The morning call., 1893-08-16

holders that they were to follow the advice
given in my opinion. and there was no
reason in the world why it should not
have been followed.
IF the stockholders had been as har-
mOnious as the depositors have been pa
tient the bank would have resumed bust
ness some time ago. and when thew ad-
iOurned the meeting from the l4th, the day
on which l gave them my opinion, to the
2lst, | supposed 1t was with view of con-
ferring together as TO settling their differ
ences and getting into shape 10 carry out
my plan or some other plan which they
might deem more feasible.
But to me the most surprising thing is
that the bank officers should sign the
answer cOnfeSslDg statement of facts
which if true now was true when the hank
closed, and is practically confession on
their part that the bank was insolyeut at
the time of closing, and ii it was they were
certainly guilty in accepting deposits from
people when the bank vas in that cOndi-
ton.
81 am surprised that the bank ATTORNEYS
should permit the officers to sign such an
answer when the Bank Commissioners
and the Attorney General had pronounced
the bank solvent and its Solvency having
been maintained by its officers so strin-
gently for long time prior TO its closing.
II saw the officers about 3 o'clock yes
terday afternoon and they informed me
that they would stand fast in their desire
of resuming business, so that the matter
of their filing an answer in adjudication of
insolvency was great surprise to me and
mast have been also to the confiding de-
posters of the bank.
Under my opinion | am certain that
TIE charter Of that bank makes it a savings
bank and If they can put the Pacific Bank
into Insolvency because of nOn-payment of
deposits iCl IcrIv days they can do so with
, every savings bank n California, and such
a GoctriEs woitC be dan Terous where there
are so many sharks and Sdyiocks that are
willing 20 make fees and lnopey ont of
Trusting depositOrs.
Il do not belieye such TO he the law. en- i
sneh viii moi bs the Fule while I am a tt0s-
nsy- G6asral OF California. nniees thu last
course OF Te-9rt is against ne on the prop
03itiou, and =, oppose that the n cater shal
he thoroughly sesscd AT the earliest posi-
bls momeuL
''in accordance with that plan ( will
Iaaks application 20 Judga Levy IL set
aside the whole proceedings. Fhe papers
are drawn and wilt be served iF lie morn
ING. As % what the result y ne | can
not say, but / ave an Ahidin confidence
in the ability Ct Judge Levy, arl think
when fis at.eD tcn i5 called IA tn, matter
| he will SCI ira Proceedings aside.
The answer IS tiie1 IN TIE case = shout
the authority OF law s1d heut me al
thOrity of the boara Of. dirs,.rs. and eer-
tain stockholders of .1E sank viii iciu
with me in setting aside ae lysncy
proceedings and the appoint IL fl re-
ceiver. -'..-- ;. - ~
Il propose to have it determined -nee
for all whether the Bank COMMISSIONS.
and the Attorney General control the pro-
ceedngs for the liquidation of banks .un-
able to resume, or whether liquidation is
to be controlled by brokers and collectors
who do the business'to make money out of
it without respect to the rights of the de-
positors. ::.::. -.
The costs in; closing up the bank by a
receiver in, insOIvency will be at least
+ four TO five times as much "a under the
control of the Bank Com missioners as
provided by section IL of the Bank Com
missiUnerS act:and The saving ought to be
made for the sake of. the deposilors, and;
a IN determined that that shall be the course
Ito. be pursued in.cdnnertion with all. these
/, banks unless my. health, shall fail: before
/ get through. That is all 'Ihave TO say.