The herald., 1893-07-07
A BOOMERANG THAT KNOCKS OVER ITS
THROWKR.

ltihS Atooii III ctoIy loIm Vi iyiuBs LIZ
lie direct and circumstantial of Touch.
stone, in "As You Like It," is nothing
to the forms of dalliance of untruth with
which our contemporary INDUCED itsel
in it's issue of the 4th OF July. Fortu
nately on that day there was legal hol.
iday, and consequently there was no op.
portunity for run upon cur banks, tc
which its absurd and false statements
would have naturally lead up to. Every
statement contained in its leader was q
lie. By whom made or for what pur.
pose every line of this wretched leader
was a fasehood, pure and un.
diluted. So great was the in.
dignation of this community at
this unwarrantable attempt to stab
our interests to the heart, that there
was an immediate meeting of the cham.
ber of commerce and board of trade,
both of which bodies felt that the COM
munity had received vital blow if it
were allowed to 60 forth unchallenged.
1t was generally felt that it was lucky
for Los Angeles that the lies formulated
by the Los Angeles Times-utterly indie.
fensibie and unwsrrantable lies--lies in
every shape and implication-had been
published on a morning on which the
banks were closed. 1t was felt that if
there had been no holiday this lying
pronunciamiento. based on nothing but
lies-might have resulted in another run
on banks whose solvency has been
thoroughly established.
The power for evil of this paper
Munchausen in its inspirations = has
happily been extinguished by its latest
fool endeavor. The first effect of it's
astonishing departure in its editorial
issues of the morning of the 4th of July
was to call together the chamber of
commerce and the board of trade of
Los Angeles. These bodies comprise
the intelligence and the wealth of the
city of Los Angeles. The chamber of
commerce passed the following reeolu-
tions, based upon the alarmist article OF
the Times. They were passed unani-
mously and telegrsphed to the controller
at Washington:
Whereas, 1t has recently come to pass
that two of the national banks of this
city, the First National and the South
ern California National, were compelled
to temporarily close their doors, owing
to sudden and unwarranted demand
for cash on the part of number OF their
depositors; now be it
Resolved, By the board of directors of
the Los Angeles chamber of commerce.
who are authorized to speak for that
organization, in which is represented all
lines OF business aud professions, whose
membership equals or excels that of any
commercial organization on tie Pacific
coast, and whose members own or con-
troll more than two-thirds of all the
property in the city; that we hereby de-
clare our complete confidence in the
stability of the institutions before men,
toned and our belief that, with the
present return of confidence and the
calmer Judgment which how exists
among our people, there is no longer any
risk OF recurrence of the misunder-
standing which led to the closing of
these banks. and we hereby respect
fully urge the comptroller of the cur
rency to allow the before mentioned
banks to resume business at tine earliest
possible date. in order that our people
may no longer suffer the Inconvenience
which is occasioned by their remaining
closed.
The board of trade, not to be behind
its congener of the chamber of COM
merce, collected its members and passed
and sent to the controller of the cur
rency at Washington the subjoined res
olutions:
Whereas, The First National bank and
the Southern California National bank
of Los Angeles, on account of the recent
panic prevailing here, and their inabil-
ity to get funds here by express from
their correspondents fast enough to meet
the immediate and altogether unreason-
able demands made by portion of their
customers, were compelled to seek tenn.
porary relief by closing their doors, and
are now ready to open and deeirous OF
opening and continuing business and
Whereas, We have every reason to be-
lieve that, in the future as in the past,
they will have the confidence and sup
port OF the business community; there
fore, be it
Resolved, That we believe the mecca
sity for closing the banks referred to
arose from 20 Encouragement; that we
have the utmost confidence in these
banks, their officers and directors; that
speaking for the members OF the board
OF trade, (who have already by resolu.
tion published in the press expressed
the same Intention) who represent the
interests of the Wholesale merchants
and jobbers of the city, it is our inten-
tion to continue our deposits as before
that the interests OF this portion OF the
state necessitate an early opening OF
our banks; and, that we beg to respect
fully urge the comptroller OF the cur.
rency to issue, with as little delay as
possible, the permit for the reopening
OF the banks referred to.
The action of both of these bodies,
diatinctively representative of the
wealth and intelligence OF Los Angeles
WAS founded upon the lying declara-
tons of the Times that a receiver was
demanded for the Frst National bank,
and that Mr.. John E. Platter had been
designated as the receiver of that bank,
and that the controller of the currency
had announced that the bank of South.
ern California would not be permitted
to resume except on petition of depos-
itors suggested by the controller.
These were all lies out of whole cloth,
and the Times of yesterday admits that
tbavr xua ra lioS Not oil thu -,