The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1898-02-26
TIE NICHOLS CASE.

yesterday overruled the exceptions
taken in the case of Mr.. w. P.
Nichols, former president of the
Bank of Commerce, and charged
with wrecking it, and affirmed the
verdict of the jury. It refused Mr..
Nichols appeal for rehearing;
and its refusal makes the final, and
sends Mr.. Nichols to the Peni-
Tertiary for three years, the term to
which he was sentenced. Most of
the points taken in the case were
technical, covering various legal
questions, which Nichols counsel
declared had not been properly
considered or passed on.
The decision of the Supreme
Court will be received with public
satisfaction, not because it results
IN the punishment of ex-President
Nichols, but because it must re-
,vive public confidence and have a
z beneficial effect In assuring the
proper management of banks and
other like corporations on business
principles.
The Times-Democrat has no
feeling whatever against Mr..
Nichols, but the contrary sympa-
'thies with his friends over his
troubles, but it none the less re-
; allies that had the jury failed to
convict, had it been found that
there was no law to cover the Of
Tense by which the Bank of Com
merce was wrecked, or had legal
technicalities been discovered by
which the verdict of the. jury could
have been set aside, the result
would have been injurious and de-
structive to the business interests
and financial credit of New Orleans.
It would have been accepted as a
declaration that any bank official
who felt so inclined might set aside
and violate all the laws controlling
his action as president, cashier or
: other officer, and taking his own
wishes and inclinations as his guide,
could handle the money of the bank
and the depositors as his own, in
vesting it or specializing with it as
it pleased his fancy. 1t would have
been declaration that any bank
official who could claim *tgood in
tentions" might wreck the bank
without the slightest risk of punish
ment.
1t is needless to say that there
are few banks in New Orleans or in
any country that could have been
managed as the Bank of commerce
was by President Nichols without
the risk of failure; and if the jury or
Supreme Court had declared that
the officials of bank or other fl
nancial corporation can violate the
clear provisions of the law, and yet
not be held responsible for any
failure or bankruptcy resulting from
this act, the chances are that there
would be the widest speculation,
the most exaggerated acts, and a
host of failures. If Mr.. Nichols
had escaped on the ground that his
intentions were good, it would have
destroyed all public confidence in
banks, would have depressed their
stock, reduced their deposits, and
been an element of danger to the
banking institutions of this city.
Never was there a case where the
strict enforcement of the. law was
more necessary, not for the punish
ment of the guilty, but for the pro-
lection of the entire community.
And we have seen the beneficial
effects of the finding of the jury in
the prompt restoration of public
confidence after serious panic.
The panic in New Orleans in 1896
left no bad effects behind, because
it was clearly shown that the law:
fully covered all offences agains