New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-01
THE BANK SUINDLE.

If it could be supposed that the men who
planned and hoped to profit by the hank
Swndlc expected to escape detection one would
be in doubt whether to marvel more at their
audaci,y or their folly The only rational con-
clusion, however, is that they intended to get
ont of the country with their booty before the
facts became known. That there Is far pros
poet of saving the dopositorS from loss ana OF
lodging some, at least. of the conSplratorS III
States prison is due primarily to the Sagaclty'
fidelity and promp;neSS Of the cashier OF the
Sixth National Bank.
II is evident that the looting Of that inStitu-
ton was the elimination of a deliberate scheme
of plumber, which had its inception consider
able time ago, and which first involved the
control and manipulation of two small banks.
The final stroke came suddenly. and was char
actcrized hy an extraordinary lack OF caution,
which may possibly be explained by the exist
ence of general belief that the Senate Will
latify at an early date the cXtradtion treaty
negotiated by Secretary Blaine and Sir Julian
Pauncclotc. That instrument is not retro
active but the moment il receives the approval
of the Senate Canada will cease TO he safe
refuge for such knavcs as are now monopolH-
ing public attention. II has been almost
unanimously commended by popular opinion,
and they may well have concluded that a
longer delay would be hazardous. TX
cep, for the decisive action of the cashier they
would all have had time to get across the boz
der and il is by no means certain that ono or
more of them have not succeeded in dong so.
Mr. ColScn deserves the most cordial praise. y
tinid confding Sclf-Secker in his place would
have reasoned that he had no positive proof Of
wrongdoing. and that it was to his interest TO
facilitate the novel proceedings Of the new
owners. or at least to " mind his own business.
The cashier was neither hoodwinked nor in
Inundated.
The men who were most conspicuously
identified with this gigantic Swindie. and for
whose arrest the first warrants were issued. are
Pcn. the broker, and Claasscn. the present
bogus president of the bank and the purcha>"
of a majority Of lis stock. Il is hardly con
ceivablo tina; they are the OILY person, clim-
inally implicated in the robbery. DO you
know the consequences said Mr.. Colsen 10
the cashier of the LcnoX Hi Bank, "ot certify
ing checks when you haven't the money TO
pay them? If you don't you had better con-
suit your lawyer at once" The question was
altogether pertinent and the advice exceedingly
suggestive. There must he other men con-
ncctcd with the two State banks which were
used as agencies of the principal fraud who
might have occupied in public estimation %
place similar 10 that now held by Cashier Col
sen, but who viii presently be called ON TO
stand a searching examination.
The chief figure at the other end Of the
operation is Mr. Leland. lately the president
and owner Of majority Of the stock of sound
and prosperous bank OF high standing. bur- now
the principal beneficiary Of Il shameless Swindl".
Mr. Leland is in 4 most uncnyahla prcdlca-
ment. He must plead guilty either to corrupt
connvancc at the wIccling of his own bank
or else TO phenomenal stupidity. No man OF
sense needs the evidence Of accomplished fraud
10 convince him that an offer of twice Tie
value of marketable commodity is not an
honest offer \ scheme which involves the
tender and acceptance OF such proposition D.,
inevitably a scheme 10 be denounced. What
right has Mr. Leland 10 complain if his ac-
quaintanceS, knowing him 70 have been in pos
session OF his faculties, conclude that he had "a
price at which he was willing 20 surrender hi,
control OF the sixth National Bank 10 lcgiti-
mate Successors. and much higher price AT
which he was willing to be bought for the pur-
poses Of swindlcrs? In connection with this
branch of the case it has been said that most
Of the old directors accepted the same terms
as their president. They arc plainly entitled
to an opportunity Of explaining just what they
really thought such ibcialiy indicated An
nounccmcnI is made Of Mr. LclandS purpose
TO make good any possible loss to dcpositors
The minority stockholders viii be very mag
nauimous if they do not demand that he shall
secure to them the value Of their holding, prior
10 The wreck.
Molalizing upon this notable Swindlc would
be quite as easy a it is unnecessary. II is
enough 70 say that it proves once more that
determined scoundrcls generally find chance
sooner or later, to prove their rascaity and 10
suggest that such enterprises will be less safe
and profitable and therefore less aurinS to
mon Of feeble mind and purpose, when the
ratification Of the new cNtTdition treaty has
taken Canada out Of the list of safe asylum,
for criminals.