Morning journal and courier., 1881-11-04
Price Four Cents

alone to it's managers, would not have effect ed reinsurance and then retired from pub lie life without making ripple in business circles. And we do not know of single
 bank, savings bank or trust company which has exploded, that did not show most con- clusively that the public officer in charge of
 them was incapable or an ornamental piece of political machinery; for it always happens that there has been going on some systematic process of speculation robbery of some
 kind, which a halfway competent examiner or commissioner would have so soon detect ed that a wayward officer could not get far
 astray before being brought to his senses This IS not all. Whenever the State or the
 national government put over these money
 institutions examiners or commissioners.
 they really shelve whole board of directors, and put ln their stead single man. who
 comes now and then and makes sham exam
 ination and certifes that it is all right. and
 then at the close of the year he publishes
 large statistical report, showing the actual condition of each institution; and then to make the report pretentious book, the of hclal sets to work lot of clerks to make up series of useless tables, concerning which
 somebody writes very learnedly. This book Is printed, bound and distributed with the compliments of the official, and this is all there is about it. The concern has been
 looked at (not into,) the ''boss" has told his
 story, which course of law, pretence of su-
 pervision and pretended facts published
 have taken from the directors all moral re.
 sponslblllty, because they are told by the law
 how their business must be done and the law
 officer has exercised his prerogatives and the
 dlrectors-aH on back ck-seat-suddenly wake
 up and find their ships rudder gone and all the blanks rotted out and the ship sinking
 with them on board, all because the State or the nation has put master mariner on board the boat, who, like harbor pilot has no regard for captain, mate, passengers or owners, while he steers up the ship to the port where the manifest is to be shown, which being shown and the duties paid, it is of no conse- quence whether or not the ship had or has on board single piece of merchandise or property sworn to be in the manifest.
 his is the identical case of the National Mechanics bank of Newark, N J." The United States commissioner was the pilot and the manifest was their report for Octo Der, 1881, and this manifest was a perjury Had there been no examiner at all the would never have happened, for the bank having deposited with the gov ernment security for every dollar of circu- latine bills, the directors would have had a watchful eye over the officers of the bank and would have made their own examina- tions, the making of which involves the sight of every asset and the verifcation of every account with other banks, etc all of which is so simple that no officer could fool his committee, or if he did it once he could not NS A' o"ASO5 HAAAAo ~ 10 O IA oeA CNlNFtSCtl ny successive illustration that State and na- tional examiners are fooled without meas ure-even to the entire assets of bank whose balance sheet represented over $4, ,0OO, ,OOO, and when its cashier comes to a halt he tells the president that all there is left of the bank is the building in which they transact their business, and that the manifest" of October l is false and that the property cannot be produced
 Whatever else may be said of the directors of this bank, we know them to be perfectly honest honorable and upright men, as good set of men as you will find in any communi- ty. SETON.