Daily Los Angeles herald., 1878-09-17


Low prices. good work and expedition
nay be relied upon at this office.
me nnuk commissioners ana the
Hosmess a MeFchssss' Bank.
We publish elsewhere, accom-
panied by the statement of the
bank, the report of Bank Commits
sionsr Murphy. on the status of the
Farmers aud Merchants Bank.
These documents explain them
selves and would not call for COM
ment we're 1t not for exceptional
circumstances with which most of
our readers are fully acquainted.
The Bank Commissioner came
here ct the request Of Mr.. He'll
man, the President Of the Farmers
and Merchants Bank. This gentle
man, aud the Institution over
which he presides, from the first
sought the fullest investigation.
Newspaper articles, inspired by
personal malice, had been for
months appearing in the Golden
Era Of San Francisco attacking the
credit Of the bank. The writer as
sumed to be actuated by a regard
for the public good. Had this
really been his object he would
have gone privately to the Bank
Commissioner and sought to inf1u-
ence them to make an examina tioD
Of the banks affairs. But 1t is well
known that the author Of these eff
fasions. formerly resident Of Los
Angeles, had q bitter private
gFpdge against the President of the
bank. aud he probably did not care
: baubee where ruin might light so
that he had an opportunity, under
pretended regard for the public
good. Of wreaking his personal
spite. In his articles he kept call
lag upon Bank Com missioner Muir.
ply by name to come down and
make an inspection of the affairs
OF the bank. His wish has been
gratifed, and we comm aud him to
the explicit, emphatic and unh esi
tAting endorsem ent of the entir,
selvency of the Farmers anC
Merchants Bank, which appear
elsewhere over Mr.. Murphy
signature, in the shape of repor
70 his fellow Commissioners. Mr.
Murphy has kindly furnished u
With . copy Of his report, and W,
take pleasure in laying it befor
our readers. Mr.. Murphy uses thi
emphatic language: 81 am pleased
'sgentlemep, for the good of thi
community, to be able to stat,
THAT the institution Is thorough ly
s'solyent. The affairs of the banl
s'are economically and conserva
"tIvely managed"
Elsewhere Mr.. Murphy says: "Il
conclusion let me adj that tn
s'prejudicial rumors which shool
1.-THE confidence OF some in this in
ssstttution have no foundation il
'sfAct, ami depositors need feel NJ
"unea siness as To the soundness o
1.-THE Farmers and Merchants
"Bank of Los Angeles, as it is no
s'only In healthy condition, bu
"uumistakably solvent"
There is ons aspect of the mali
eious agitation started by tn
Golden Era and echoed through
circulars by persons inimical to tn
managers of the bank here, whicl
should not pass without mention
While the bank em.rgss trium
phantly from the ordeal, passing
through the furnace of criticism
and investigation without a blem
isb, the community itself has suf
fsrsd greatly by the aborlive at
tempt to shake public contidencl
in It. While the agitation has a
no time risen to the dignity OF
"run;" while, indeed, no visilo
has at any time seen any evidence
of distrust among its patrons, an.
bank, under such circumstances
curtails its discounts and loans ant
stands strictly on the defensive
It not only does not loan money
but it calls in loans. A a result
money become, "tight," and tn
general public suffer. This move
ment was concocted VITA devilisl
Ingenuity as to point Of time
B0untiful crops and a generally
bright future were calculated Il
bring about an early return o
sssosperlty In Los Angeles. Had II
not been for the soundness o. "a. :
bank and the sagacious and con-
servative policy of its managers, it
would be difficult to say what mis-
chief might not have been wrought
ev tbs city by men who avowed a.
the motives of their conduct a re.
gard for the public good, but who
were really Influenced by the am.
billion Of financial wreckers. They
have been gnawing at a file. how
ever.
The Argondut takes keen
pride In exalting ENGLAND and