The New York herald., 1878-10-20
RUINED BY RIGHTEOUSNESS
A Sermon of Warning to Those
Who Profess Too Much.
HOW TIL SlLLER WA GRABBlT.
iBY CABLE TO THE HEaALD.1

contemplation OF tne terrlDle picture OF
crime and ruin pres ented in the official re-
port Of the examiners of the broken City Of
Glasgow Bank. The figures and facts are
SO overwhelming that even financial minds
familiar with figures and cash books, seem
utterly to fail to grasp the situation. A
kind of apathetic paralysis appears to have
seized upon the citizens. The business
exchanges are absolutely stagnant. neither
better nor worse. Yesterdays fears of a
panic and run on the banks were fortu-
nately not realized. Signs of approaching
punishment for the directors are visible and
eagerly hailed by the whole community.
THE GENERAL EFFECT.
| A review Of the effect on the Scotch trade
since the disaster shows the dreadful extent
of the damage The list of the works
stopped is not extensive, but includes the
iron works of Henderson, Dymock 4 Co. !;
the Heatheryknow Colliery and Brick
works Miller's Spinning Mill, of Dundee !;
several pits in Ayrshire; Hanna, Donald Il
Wilson, engineers, Paisley liabilities
s7O,OOO), and several building yards. The
| following is list of the reductions in
wages already intimatfd as decided upon :
Clyde shipbuilders. rs................ TX per cent
Edinburgh masOns. Id. per hour
| notr oit n IRON vorkoru IN ror csr+
Miners. Cd. per day
Laborers.. Is. per week
Bailheston mners................... Cd. per week
Shott's iron workers ............... 10 per cent
Merry Cunningham's tradesmen. 10 per cent
Edinburgh joners. hd. per hour
Furnacemen Is. per day
WHERE SHALL JUSTICE BEGIN?
On the question of bringing the directors
Of the rotten bank to justice the Glasgow
Maa says:-"The Justification of the balance
sheets render the directors civilly respon-
sible to the purchasers of the shares, but is
this the only responsibility incurred? In
England the question has certainly been
tried by the institution Of criminal prose-
cution, but in Scotland everything depends
upon the view which the Lord Advocate
may take Of the case"
THE SCOTCH TWIST.
The important feature in the report
is the deliberate Justification of the re-
turn made to the government of the
gold held by the bank against the notes
issued. The legal issue was limited to
s72, 921 but at the suspension of the con-
Germ the note circulation was s863, 403 and
the coin amounted to only e321, ,753. But
the deficiency was made to appear less by
illegally including the coin lying at the
banks branches. This scandalous proceed
ing exposes the bank to tremendous penal
| ties under the laws of Great Britain.
VALUE OF PROGRESSED RELIGION.
| The Glasgow Erening Times says 1.-THE
statement in the London Times of this
morning, as telegraphed to us, that the
story is 'one of the most disgraceful in the
whole history Of banking cannot be denied
and is, perhaps all the more disgraceful
! because of the fact that the scandal and
crime occurred in professedly the most re-
| ligious city in the most religious country in
the world" 1t is doubtful if anything
more will ever be heard from this side about
"wild cat" banking in America.
THE GUILTY DIRECTORS CRIES FoR JUSTICE
A FORMIDABLE ARRAIGNMtNT.
From the Evening Telegram Of yesterday
SPECIAL CABLE DESPATCH TO THE TELEGRAM.
GLASGOW, Oct 10, 1878.
The Excitement with respect to the Bank OF Gas-
COWS financial statement IS hourly increasing
With reference 60 the financial statement made
yesterday by the accountants employed on that de.
fupct institution, the Herald, OF this city, makes
the following comments IN its issue OF to-day
"a more melancholy and complete scene OF nnan.
cia wreck and ruin was never before witnessed.
The details given to the public lar exceed the
worst anticipation, and one can but stand appalled,
before the startling revelations OF cuipabe ms
management Frgntul reckessness has been
displayed, bristhng with transactions OF the most
dubious character The details OF tho banks
losses are read with mingled feelings OF shame Tor
the country, compassion for the unhappy share.
holders and with burning indignation against those
who have brought this dire calamity on both.
The law will offer no protection for society at
large II an attempt IS not made 10 ascertain the
legal responsibilities OF the men who have proved
thus false TO their trust, ana guided the bank TO
its doom We deeply regret we have not one
word oil comfort to give to the unhappy share
holders who doubtless. ere tOrU will ba va ,hc,r