Osage Valley banner. (Tuscumbia, Miller County, Mo.) 1879-1881, 1881-07-14
TuE BOSTON LADIES DEPOSIT.

The trick It is to he noted, Is not
hew one, but has been played success
iully at least once within the past TWEEN
five years In each of the countries OF
France, Italy and Bavaria, Its latest
European form. the 'Dachau Bank OF
Anex actress, AIDES Spitgeder, which was
operated in Munich from 1869 TO 1872,
hnd by which the BayaCians were cheat
ed out OF millions of dollars, il inlrin-
cgllY the most interesting of these
l'fwIndles, and is specially so 10 us be-
cause II had so many points in common
with the La1ies' Deposit of Boston No
one. indeed, who hasstudied the stories
DI the two together can doubt that in
some way or other, directly or indirect
ly, Frau,ein SpitzederS plan was
The inspiration and model Of
Mrs. Howe's. Both opened banks
of deposit, promised prepoSterous
3 returns OF interest and success
fully invited loans of money from
the public, Neither had any pecuniary
4 capital, or offered any security. the sole
and sufficient reliance OF each being
upon her own impudeGee and the com
b.ned Uupidity and oroduity OF her GUS
toners Zach made friends by PLAY
ing the Lady hountiful upon occasion.
had mixed party of gulls and knaves
committed to her cause, drew herself
out oi poverty aud into luxurious com
fort by means Of her bank, ended her
career in prison. and left assets enough
behind her to pay her creditors q divi-
dend of about 1--WE per cent. The alb
solute essentials to long-continued sue
cess, as each swindler knew, we're the
prompt payment OF the ridiculous rate
of stipulated interest, and the proRpt
punishment in depositor OF any NHnt
OF faith by return of her principal tnd
naughty refusal ever TO resume he si-
ness relations with her. This laiter
operation. a very shrewd kind of moral
''bulldoz ng," Mrs Howe and her assist
ants used TO perform magniheently and
with great effect. Each counted with
certainty upon very rare withdrawal
OF principal, so long as the cxtraordi-
nary interest was paid and the custom
ers confidence was unshaken. Many
persons and the writer admits to be-
ing one--at tirst found little difficulty
in understanding how such eonoeru
could pay twenty-four per cent. a month
quarterly in advance. even for couple
OF years. without investing its funds OF
receiving help from without. But the
explanation is really quite simplo when
once the popular faith begins to be es,
tablshed in such bank, the principal
flows in for some time In an ever-in
creasing stream, and Tor quite a long pc
riUd there Is more than enough money
always on hand to meet the current de
mand for interest, and leave the oper
ator n handsome mArgin for silks. jew
elrv, hot-house flowers, and all othe
proper living expenses although, o
course, at every moment the concern II
in act utterly insolvent. In the cast
OF the Ladies' Deposit some OF the hg
ures already given illustrate this wei
enough; the number of depositors II
1880 was live times as great as in 1879
and the receipts from the first quartz
of the former year were therefore fa
more than enough by themselves u
meet all the demands for interest thei
accruing on deposits OF 1879, To tax
care OF the usual small withdrawal o
principal, and TO give Mrs. Howe an'
her friends everything they needed 10
their comfort To keep such II concerl
alive there must be a like increase o
deposits upon geometric ratio all th
time, aud such rate of advance cannO
possibly be maintained for many years
The loneer the thing lasts the wider
the circle of its final disaster and inius
tice,aud the duty, therefore oievery hon
est man, whatever tho duty OF homes
woman may be, is so destroy such Al
enterprise rs soon as IL Is unearthed
Mrs. Howe quite surpassed Miss Spit1
eder in serupulous obed ence to III
spirit Of their common scheme. Th
latter sometimes though rarely, 70 b
sure made Investments OF her depo'
tied fluids; the former never did such
thing, excepting once. when she lent
few hundred dollars TO furnituI
dealer; and her Ladies Deposit had ne