Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-06-12
That Bank.Wrecking Job.

Mr.. lawmakers statement OF MS COM
nection with the wreckers of the Keystone
National band, of Philadelphia. is in so
far good defence that it shows his rela-
tions with them may not have been other
than those of close business intimacy.
Some such relations seem to have ex>
listed not only in the case of the Keystone,
but of the Spring Garden wreck as well.
According to Mr.. Wanamsker's statement,
his intimacy with the Keystone wreckers
came through deal in the Erie railroad,
in connection with which he acquired
what is now declared to be the fraudu
lently overissued stock of the bank which
he has surrendered. Pending further in
vestigation it is doubtless best to accept
his explanations at their face value. says
the St. Louis Republic. Even thus they
show how greatly Mr.. Harrison sinned
against the public welfare when he out.
ragged public opinion by giving cabinet
place 10 Mr.. Wanamaker solely for his
moneys sake. Holding this place, Mr..
w SOCS Oh ACaPlAS up
by what he considers perfectly proper
methc ds-at what cost may be judged
from this testimony of the national bank
examiner, given Immediately after Mr..
Wansmsker had concluded his defense:
"Mr. Drew in his testimony said that
the now fugitive president of the bank,
Marsh, had first told him of the over
issued stock, and that he told Marsh it
must be returned. This took two weeks,
which Mr.. Drew explained by saying that
much time and work was necessary 10
get the stock together. Mr.. Drew said
that without the confession of Marsh he
would not have discovered the deficit in
the bank by means of the books. He
was first told of the Lucas deficit on Jan
by Charles McFsdden, director of the
bank, and from that time on until he
made his official report to the comptroller
of the currency he Kept that official in
formed of the banks condition Mr.
Drew said that the law firm of Reed &
Pettitt was council for the bank after
e Jan. 10 or II. Mr.. Etting asked in some
surprise if he meant John B. Reed, United
States district attorney here, and Drew
said he did. Mr.. Drew said that Marsh
was not arrested before he was being
used to obtain for the bank the money
due it by the Lucas estate"
What thrusts itself on attention here is.
says the Republic:
/. That the bank examiner forced the
return of the overIssued stock. part of
which was held by Mr.. Wanamsker.
2. That the discovery of the dificit
was in January, and that the comptroller
Of the currency was ct once informed of
the bankrupt condition of the institution.
3. That the bank was. nevertheless,
kept open. Mr.. Wanamaker, as he says
from Ordinary business prudence, +" wi b.
drawing his deposits while deposits were
being received from the less informed and
not so prudent public.
4. That while Mr.. Wanamak er's col
league in federal administration, the
comptroller of the currency. was keep
ing open this rotten institution, the law
firm of Reed & Petit, embracing his
other colleague, the federal district at
torney at PHILADELPHIA, was engaged in
the banks interest as soon as its lnsolven-
cy became known.
This is evidence which speaks for it.
self. 1t is circumstsntial, and we are not |
10 be rash In inference from 1t or hasty |
in working out from it definitions of |
ordinary business prudence" as under
stood by the participants in this af,
fair.
But what We are to conclude, what we
cannot avoid concluding, is that federal |
officials high IL authority, the comptrol.
Ter of the currency at their head, have
kept rotten bank open knowing it to be
rotten. and 30 hsye helped it to rob the
public by receiving deposits.
There is fraud in this case and
strong evidence of conspiracy. The
guilty should not be allowed to prof; 10y
the results of their criminal action.