Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-12-15
RNA1WIIM1NGaoN DELAwARE. IHusDAY DEcEMBER L. 1928
.tu,,,, vii r.st.e. mans r,epos,,ors.

.furies Will Protect BanE Deposisers
In the United States District Court
in Philadelphia, Monday afternoon,
William Steele, formerly cashier Of the
Chestnut Street National Bank, was
convicted by jury. after a brief de-
liberation. The charge against Steele
was making false reports of the condi-
tion of tho bank, and aiding its presi-
dent, the late William NJ. Singerly, in
misapplying its funds, with intent TO
iniure and defraud, Sentence was de-
ferred.
The case Of Steeis was an unusual
one, and ono calculated to secure for
him a considerable amount of misap-
piled sympathy. 1t will be urged In
his behalf that the late president Of
the banli--iiow deecased-was the real
offender, and that what Steele did was
merely the act of . subordinate, 10 ar-
cordanca with the directions Of his
superior officer
But this argument did not provo
effective with the Jury that tried Steele,
and it should not have weight in any
similar case. Steele. being possessed
with sufficient intelligence to under.
stand the duties of his responsible posi-
tion, was presumed to know that he
was not justified in doing wrong, oven
II asked to do SO by his superior officer.
He was expected to move along on the
strict line of duty, regardless of what
other officials Of the bank might dc.
Indeed, from his position be should
have stood us guard between the peo-
Pile whose money was entrusted to his
care, and any who might seek to rob
them of their savings, whether from
within the bank or from without.
And. further, Mr.Singerly is dead, and
could not come into court and say
whether the CLAIM that he, as presi-
dent, had directed Steele to aid him in
looting the bank, was true or false,
although the evidence was to the effect
that he did so.
And so the jury, rightfully disregard
ing the insufficient plea set forth in
behalf of this defendant, returned him
as guilty of the charge preferred
against him. The result Is most en-.
couraging. 1t emphasizes not only the
responsibility of bank officials, but ths
fact that certain punishment will at
tend serious dereliction on their part,
by which the money Of the banks Gus
toners is lost or stolen. Steele's fate
will be warning TO other bank Off
GERS, and protection to depositors
Business cannot be conducted success
fully without the medium Of banks, ant
ii is the duty Of those entrusted witt
the enforcement OF law TO see tina
officials of banks who prove unfaithfu
to their grave responsibilities shall no
go unpublished.
The evidence in the trial Of this cas-
showed that Mr.. Singerly, as presiden
of the bank, without the knowledge O
the directors, applied $500, 900 of th
banks money TO his own use $500, 90
more than the entire capital-an and tina
he was enabled to do so by the assist
ance Of the cashier, who issued falls
/ reports TO cover the transactions. ~
, is possible says the Philadelphi
Ledger, in commenting upon the yer
! dict, "that Mr.. Singerly thought h
t could some day repay the bank so as t
/ save it from loss; it Is probable tina
+. Mr.. Steele shared this belief: but
8 does not serve as an excuse for III
crimes they committed, and which ca
|. not be too severely punished. Til
n widespread distress caused by ban
failure; the destruction Of public col
!. Gdence in similar institutions leadir
!. to ourtailment OF business, shoul
i make bank wrecking one of the MO
!. obnoxious Of crimes. Tho Jury ii
/ right in acting upon the cold facts
a the case. The guilt Of the accused WI
! established beyond doubt; il mercy
[. to be shown him because of tho circur
!. stances under which he committed Il
y crime, that is matter to be 4
tcrmined by the Judge who sentenc
o him or by the president. The Jury d
10 its duty when it found Cashier Stee
80 guilty."