The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-08-04
FOUGHT A BRAVE FIGHT.

In the course of six weeks the First
National bank of this city has paid out
to its nervous depositors more than
100000 in cash, and as no more money
conld be had at once, the bank was
forced to close its doors yesterday.
1t has been unavailing to warn the
people against withdrawing their de-
posts from the banks at this time. "A
panic has seized them which carried
them on like cattle in a stampede. Men
of all degrees of intelligence have been
affected by it, and none seemed able to
restrain the insane feeling that took pos
session of them to get their money from
the banks. There is, of course, wide
spread ignorance among the people gen.
orally on the subject of banks, and these
are a few salient points that all should
know.
In the first place banks take money
on deposit and pay interest upon it for
the purpose of loaning it to their GUS
toners. On such loans they are given
the best possible security, and as a sam
pie of the Great Falls banks, it may be
said that the First National has at least
three dollars of good securities for every
dollar of its deposits. That i, it a
pay them off several times over, when
the men who have borrowed from the
bank pay back the amounts they owe.
All the present trouble here would be
ended in a moment if the people who
have drawn their money out of the banks
would 60 anG put it back. In some
places the panic stricken depositors have
taken their money out one day, and hur-
ried to put it back the next. 1t is pitt
full to think of those who draw out their
savings aud then suffer fortunes for fear
of losing all by thieves or fire.
But every bank is compelled by law to
make good its obligations. For instance,
if a bank is not we'll and carefully man.
aged. and its affairs nave to be wound
up, each director is liable for . sum
equal to double the amount of his hold
ings. Any property they may W is
subject to attachment for their liability
to the bank and its depositors, until they
have paid off the amount Of the stock
held by them, and an equal sum in
further liquidation of the banks obliga-
tons.
Thus it is seen that the depositor is
always amply protected, except in cases
where officers or directors are dishonest
or have sequestcrcd their property in
order to escape the liabilities contem.
plated by the law.
AS a matter of fact the First Nationa.
has made a noble fight against great
odds, and nobody questions its ability tc
pay every depositor infull within IA short
time. All who owe the bank will pay VI
as soon as possible, and there is no goot
reason to doubt that there will be SUI
iicient Improvement in the situation in
few weeks to bring everything around t.
a normal condition.
Ordinary wisdom would dictate il
Great Falls a union offensive and de
"fensive among ali classes of the popula
ton to keep everything going in tn
usual way while the present diflicultie
last. Capitalists and business men ca
do nothing in the way Of employing la
Dor when the banks are closed, and ther
is inst one rational means of imDrOViDl
the situation-namely: Return all SUI
plus money to the banks and stand firm
lu fnnafhor till tho clouds roll by