The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1891-06-10

early in February last. He says he re-
ported the facts at once 10 the comptroller
OF theIcurrency and acted under the lat
ter's instructions. The bank was, how
ever, allowed to continue business until
Feb Is. II is evident, from the bank ex-
aminer's confessions under cross-examina-
ton, that his semi-annual examinations
were merely formal. Ii is said that he
went TO the bank once to make an ex-
animation, and was informed by the Of
ficials that he had come a week or two too
soon. He kindly went away and did not
return until the officials were ready to
make a showing.
These revelations are indeed startling,
and Will have a tendency to impair public
confidence in national banks everywhere.
1t is to be hoped that such methods as
these employed by Bank Examiner DREW
are not practiced by bank examiners gen.
orally.
A committee of the Philadelphia city
council is investigating this matter, and
on Tuesday one of the members, Mr..
EITIYG, introduced resolution request
ing the mayor to ask President HARRISON
TO order an investigation of the conduct
of the treasury department in the matter,
the production of all accounts of the
bank and the appearance OF the comp
troller of the currency, Mr.. LACEY, before
the committee. In his speech in sup
port OF the resolution Mr.. ELTIXG said:
1 am sure if we are 20 have the
national banking law construed and acted
upon as it has been in the keystone case
there is very little protection afforded to
any depositor. BY confession of Marsh,
and through skill or energy on the
part of the L. :. official, the treasury de-
partment became aware of the Keystone
rottenness, yet for ninety DAYS thereafter
the bank was allowed to remain open
and the city and citizens of Philadelphia
were invited to deposit their money. 1t
matters not whether the assets now are
more or less. Some people who had
every opportunity to know the story OF
the rotten bank had every chance to get
out. while other people who could not
know the story had every chance to get in.
1t is the most extraordinary action on the
part OF the general government that /
ever heard of. Even if our city treasurer
had been honest he might, for all that
was done by the L. s. authorities, have
continued to deposit. for no notice. no in
quiry, no warning came TO put him on
guard or any other city official Oh guard.
The salary OF MARSH was even continued
at the bank, and every appearance was
held out that the bank was sound
during all this time that the gen.
eral government knew, by confess
sion. OF its rottenness. 1t is time
we should make a move to right the city's
wrongs. L am not going to say whether
Mr.. DREW or Mr.. LACEY was responsible.
but between them the bank was kept open
after the fraud was known officially. Such
action by the government, if continued,
will be detrimental TO the banks OF the
city. Here were confessed falslficatiOns
by the former president and the present
president of the bank amounting to hun
dreds OF thousands II the law was prop
cry acted upon no mans money is safe in
any bank. Every obstacle that | can
fancy has been thrown in our way. We
can look az the treasurer's accounts. We
want to look at other accounts and find
out what other men were doing in those
ninety days after the frauds were known
and while the city of Philadelphia was
handling her millions IN that bank.
Strange to say, Mr.. ELrING's resolution
was defeated. Evidently, majority of
the investigating committee does not
propose to go to the bottom OF this
wretched business.
The republican rings of the state of Penn
sylvanla and the city of Philadelphia are
up to their eyes in this rotteDness, but
it was not supposed that republican
officials at Washington would be involved.
The poison of Pennsylvania republican
ism has, it seems, extended a good deal
further than has been suspected.