Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-11-29
cnnadanoe Va. suryelllance.

Ttis sisted that M organization has bean
formed In New York for the protection oi
stockholders sgainst deiaicatlons aud en-
be-rleneuts. The idea Is to keep under
ray corps OF detectives to watch bank
presidents. trustees, directors. and cash
iess IN order that such Of their number ss
indulge In speculation in Wall street, or
fsst living elsewhere, may be detected IN
time 90 save 1epositors and stockholders
from. loss. Whenever the expenditures OF
those officers largely ouirun their legitt-
mate incomes their prospective victims
will he quietly notified. The question
naturally arises whether thi, scheme Is
not likely to do a great deal more
harm than good. In f,ot, 1t looks 10 Us as
II itvcre calculated 10 iili positions OF trust
with dishonest aud tricky men, as no man
conscious OF bis integrity, and having any
selt.respect, would take position under
conditions that imply that be Is thief until
he proves blmself the contrary. The idea
that security for the sscredDess OF trust
funds rests upon Surveillance rather than
upon mans honesty sud integrity argues an
Ismseliteish condition Of business that Is
a disgrace to Bineteenth.centtry ciyill-
cation. II I, true that most men In
fiduciar7 plsces-and we make busi-
ness as well a. legal application Of
the te,m-are bonded. but this requirement
presupposes possible exceptions. Were Il
based on any other theory; were II based
on the theory the detective organization
above referred TO implies. the c0rner-stones
OF our social and business systems would
soon crumble. The scheme discounts
honesty, discounts conscience, discounts
every thing calculated to inspire man
10 work for one OF the highest OF earthiySe-
wards--that is the confidence OF bis fellow
maa. II virtually taboos the claims OF
character which should be the first consid-
Grafton in eleyating any man TO position
OF public or private trust. Again. ad-
hitting that such system would protect
depositors under ordinary circumstances.
what would he the result OF il 10 times
OF panies Would the fact that detective |
gave bank president or cashier clean
record prevent run on bank. la a
time OF almost universal suspicion and |
uneasiucss would surveillance take the |
place Of confidence in the honesty, up
rightness, aud characte. OF MANI Would |
not the fact that surveillance had been the |
chief reliance render any confidence In |
character that might exist OF little avau |
in ayertiug disaster: We do not believe
that the average bank in the country would |
stand twerty-four hours during PAM were
the surveillance security system to become
general. Speaking OF Richmond. we know
that the fact that our banks have been able
10 weather 20 well the different financial
crises that have swept over the country
since the war il due to the public cont
ienee IN the men who had charge OF them.
which nothing else could take the place Of.
II is true that in the last panic our banks
were in good condition aud ready 10 meet |
nv ordinary demand upon them. but 1t
was not this that prevented runs upon |
them. II was faith in the integrity OF their |
officers. The only way to prevent speeu-
lation in any community Is for the men
who conduct business on legitimate princi. |
ples-and they are in the majority in any
cry il down aud base credits
on conservatism in business methods.