The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-05
NO CAUSE ron ALARM

AS far as the closing of three COM
paratively small banks in this city yes
terday is concerned, it Is a reason for
confidence in the future rather than for
alarm. There is not the slightest foun-
dation for the senseless agitation that
exhibited itself in the minds of a few
of our people; and we hope, both for
the credit and the prosperity of the city
that there will be no more of 1t. The
facts are perfectly evident on their
fact. and there is no reason to conceal
deny, distort or misrepresent them. The
closing of the Bank of Minnesota. to-
gether with recent bank failures in
Minneapolis, had filled the public mind
with apprehensions that were ground
less These were the cause of wild
| rumors without foundation. and of an
alarm that the events themselves could
not have created. The failures yester-
day would not, but for these preceding
events, have caused a ripple on the sur
face. 1t is utterly absurd that they
should be regarded now as serious.
That the business of the Germania
has for some time been unsatisfactory
was a matter of general knowledge.
The Same has baap +r,,o Io+aIx, Of +l,o
Allemannia; fact which was brought
sharply to the public notice rather
than relieved by heavy deposits of
public moneys. In ordinary times,
neither of these institutions would
have experienced difficulty III weather
ing the storm. But with the ddstrust
created by other failures, Withdrawals
became frequent and deposits fell off.
TO this there is but one end in the
banking business; just as the cessation
Of purchases will speedily end the
career of any merchant. The West
Side bank is a small institution. ap-
parently perfectly solvent, which had
TO yield to the accident that it cleared
through the Allemannia This formal
connection required it's suspension to
protect its own interests. And this is
all that there is of the little furry yes
terday
We cannot reprehend too strongly
the folly of those who began to draw
their deposits out Of the vaults of other
banks. 1t is not only without reason,
it is suicidal The depositors can
break any bank in the world if they all
demand their money No such insti-
tuition keeps or can keep enough cash
on hand to pay all depositors on de-
mand. The savings banks, which are
| above reproach, have very properly
! taken advantage of the law recurring
! sixty days notice before deposits can
! be withdrawn. Although amply able
/ sight of people taking out their funds
has an alarming effect upon the minds
| of those who know nothing of the cir
! cumstances. AS to the other banks.
! they are as proof against attack as
! any other in the country. The state
ment which we print from the COMP
/ troller of the currency at Washing
| ton shows the senselessness of wild
rumors that find credence in such
! times. Nowhere are the national banks
| better fortified And those that are
| still doing business under the state law
are impregnable The fact is that
every weak banking institution has
been weeded out. and some that are
/ able to pay in full have been forced
to suspend. Now the thing to do is
for the people to understand that all
attack, and 10 realize that their money
is safer where it now is than 1t would
be in their own hands. We assure
every reader that there exists no long
er the least cause for disturbance OF
doubt in any quarter; that the storm
! has wholly passed; and that the man
who draws any money out of any in
stitution hereafter, except for legiti-
mate needs and business purposes, is
guilty not only of outrageous folly, but
! of crime against the interests of ST.
Paul, and especially against his own.
"a BURLY HATRED OF CAN'T"
The death of Joseph McCullagh, the