The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1899-07-28


of fundamental principles OF law, and
regard for equitable principles, enable
him to say such should be the law
whether so decided or not, not haslng
his opinion on the ipse d.rjt, or the glitter
uictum of some one else, but upon the
fundamental principles ofmathcmatical
calculations and the high principles of
right and justice. The banker without
any knowledge of the law, either from
practical knowledge or study, is very
poor banker. In the interest Of my
profession, and the one from which
derive my living. | ought probably to
say that the banker should always con-
suit his lawyer, but | do not; say he
should be able ordinarily to act for
himself: but as soon as he gets into
deep water he should consult the very
best lawyer he can.
Cheap law to my mind is 4 very
poor commodity, so is cheap money
Cheap law in the end is the dearest;
cheap money to my mind is exactly
the same thing. Cheap law instead of
getting you out of trouble, gets you
deeper in; cheap money instead of get
ting YOU out of debt, nine times out OF
ten makes YOU borrow more than you
ought to-encourages risky spccula-
tions and gets you deeper in.
As to the type Of the banker and
the lawyer, our State is full of them
Go look over our distinguished Court
of Appeals, nearly all Of them are
directors in the banks in their home
counties. Go to all of our towns and
we find the banks arc run TO a great
extent 10y the leading lawyers.
In fact there is a strong chord OF
sympathy, and the world thinks there
is no fellow more fond Of money than
the lawyer. The banker makes his
money by using other peoples money,
the banker gives security for it, shows
by his individual LEDGER who it belongs
to and has right to use it and, as a
rule, the more money of others he hon
estly uses the more he makes, while
the lawyer who uses other people 5
money as rule ruins his clients and
himself too.
1t is the honest thing for the one to
do, but, as rule, the dishonest thing
for the other
To my mind the bank well conducted
upon honest business principles is 4
blessing to community. | refer to
the bank or banker who regards first
the rights Of those who deposit with
him, secondly those who have rs stock
holders invested their money 10y trust
ing him and taking stock.
Every we'll regulated banking sys-
TEN means that banks are rot to be
spectators. Buying paper, Specu-
lating in stocks is not banking, it is
speculation. Every depositor and
every ockholder in the bank, and in
deed every borrower, is the client OF
the officers and directors who run it,
and each has the right to demand that
the business be run upon the principles
above enunciated.
The banker and the lawyer occupy
very similar positions as custodians
and trustees to their clients and those
that trust them. \ lawyer in active
practice necessarily, if he has the con-
fdencc of the people, handles large
sums of other peoples money. There is
to my mind but one safe rule for him
to follow, and that is to rcligiously
keep separate his clients money from
HIS wv II, dliN tilll oNcl MS SiitHt l)ti L
at the earliest possible moment, or safe
ly invest rs agreed to or understood
by the client. The banker uses his
clients money with his consent, but
that money should be invested with
the view to safety and security, with a
fair profit, and when the banker uses
that money with 4 view to risky spec
ulation for his own good he violates
the sound, safe principles OF banking
and it amounts to morally the same
breach Of trust the lawyer commits
who uses his client money. The very
provision in our National Bank law
forbidding the demand OF more than
legal interest was manilestly intended
to prohibit speculative contracts on
the part cf banks and to ensure safety
to dcposltors; to emphasize the fact
that banks are not TO be run like
''bucket Shops > this provision led the
m 'jority of our Court Of Appeals tc
decide in IaZcars case. - Md, that Z
bank could not purchase promissory
notes and the power to negotiate an(
discount did not include the power tC
sell and buy. The guarded provision
protecting the depositor by requiring
the legal reserve to be withheld from
discount is in the same line rs is the
equally wise provision forbidding tn,
loan of more than onc-tcnth of the capi
tai stock to any one person, association
or corporation.
Banks were originally incorporated
As banks Of DEPOSIT From the best in
formation | have the first bank of de
posit was the Bank of Venice, said t,
have been founded in HI. 1t cxiste,
until 1897, when the French put al