The Caucasian. (Clinton, N.C.) 188?-1913, 1895-07-18
SOIE FACTS
ABOUT BANKS.
4 Curious Operation Of "LAv" in
Favor Of Money Concerns
Against IndividuAls.
Is YOUR MONEY IN ABANE

Is YOUR MONEY In A BANK.
"~ssss wsssA a-s>-s ssrssss yNssv
nssesa Ssv ss< yNss--A r~, ma.
sr.ss..s c.iiss vr-- II. p..vs.s r~ss,
| rsSss---L>sA Owes rNs- Q llsss>
The First National Rank Of oc.ia.
Fla. Z W. Agnev. president failed
Tor $3s3.ooo. Cnder the national
banking lsv the tanks arv ouly n.
able 70 depositop for tu,oe the
amount OF the capital stock. Thu
bank being capitalized st $4,000,
the shareholders are only liable 10 The
depositors for $4,000. Ye, th<y
made way With &sis,OOo Of the
money belonging 10 the depositora
Some Of the depositors wrote 10
the comptroller Of the currency for
information about their money snd
Mr. Eckels replied:
In answer you ARE r-sp~ctfuily In
formed that for obvious reasons tho
reports of national bank ~xamipsrs 10
this bureau are privileged and oona-
dentiai communications.s and are undss
no circumstances permitted to BE- made
public. even Ia BE- us~d in Testimony in
. court of Law. I am therefore con-
strained To decline your request for a
copy Of the report Of Mr. heDonaid.
but u may not b~ improper 20 inform
you that The Affairs of the hank are In
such an unsatisfactory condition O. 10
preclude the possibility of its rehabili-
tafion, which seems 10 have been the
hope and the expectation Of come Of
the shareholders. or of its liquidation
through the agency Of its ofiosrs and
directors"
The president Of the hank, K. w.
Agnew, promensdes the streets Of
Ocals like An "honest man." and
people bow 10 and honor him.
How about his depositors. MANY
Of them have been bankrupted by
his legal robbery. The daily papers
OF last Sunday give this account Of
one Of them
"ocALA, Fla, June 1s.-Pstrick
Henry WAS found In o we'll near here
yesterday dead. Henry came here
from New York several years sgo and
has relatives living at Aounialn Hill
in that state. lie had considcrabls
money In Agnew's bank which failed
recently, and IL is supposed the loss of
his money drove him TO suicide"
Have you money deposited in one
Of these bsnks il % you had better
look into the law and he condition
Of the bank.
IL you have your money deposited
in State bank, the following from
Michigan will interest you:
"LAxsIxo, MICH, June 2a.-Rec.ives
stone, Of the defunct Central Michixap
Savings Bank, to-day commences
suit against n. p. Jenison, o business
man Of this city, 10 recover . CONNER
cial deposit Of 8, 500, which Was with
drawn by the defendant during Q run
on the bank which caused It's failure.
IL is charged that the defendant with
drew the deposit knowing the
bank to be insolvent, and the effort 70
recover is based on the general hank
ing law, which contemplates that one
depositor Of bank shall have no sd-
vantage over another
The Chicago Express, commenting
on this ssyG
Now IL 90 happened that Ar. Jsni-
son lost faith In the bank and drew out
his money, just what any man 10 sup
posed TO have Q right 10 do when Sc
deposits money In . bank.
1T proves nov, however, that the
intention 10 TO see that every man who
has money in q bank becomes responsi-
BILE for all the debts contracted outsids
and the incidental expenses % far as
his money goes ia that direction.
"The depositing Of money carries
with IL responsibility 10 the extent
Of the full amount deposited.
Heretofore IL has been considered
safe whenever IL WAS once drawn out,
but IL now transpires that it 10 never
safe after having once been In the
bank.
This makes il the duty Of every
! patron Of the bank 10 leave his money
on deposit on unlimited time or run
the risk Of being sued for IL after IL 10
taken out.
~How long will il be sntii they are
entering suit to recover the money
which the people are afraid TO put In
banks and are consequently withhold
ing from circulation By carrying Il
around or hiding It In the CELLAR
"There 10 the same reason Ia one
: case ~ in the other, with this differ.
. ence n to availability; IL 10 not posi-.
> lively known just how much money ID
! hid, while the bank books are in evi.
: dence 70 show how much Was on Dc.
= posit.
r ~Tbe men who put their money ID
. banks shortly 6nd that 81 not robbe<
by the bank officials they become th<
easy victim Of the lawyers.
~lf you happen 10 have Q few dollars
better look out"