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 HERALD

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
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.
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 & Co..
the Heatheryknow Colliery and Brick
works; Miller's Spinning Mill, of Dundee
O
Wilson, engineers. Paisley liabilities
s7O,OOO), and several building yards. The
following is list of the reductions in
wages already intimatd as decided upon =
Clyde shipbuilders TX per cent
Edinburgh asons................... Id. per hour
Dakeith iron workers. s..........-.... 10 per cent
Miners.................... Cd per day
Laborers. ........................ 1s per week
Bailheston miners...... Cd. per week
Shotts iron workers. ............... 10 per cent
Merry & Cunninghams tradesmen... 10per cent
WHERE SHALL JUSTICE BEGIN?
On the question of bringing the directors
of the rotten bank to justice the Glasgow
Mail says:-ssThe 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 q 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
e72, 921 I; but at the suspension Of the con-
Germ the note circulation was ES63, ,4O3 and
the coin amounted to only f321, ,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 pRoYEssEp RELIGION.
The Glasgow EUening Times says THE
statement in the London Times of this
morning, rs 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 disgrnceful
! 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 ron JUSTICE
FORMIDABLE ARRAiaNMtNT.
From the Evening Telegram OF yesterday
SPECIAL CABLE DESPATCH TO THE TELEGRAM.
GLASGOW, Oct 10, 1878.
| The Excitement with respect to the Bank OF Glas.
COWS financial statement IS hourly increasing
With reference to the financial statement made
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-
ciai 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 culpable mis-
management. Frigntiul reckiessness has been
displayed, brsthng with transactions OF the most
dubious character The details OF the banks
losses are read with mingled feelings or shame for
the country, compassion for the unhappy share
holders ami with burning indignation against those
who have brought this dire calamity on botn
The law will offer no protection for society at
large II an attempt Is not made TO ascertain the
| legal responsibilities OF the men who have proved
| thus false to their trust ana guided the bank to