Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1892-03-04
More About the Rotten Banks.


We give below an article that appeared
Ia the Warrenton Under, and which hat
been copied and approved by number Of
our exchanges. 1t is all indication of the
feeling among the people who have been
the greatest sufferers by the bold rascality
of these so-called bankers, aud an expose
OF the methods they employed to convert
to their own use the hard earned money
of unsuspecting victims:
Ed. Under This community owes 1t to
itself to see that the guilty parties he
punished, should the law be sufficient for
that purpose, and if not sufficient, t at
such action be taken in the future thai
others of like lk will be deferred from
coming here and robblng old men and
widows of their all, under the guiso of
doing legitimate banking business.
Had poor wretch, homeless, fatherless,
and without education, taken few dol
lars worth of groceries, perhaps to keep
body aud soul together, he would not
now be walking the streets of WarrentoD,
and taking trips on the cars but would be
looking thu ough the bars of our county
Jail, and a majority of those persons who
are to-day holding intercourse with and
expressing sympathy for the members OF
said banking firm wOuld have applanded
the action. Here we have intelligent
persons, who presumably have been taught
to know right from wrong, come into our
midst, well recommended by written
testimonials for honesty and worth, some
of them protesting to be christians, al
living we'll and moving in the best So
ciety, and who deliberately steal-and |
use the word advised thousands of do
lars and yet we find them all confident
that they cannot be reached by the law.
because, as they say, the principle OF
debtor and creditor applies to them, aud
in the law they have done no wrong.
No wrong when they rob an old man
like our townsman. Robert II. Fletcher,
on IN years, decrepit IN health, and poor
III pocket, of over two hundred dollars,
hard-earned savings of himself and wife
which he bad placed with them tor Fafe-
keeping, confidently believing that be
had it where be could call for it as hh
needs demanded No wrong to take from
a poor widow like Mrs. Harris what little
surplus she had ; to take from Mrs. Eus-
tace, another poor widow, what little
money remained from her husbands life
Insurance.. No wrong to take from dozens
of others, equally as nesdy, that which
will take years of hard labor to replace
Did that young Napoleon OF Finance"
think without means of his owr, who
turns I'D the sole owner of bank, while
seated in we'll equipped Office. how he
could get more money from the COM
munity without increasing his oyerdraIt,
or turning to his telephone which con-
Quoted his office and stable, and order
his servant to bring his fancy horse and
cart-pald for with depositoro' money-to
the door, that he might take bis needed
exercise, after his hard labors, in be
coming style. consider that those l have
named helped, in part, to pay tor such
luxury
Did be remember these things when,
after his drive and his servant had taken
his team back to the stable, built and
paid for with depOsitors' money also, he
would array himself in his costly slippers
and gown, cigar in mouth, and bottle and
cracked ice near az hand, Presumably
not, for we still find him walking our
streets. head erect, a smile on his face.
and acting as if he had done no wrong.
when the exhibit shows that he has taken
over S23, 900 in the shape of overdrafts,
over s. 900 in the shape of salary, to say
nothing Of allowing Sl275O of others
money to be drawn in payment of tie
business as purchased by him.
Nor are the other members Of the firm
free from wrong. While they do no;
seem to have gotten as much as the one
have named. yet they are equally as guilty,
The exhibit shows that another men,
Der of said firm. one who was with rs for
considerable time, and in whom, | am
sorry to say, people placed great con-
fdence as to his honesty, business
capacity and mOneyed worth, became a
party to written ntract. dated 1lth
dav of Feb. 81, under which one member
becomes the sole owner of the business
here and 10y which the $40, $50 was taken.
lie was daily cognizsnt of the Bar k'r
al. .irs mp to the lst Sept. 80, so it il
stated, was not one to sell ont without
knowing what be was selling and there
fore knew that the purchaser had then
oyerdrawn his account SH, 0C0; knew that
the actu.l cash on baud was less than
50 500 aud also tnew that the said pur-
chaser hnd no means OF paying back eaid
oyerdraft, much less paying sl2 100 IN
addition for the business. He kne~
furthermore, it he had taken the tTonble
to do q little figuring, that the 'aid $l2.
$50 exceeded tho gross input and profits
combined and that they had no right, IN
law or morals to thus loot the bank,
already in.olvent. What IS said as to
him applies equally to the others.
When these members sold ont their en-
tire interest to the irresponsible member
already heavily overdrawn, they knew
that they were practicing frand upon
the community, more especially as they
continued to hold ont to the public the
idea that they were still members Of said
firm ard would protect their creditors, fol
no notice of said sale nor intimation o.
the same was given to the public.
How long do you suppose would then
deposits have continued had the public
known of this sale
When the crash comes, as they knew Il
must come sooner or later, we find that
what social assets are on hand, aggregated
several tlOuSauus VI uOlldlot d.C III Wv
main passed to save harmless one de
positor, gentleman Of means, and that
those poor widows and orphans, whose
hard eainings they have taken, have t.
stand with hundreds of other deposltors t
await the slow process OF getting back, al
best but a small per cent. OF the amounts
due them, from sale of real estate, en-
cumbered as to title or with individual
preferences thereon, or from almost I'M
saleable stack. Aud the law allows this
1t will be further noticed that only TIVE
of the five members make any pretence o.
securing the creditors here, and as to on
of these only small portion, OF wha
was considered his worth, is conveyed
and this subject. as your exhibit shows
first to large individual preferences.
From what l learn, the second dee'
made by two Of the members, conveying
any balance left from paying the creditor
of the other Banks for the benefit OF The
creditors of this bank, is in form only a
It wonld seem from what can be Learned
that the other Banks are as rotten as this
In addition To all this | am crediblV in.