The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-22
SALARIES OF RECEIVERS.

Aorrespondent Thinks Some Of The M
Get Deal Too Much.
To The st. Paul Globei
On the 18th of October last The Globe
published a communication Of the writer on
the subject Of Salaries of Receivers" and
eddtorially commented on 1t as "The Right
Idea" and one now generally accepted and
upon which the courts will act hereafter al
most universally" With fine discrimination,
The @ o b 9 drew the distinction between
the building up and successfully carrying on
a business and merely winding up the affairs
OF an inso:vent one. It also said:
1--WE think that the courts everywhere are
now inclined to do strict justice and be
worthy OF their name in limiting the COM
pensation Of receivers to fair amount
We do not believe that there exists any
cause for ouch apprehension for the future
as our correspondent expresses, and
we believe that the reform which he advo-
Gates is already practically accomplished"
But later events proved that The Globe
and Its correspondent were mistaken in be,
l1evtng that the courts would limit "receiv-
ers salaries to a fair amount" for only a
few weeks ago one Of our courts allowed
William Fl. Lightner, one Of the two receiv-
ers Of the late Bank of Minnesota, So OO0 for
services for 1897, and to Receiver Frank A.
Seymour $500 for the same years service,
The published announcement Of this proceed
ing also stated that Mr.. Lightner had served
as attorney for the receivers Che himself be-
ing one) in the adjustment of complicated
matters. and was therefore allowed 81 500
more than his fellow receiver. There is
vein OF delicious artleSsness in this last an
nouncement that would be highly amusing
II the who.e business lad not very serious
sloe The public supposed and had been as
sured that Mr.. hghtner was chosen q CO.
receiver because one Of the two ought to be
skilled In the law" and that this combina-
ZION OF law and business would round out
the Judicial management of this broken bank
SO that there would be no necessity to create
an attorneyship also to feed and fatten upon
the banks assets. But 1t appears that this
was mistake; that in lieu of this sensible
way the at,orneyship should be recognized
but should be half concealed, half disclose
ed" by merging 1t in the person of one of the
receivers, and that however it was maninu.
lated salary should be provided for. Does
not simple statement of this matter show
IL TO be shameless raid upon the assets?
And what of the court that ordered it!
Worse still. II possible: Why ara two re-
ceiVers at these very high salaries continued
! indefinitely? There is not bunker or FOOD
| business man in st. Paul who does not know
that one is enough; that the continuance of
stoned upon the u1squandered remnant Of de-
| positors money. The writer OF this has heard
several OF our most respectable and eminent
bank officers and others say that there was
| no need for two, and that the salaries allowed
them were SO high as to challenge public
| indignation. Not judge in Minnesota in
salary much. If at all in excess OF half the
| sum allowed to each Of these receivers Gov.
sInors, state officers, federal judges, sena-
| salaried at less than these two receivers
The late comptroller of the currency, James
| II; Eckels, replying to a recent letter asking
nat fn
| national banks, said:
the salary Of receiver is fxed by the
gether upon the size Of the failed bank and and
the nature of the trust to be wound up. The
average salary paid receivers is about s., GOO
| Tor the first years service"
Would it not have been wiser and less sue.
| gestive Of scandal, to have allowed the old
bank msnsssmsns 70 absorb III Of its
| way. than to have this sad lesson Of judicial
| warrant for absorbing it in the form of
salaries and fees to fortunates. not to say
| daily spared from cycling and other business
| and professional duties Of the two receivers
| is mainly clerical. and hence not In dis
is also notorious that hundreds Of the VIC
timized depositors OF that looted bank are
men ana women Of small means, numb CT
Is IL any wonder that poor Burke committed
suicide because Dawson had robbed him.
Wneh ne saw 'se remnant Of the bank
salaries at the sum Of s165oo YEAR, 1 Re
ceivers are not blanable for taking such
salaries the courts allow, but Ia II rerti
nent to ask. in the words Of The q o e.
| whether tie court in this casa was "incIined
name in limiting the compensation Of re-.
ceivers to fair amount7' Is it pertinent to
| ask how long the pubic sense shall he
saults upon public virtue as this business dis
closes? 1t Is sane to say that there ss not
just mind in st. Paul that would not
future administration Of law, II one Of these
receivers was discharged, and the Others
compensation limited to fair amount" as
years (twenty months) since thia double