The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-11-01
WHAT THE MACHINE THAT "a
MAsaUERADING AS THE REPUB-
LICAN PARTY CAN POINT TO
FINANCIAL RUINS
COVER THE STATE
DEFUNCT INSTITUTIONS STAND As
MONUMENTS TO THE WATCH
FULNEsS
OF THE RINGS
BANK EXAMINER

BANK EXAMINER I
Calamity Howl Had Hardly Died /
Out Two Years Ago Before Bank I
| Explosions Began to Follow as
Rapidly Dewey's Shells and
Wrought as Much Damage-wn
Voters Stand for Itf
The campaign directors of the state
| mouse ring haven't had the nerve. SO
far this year, to raise the calamity
| howl Perhaps they have before them
mental picture Of the state strewn
with broken banks and bankrupt
building and loan associations. and
standing over the ruins like a sphinx
Is the lovely form of Moses D. Ken
yon. bank examiner. With the record
OF five years of bank wrecking, the
Eustis managers will hardly presume
| to talk about the injury that a change
In state government will bring about.
PLAYED THE CARD ONCE.
The machine played that card once
and won. They will hardly pull 1T out
| of the deck this time. On the eve of
the last election the Republican or
| gans of the state sprang campaign
roorbach with a great shout of alarm
to the effect that, if the allied forces
under the banner of John Lind were
successful, as was feared, Minnesota
would be submerged under a wave Of
Kansas Populism," capital would be
| frightened from the state, and pros
| perity delayed, and then within sixty
| days after the Republican victory of
| Nov. 8, 1896, nearly one-half of the
banks of the Twin Cities went into
bankruptcy.
In the last biennial report of the pub
lie examiner there are reported to have
been on July Ia, 1886, in the city of St.
Paul twelve state banks of S2,035, 900
aggregate capital. Between Dec %
and Jan. one-half of that city's
| banks with an aggregate capital Of
$1.550,O0o, being rs per cent of the cap
ttal Of the twelve state banks in the
city, suspended payment and closed
doors.
There were four banks which went
under at the same time In Minneapo-
lis, exclusive of savings banks and
trust companies.
During the first calendar year of the
present state administration ten other
banks in various parts Of the state
have gone into bankruptcy and retired
from business. There have also been
several building and loan associations
and savings and trust institutions that
have followed the same route.
During 1857 Duluth lost five of its
SIX state banks, entailing a loss of
$3OOOOO of its banking capital, $500, 900
of individual deposits and over 81, ,OOO,.
600 of liabilities.
RUN IN MINNEAPOLIS.
During the fve-year period the vast
number of twenty-five financial insti-
tutions in the city of Minneapolis alone.
being about two-thirds of the financial
institutions organized in that city, have
gone into the hands of assignees and
| receivers, with liabilities aggregating
the immense sum of SIS, ,000, 900, Of
which only about 100000 have been
| paid to date. Not less than $4,000 O05
| OF this sum represents Individual de-,
| posits which never will be recovered.
Such is the career of bank-wrecking.
| under the state house ring administra-
| ton, and under the supervision of a
public examiner, that for five years
past has retarded investment and i'm
| provement, scared cap tai from the
| state and given Minnesota a bad finan.
cial record at home and abroad Ths
Northwestern Guaranty Loan failure
alone-an institution Of which tina
present Republican nominee for gov
ernor was a director, along with hla
most prominent political backers-has
cost the state years of growth and
| hundreds of thousands of dollars of
capital seeking investment.
OFFICIAL NEGLIGENCE.
Official negligence on the part Of the
administration, which has deceived the
Republicans into thinking it IS all right.
is largely responsible for the financial
| looseness resulting in this terribla
bank-wrecking record and the loss OF
millions Of dollars of hard-earned de-
| posfts. Bank officers have been per-
| m1tted, In violation Of law, to borrow
and speculate with deposits ad libitum,
| With the knowledge of public officials
| and without protest or action on their
| part. The abuse of f1duciary trusts
| has been notorious, and this career OF
criminally reckless financiering has
| been serious menace TO the states
financial standing and development.
| Did Kenyon ever peep while all this
was going on?
Did he ever save dollar for any poor
depositor in any of the wrecked In
| stitutions?
| Did he ever close up bank until
after the institution had been properly
ruined?
Why, then, does Eustis and his or
gans get indignant whenever any crit
| icism of Kenyon is uttered?
Isn't it time that the Republicans
Joined in the overthrow of these
| masquerades of their party?
| The Pioneer Press of Sunday con-
tanned a cartoon In which Eustis Ia
| driving a locomotive labeled "RepubA.
can Rule Prosperity" How pat it
would have been to have shown the
track strewn with broken banks and
financial institutions as far back as the
artists eye could reach.