The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1893-11-16
Comptroller Recommends a
Resumption.
IE WILL AID THEM IN THE WORK
Hon. A. ID. Lynch Says That lit Is
Best for All Concerned That They
should KeOpcR \ BUSINESS
PrODOsltion-The First Ma
tiOnal Bank. Philipsburg


of recommending plans and methods for
the resumption of these banks. Mr..
Lynch has been connected with the
comptroller's office for number of
years and is one Of the most experienced
officers in that department. Talking of
his duties and Of the suspended banks,
he said:
''The comptroller of the currency has
adopted broad and generous policy
toward national banks which have recent
ly suspended, which suspension was
brought about by an unusual condition
OF affairs in the country, the like of which
perhaps has not been experienced in the
past history of our financial institutions.
While one hundred and fifty-seven nation
al banks suspended between Jan. l and
the latter part of August, about ninety
have resumed business and others are
working to that end, and in every in
stance so far as am advised the banks
which have opend have done so through
the encouragement and support of the
public, particularly of those who have
long been associated with them as Gust
omers and friends. Their deposits have
increased upon the very day of opening
and In all instances the result has been
most gratifying. The same results can be
reached in Helena if the proper encour-
agement and good will is extended. These
banks which have resumed were solvent
institutions and but for the unnecessary
and unfounded alarm of the people who
Withdrew their deposits Caused by dis
trust) the banks would not have found
1t necessary to even temporarily suspend
Ii 1t is but fair to such institutions
which have been honestly conducted and
have good assets more than sufficient to
meet all liabilities that they should have
a chance to recuperate and save the peo-
pie from loss and delay in the adjust
ment of their affairs. 10 that end plans
have been adopted by the suspended
banks of this city as in other localities,
whereby the banks may be again restored
to active business and the interests of
their depoitors protected. To accomplish
this. however, there must be coopera-
tlon on the qart of the depositors with
the stockholders of the banks. While the
managers may do every thing in their
power to bring about the restoration of
business, they can only do so successfully
when they have the aid of those who are
to the bank for money borrowed
as we'll as depositors to whom the bank
is indebted.
''The interests of the depositors," he
continued, lis the first consideration,
and If they will cooperate with the of.
dcers and directors of the banks named, |
a speedy resumption can be Effected Tt |
IS necessary on the part of the depositors
that they should promptly and without
.urther delay give their agreement for
an extension of time in which their claims
nay be PAID If the banks do not succeed
n getting the necessary amount of extern
'1ons they cannot resume business, but
the creditors will respond to the calls
Vh1ch have been made, see no reason
Why the two banks may not be IN bust
less by the first of the coming year or
perhaps sooner if the depositors and
hose who owe will do their whole duty
promptly and with out delay. If they fail
o do this and receiver should be ap-
'ointed for the First National as in the
ase of the Montana. it will require sever
! years, from six to eight years I should
ay, before the final closing Of the recel-
ershlp. The people would thus be COM
ellea to wait this long time before re-
Giving their final dividends, and i n the
1eantime the small dividends which
,ould be Of but little value to the indi-
ldual and less to the public at large. II
he extenslen plan is accepted by the de-
osltors, they will receive their money
.om time to time in the ordinary course
t business as they may want it, and in
lead OF waiting eight or ten years before
be final payment, they would receive
heir full claim within one or two years
with such facts before those interest
d, it seems to me there should be no
clay but ready and prompt response
, the request to extend the time. These
on eiderations appeal to every depositor
] his own interest. Ifthese banks should Z
Ill to resume, the responsibility must
ow rest upon those who have money on
epost and upon those who are indebted :
, the bank, but if these two classes will
o their duty and without further delay. !
e may expect to see the First National
Helena taken from the hands of the +
xamlner in charge, and the Montana !
latlonal from it's receiver, and be placed |
] the line of solvent. active and prosper 9
us banks. :
"Whlle the comptroller is desirous of
eeing the complete restoration of these
anks for the interests of this great CITY !
nd state and for the northwest, be will E
nly sanction resumption when satisfied ]
nat the banks present themselves before
ae public in sound and solvent cond1- 9
on and with such financial strength as :
i'll command the respect and confidence
the public" :
The above remarks relating TO the
1spended national banks, given by a 4
preventative of the comptroller, ap- b
ly with equal force to the First Nal
onal bank Of Phllipsburg. as well a.