ, Crary for Attorney General. Barring Bros Of
London own n large interest in the best silver
pine 81 Ca,o m H., AS on & the judiciary
casion ~ look into the title TO this property and
found tho company did not pay any taxes to
the Government, in whom the title rests. and
had offered resolution in the House directing
nG rents. The agents Of Barring Bros. set
themselves at WORK, and drummed M strength
enough 10 have MeCrury changed 10 the War
Department and Gen. Devcns put in the Depart
nent OF Justice. The personal interests OF Bar
ing Bros. therefore. controlled the appoint
mment Of at least one member OF hayes's
In the West here we are prepared TO honr
anything from Cabinet or Administration run
by John sherman. for we consider him states
man II the same stripe ms Columbus Delnno,
NnU hluu pl n irfslufnI nave We T asked
gentleman II late prominent Republican
Senator. The most tricky and unreliable the
country has ever had. Let me give you an in
stance. A few days ago | WIS In Washington.
and an army officer Of much distinction and
merit desired certain position. for which he
was recommended 10y the General Of the army
and at least one member Of the Cabinet Hear
| Ing that the President would leave Mt O'Clock
for several days. called on him at l2H o'clock
| and stated the case. He said the appointment
should be made. Judge my surprise when |
called at the proper department in the after-
| noon 10 find the President had. within thirty
minutes after left him. sent the name u an
| other person for the position"