The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-19

may be mischicvous In many ways. For instance,
II man has money IN certain bank which rs IN the
hands oil the Commissioners no will, II he has money
in another, and this Is the great many tn
stances. 50 10 the other and draw out II somebody
ter his money, and il a dozen men &C, why
run may be started 50 that the law may really affect
even strong banks But under aud back Of all this 10
the dstrust that prevails through country. The
policy OF Congress IN passing The Silver bill, the IN
financial condition Of tho country, have SO upset
values and calculations that feeling OF uneasiDess
letter aud spirit Of tho has always demora
izing enoct on n people The passage OF the Silver
bill broacn OF the contract under which tho IN
terest government bonds was TO be paid in gold.
and The effect Is tolt through tho whole country"
OPINION or SAVINGS BANK OFFICER
Mr. Oharies i. Dunnei.y, presldent OF the Emigrant
Savings Bank OF tho strongest institutions of tho
KIND IN the state Ia answer 10 question as TO tho
act OF little practical value as tho supreme Court
now exercise substantially all the power which IL
gwen the Two Bank missioners UNDER tho law.
inc Court exercised tho power In The case OF the West
Bvs,on Savings Bank No mvasurc yet offered to re-
evo the banks wi Il adopted, reach the d'icaisies
under when they labor ana they Will continue to
suner. law similar 10 that existing IN New
Hampshire, authorizing tho Supreme cour, 70
the present actua! cash value OF It's
assets only 10 allay uneasnes and 10
Institutions they deal with. Let law applied
to any honestly managed bank and believe the banks
vesiments may be found to have deprecated. and
when enforced against bank II viii DO IN the power
oil tho Court 10 shield tho INSTITUTION from run"
by temporary injunction against paying out more
tnan limited percentage OF It's deposits TO eacn de-
postor until tho Court may be satisfied the business
OF the bank can go regularly. savings banks have
II In their power now 10 protect themselves 10 con-
Siderable extcn from 'runs by adopting sucn BY laws
as may, within reasonable bounds, nmit and resuato
tho times OF payment ana the amounts TO be paid.
Each oank may also make provision IN It's Bylaws
tor winding up lis AFFAIRS, without seeking the iutcr-
vention OF the Supreme Court but always, OF course,
subject to It's when necessary protect
depositorA Tue growth IN this state OF savings IN
sttutions and OF their deposits, has been too rapid,
and u reaction must necessarily be looked Tor IN
these times Tho banks established witrin tho past
n.cen or twenty years III necessarily hrst iec the
shock, owing TO their limited resources, and then the
older banks must expect at last great failing on IN
tho amount oil their depositsn
WHAT AN Ex-coMMIssIoSER HAS
Mr. r. D. stone, Mo Tor u number oil years held
tho position OF Savings Bank C0mmiss IN This
state, was found IN his Office ~ the Boston Sale De-
post Vaults oil wnicn he Is the president. lie OK
pressed himself freely the law and its proUublc
effect, maintaining the opinion that the law would
be OF some service IN projecting the banks IRON the
bind reckiessncss OF some OF their uepositors Ho
thought IL would help tn eliminate the weak banks
and thus get The system b'ck TO its original healthy
condition. The RAPID grown OF Savings banks he
attributed To the advantages held out 10 men with
money " invest. they had Uoen paying uivilends
deposits OF about six per cent ana the money
Tree IRON lax, whereas II IL were Engaged ~ any
other business ~ woul1 have pny one and IA hall
per cent As soon tho shrinkage came and The
banks began to cut down interest this money which
had been paced IN the hands of the banks was with
drawn. lie had II from some OF Tho Ucst informed
peoplo Connected with these institutions that The
banks suffered moro from those who had deposited
1000 or whereabouts than from the smaller dcposi-
tors, VINO had simply lett their money tor safe keep
ing Abiding 10 ths small amount vi surplus held by
The banks to meet tho demands Of depostors no SAID
that the exhibit OF the commissioners was not lair
numbers OF securities such as notes, bonds,
stocks, &c that were at q premium were entered 1T
par AID If sold would bring considerably over the
value assigned them Ho was positive IN mis- convic-
tons that the banks are IN sound ana prosperous
condition.