The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1894-12-08
ELKTON, Md, DECEMBER s, 1894.
THE PRESIDENTS MESSAGE.


President Cleveland sent his annual ines
sage to Congress ON Monday, the reading
of which occupied two hours and five
thirty-eight pages of closely printed matter
As usually is the case, his partizan
admirers commend the message as a broad,
comprehensive and statcsmanlike paper,
while his radical political opponents crti-
else it as dull and commonplace docu-
ment, indicating that the President has
not as vet heard of the election which
recently took place.
1t is therefore between these two extremes
OF partizan criticism that the average lay
man, who wants to be fair looks for just
estimate of Mr.. Cleveand's latest contrbu-
ton to current political literature
1t is in this spirit that we cursorily CON
slider salient point OF two of this executive
paper.
1t is not, in the first place, Il UemIaad-
esqHc document, there being nowhere
noticeable in it, the customary ear marks of
its author in the shape of catch phrases and
sententious expressions of forcible political
aXioms and truths. which heretofore have
characterized his messages, and earned for
him Il somewhat fictitious character for
bold and courageous craftsmanship.
On the other hand, it imprcsscs the
impartial rcaderas the conscientious though
laborous effort of Il man who seems sincere
in his desire to discharge the obligations Of
his stewardship Of the peoples interests,
yet the unwisdom of whose recommended
tons are apparent to every one except
himself
As illustrative of this fact. take the
Presidents recommendation to Congress OF
Mr.. Carlisle's proposed plan for National
Bank circulation, and which is really the
most important if not the only important
recommendation contained in the message
In this scheme it is proposed to repeal all
laws providing for the deposit of United
States bonds as security for circulation; to
permit national banks to issue circulating
notes not exceeding in amount - per cent Of
their paid-up and nnialDGircd cGpita1 provided
they deposit with the Government us II guar
antee fund, in United States legal tender notes
including Treasury notes of 1880 a sum equal
in amount to 80 per cent. of the notes they
desire to issue.
Now the grave objection to a national
banking system based upon so uncertain
~ fn, itS hhllarS and I,nn.
is obvious on its face.
How is the business public to know
when the capital of bank becomes i'm
paired and therefore an unsound basis upon
which to issue its circulating notes
OF course the public knows there are
such officers as bank examiners, men sup
posed to be expert accountants, appointed
by the Secretary of the Treasury, who unan-
nounced walk into bank and overhaul its
accounts, and report its condition to the
comptroller Of the Treasury.
1t knows also that stated and sworn
reports OF the liabilities and assets of all
national banks are made to the Treasury
department. and the condition of the bank
is penclled go. X" at the department.
while at the same time its vaults may be
looted by its own officers, or its CAPT
tai seriously impaired by its own dishonest
employees.
The recent history of honest John Bards-
ley and the Keystone Bank at Philadelphia
emphasizes the fact that the capital of
bank may easily become impaircd, and the
Comptroller OF the Currency at Washing
ton, the scores Of bank examiners, the note
holders and the depositors may know moth
ing about it,
Only last week in New York, defalca-
ton of S354, 10000 was suddenly disclosed
in the Shoe and Leather Bank of that city,
and its capital impaired by that large
amount.
A trusted book-keeper with the aid of
single outside confederate, was able to
curry on their impdiing process through
period of ten years, in the face of smart
bank examiners, who went through y the
books of the bank at least forty times
while the defalcation was growing, and
before it was discovered by the banks own
officers.
The system that Mr.. Carlisle recommends
and which President Cleveland in his mes
sage endorses, is, so far as the security for
note holders and depositors is concerned,
little better than the old State bank law
of Maryland, under which the Havre de