St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-07
STAND BY EACH OTHER"


1t is announced with much flourish of
trumpets by the Duluth papers, that
their city council will do nothing 10 Sc
cure for the city the $4,000 of public
money which so mysteriously disap.
peared under the manipulation of the
American Loan and Trust company.
The committee in its report goes even
farther and appears TO approve the
transaction. The Tribune gives this
item as appearing i'll the report:
1t had been the practice of the busi-
ness men OF the city to stand by each
other during the financial panic, and it
would be unwise for the city to place
itself on the list of those who glOat over
the miSfortuneS of others and attempt
to profit by them.
This line or reasoning is on a par with
the celebrated sheep-stealing jury
which acquitted a sheep thief who con-
fessed his guilt because they must
''stand by each other"
From such city council the honest
people of Duluth can well exclaim.
Good Lord, deliver u.s."
The position of the Duluth city coun-
an invitation to people of easy con-
sciences to come among them and start
financial institutions for the purposes of
securing all the public aud private
funds possible. and then loaning the
bank to the officers and directors. In
addition to public deposits, if the city
should give the institution money to
Re
the officers should steal it, the matter
must be commended by keeping quiet.
aud the city officers and bank officers
must stand by each other"
Shady bankers have in Duluth an
ElySian field. 1t is not every city coun-
ell which feels the necessity of ''Stand-
ing by each other" in this manner, as
the st. Paul council has recently. to its
great honor and credit. demonstrated.
The law under which the American
Loan and Trust company was organized
was evidently designed to be enforced
in localities where the city authorities
do their duty instead of '.stand by
each other" Here is section of the
law:
Section IL. Nosuch corporation shall
engage i'll any banking, mercantile.
manufacturing or other business, except
such as is hereby expressly authorized.
1t shall not loan its funds. moneys. cap
ital, trust funds, OR other property
whatsoever. to any director, officer.
agent, or employe (thereof), nor shall
any such director, officer, agent. or em-
Dloye become in any manner Indebted
to said corporation by means of any
overdraft, promlSsory note. account, in
dorSement, guaranty or other contract
whatsoever; and any such director, Of
fieer, agent OF employee who shall be-
come SO indebted to said corporation.
shall be deemed guilty of the crime of
embeZZlement to the amount of such in
debtedneSS. from the time such indebt-
edneSs shall he created, and upon con-
viction thereof shall be punished i'll tue
manner prescribed by The laws of the
state for the crime of embezZiement Of
like amount.
In the face of this law and the loss of
$4,000 handed the trust company by the
city treasurer to pay bonds, 1.-The CON-
mittee recommended that the commune
cation of the mayor BIO placed on file"
1t is wonder that in their great de-
sire to stand by each other" they did
not expel the communication from. thu
city hall.
Why let the council chamber be pol
luted by the tainted intimation that
bankers and public officials should be
honest?
Go to - we must all "stand by each
other"