The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-07-20
THEY SHOULD BE SEVERELY
PUNISHED.

If all accounts be true the officials
Of the wrecked Bank Of New Hanover, |
in Wilmington, ought to be dealt with
as common criminals and punished to
the fullest extent of whatever law there |
may be to reach their case; and if
there is none adequate to their full and
just deserts the next legislature should
lose no time in putting one on the
statute books. The trouble is that the
laws of the land are not stringent
enough when it comes to dealing with
bank robbers and Notwithstanding
cashiers and Ascending presidents
thieves pure and simple in both cases
and directors who do not direct. If
such characters as these were punished
in proportion to their crimes (as they
ought to Beg like the negro thief that
robs hen roost in the night time or
the miserable wretch that shoots some
neighbours hog in the lonely woods
ard Tugs it home to feed his half
starved children, we would not hear as
much about broken banks after the
fashion of the Wilmington institution
Is it more honorable to rob widows
and orphans and laboring people of
their hard earned savings put in
bank through having confidence in the
officials, than it is to steal their all from
the corn crib or smoke house? We think
not. Then why the distinction in
dealing with these two classes of Grim
inals in our courts of justice? These
thoughts are suggested by the follow
ing articles. The Charlotte Observer
says
Mr.. John D. Dellamy, Jr., in his
speech before the meeting of the
depositors of the Bank of New Hanover
at Wilmington did not succeed in
defeating the resolution declaring that
the depositors are satisfied with one
receiver and that receiver the attorney
of the bank and of the most of its
officers and directors, but he stated a
great many valuable and interesting
facts. He showed that the officers and
directors and their kin had absorbed
the funds of the institution, citing
several cases of loans amounting to
100000. One firm which had
borrowed $4,000 from the bank
secured the loan by a mortgage on
property which is said now to be worth
not over 100000, and an individual
had succeeded in getting s125,o 900
without giving any security whatever.
Mr.. Bellamy quoted a gentleman as
expressing the opinion that the bank
will not pay more than 20 cents on
the dollar but prominent citizen Of
Wilmington, who was in Charlotte a
few days ago, said he thought it would
pay Is. The wreck is very nearly
complete. 1t is one of the most con-
spicuous cases on record of criminally
careless banking.
Commenting on the same subject
| the Nezvs- Obseyuey- Chronicle says:
In the meeting it was stated by Mr..
Bellamy that over 100000 had been
absorbed by the officers of the bank
and their relatives. Some of these
immense sums had been lent on but
slight security. Here then is valuable
lesson in the administration of bank
business, the moral of which cannot be
too often enforced. No bank should
lend enough to any one firm for it to
be embarrassed if the borrowers should
utterly fail; but beyond that principle,
the directors should be careful not TO
allow great loans to be made 10
persons connected with them. Such a
course is always cause for condem-
nation and oftentimes it is cause for
suspicion. The province of directors
is to direct. They assume responsible
trusts, and should perform their func-
tons honestly, conscientiously and to
the best of their ability. Any failure
Of duty on their part is to be ascribed
either to want of judgment or want
of common honestly. In the first case
they merit reproach as being unworthy
of position because incompetent, while
in the second place they become
liable to imputations rejecting on thei1
integrity. No man should ever assume
a position of trust and fail to perform
its duties with his highest intelligence
and most circumspect exactness.
BUILDING FACTORIES.