The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-10

mon school fund of 100000: 1900 miles or
free gravel road. and s, 600. 600 expended last
year on bridges and highways; a COM
plete system of electric trolley lines and
maze of telephone circuits that merge our
citizenship into one great neighborhood:
an aggregate county and State debt or
less than Sl0.o0o.0o0: an average per diem
earning of labor of Sl.s6, and not a man
seeking work rather than q salary out OF
employment; State Constitution tnat mas
been copied again and again by other pro-
gressive commemorative; distribution OF
gas, oil and timber areas, the lavish and
bountiful gift of the God of Nature; a
premier banker and business man for
Governor who has set the pace Tor wnole-
some respect of law and order; ana pulled
the fang of anarchy that sought 10 super
sede the statutes Of the State by the fren-
zied arbitrament of mob violence.
LAWS FOR CORPORATIONS.
1T must follow that in commonwealth
enjoying these conspicuous blessings, there
should be a reciprocal relation in the spirit
of unselfshness marking the duty OF the
State towards all these agencies OF bet
terment, for the State is but the composite
of its citizenship. A commonwealth, prf-
marily, speaks through its legislation, and
in the expression each citizen has given
voice. Corporations are not free agents,
but only have the latitude OF the laws
limitations. Their initiative is that OF a
supplicant Not a corporate bank or trust
company in Indiana but lives in an atmos-
phere everywhere bounded by a legal
horizon. The statute book is the open
Bible of the directorate. The law confers
birthright. rocks the cradle, blazes the
march of progress and development; in
success is its counselor. in failure It's
administrator The thread of public identi-
ty is in the warp and wool of corporate
responsibility to the State. To commits
sion any sort of corporation and not safe
guard the public, would be an outrage In
finite. The State does not carry a cru
sader's sword. but rather has standards or
sovency, and the machinery for official
inquiry to maintain the integrities that
subserve public confidence. The State has
substantially fulfilled its mission, its duty.
when ii requires financial corporations 10
transact business on the lines OF Its legal
powers, with a supervision solely TO de-
termine responsibility and publicity OF
financial condition based official and
sworn reports. The supervision of any
State is lame and halt, and blind, that
does not heroically and Immediately curb
and control any violation of the law,
whether is be homeopathic or allopathic
foraging outside the laws limitations, or
pushing the safety-valve beyond the legiti-
mate functions of prudent and imper,
sonal management. The Chinese have
saying, old as Confucius,
~. Men trip not on mountains.
and so it is with Irregularities that wreck
financial institutions. that disgrace OH
Gals. that penitentiary offenders, the en-
tering wedge Is but an ant hill in COM
parison with the developed mountains or
long continuance and non-discovery. Conn
petent supervision with corrective powers
delegated to some executive of State au-
thority is the primary duty of the COM
monwealth for the conservation of the
| financial corporations Of the State and the
continuing protection and confidence of the
people.
fh aa rea n doe and biue p aP Also aiud
| ing briefly to the wildcat" system, which
was the plague spot Of our financial legis-
lation. Then he said
From Alexander Hamilton to Salmon p.
| Chase and John Sherman was wide in
terval OF years, marked by financial eX-
pertinent with repeated failure, but cui-
minating finally In our present superb
| national currency and banking system. The
browning triumph was in the safeguard
| by the gold standard, forever insuring. its
| ly improbable any future legislation that
would let down the bars for a return tc
the issuance of money by State banks. Az
| a Nation, and as State the monetary
cost, which is not the only serious loss
| has been too prolific of panics and toe
| destructive of individual and business
financial experience. and by State or gov.
| eminent issue of money for the pretended
| or mistaken purpose Of imitation to keeI
basic security, and by the retrogressive
| measure that of necessity will follow. toy
/ with the hazards responsible for the none
| tary tragedies OF the past
| MONEY is SENSITIVE.
There is no sensitive plant as quick
acute aud impressonable as money. It's
pickets are always alert on the farthest
outposts. and with unsound legislation OF
any unnatural gauge OF business. its
heralds flash the wireless biography oil
danger and the Westinghouse brake is ap-
piled. Money is Familiarity designated as q
coward. Not so! 1t has simply the eau
ton of conservatism! In every exigency
| of this State or Nation, money has beer
faithful soldier to uphold honor, patriot.
ism and good faith 1t turns it's back or
| the public obligation that is tainted, or
| the creditor with a board of trade ticker
| on the corporation that appeals to the peo.
| pie through alluring advertisements with
| inflated treasury stock on alleged bar.
gain counter, rather than paid-up capita
| Confidence on the part of the public II
| essential for the prosperity Of our finan
cial institutions. The universal success OF
largely 10 the confidence Of their patrons
| and in the general estimate of the com
munity as in the capital. The habits Of the
Thermometer. The cashier that canno
| say No, and mean il, is an expensive in
cumbrance, while a well-grounded sus
| whether it touches director, janitor OF
| president, will drive nails into the coffin o.
| early occupancy. The sole purpose of Stat,
| laws and State supervision is to afford al
| anchorage of confidence that will be firm
| stable, unyieldng. Our laws bear recp
| rocal relation both TO the banking corpora
| lions and the public. No bank or trus
| company can be organized until the Stat,
| has satisfactory evidence of its solyenc,
| in all the details of statutory requirement
| This is reinforced by supervision and Off
| cial authority of investigation governing
| every exisency with powers of State con
| troll in case OF Encouragement, impair
ment or violation Of charter rights. TIL
| State is the public, and in the dual sense o
| patron and sponsor stands on both sides
| of the counter. Supervision does not meaI
| inquisition, and when IL invades the pri
| vate domain of corporate management, i
has proceeded without warrant or an,
motive other than that of an overofficiou
Paul Pry. In this season of general pros
perity there is essentially as much vigi
lance on the part OF the banks and tn
State as in times OF panic. that confidenc
| and Solvency may not be impaired. Ere.
Grant once said ii required as much skill
to manage a surplus deficit and with de
posits amounting to S24.000.000. and bill
receivable of nearly so 700, very clos
scrutiny is necessary to prevent the anxiet,
TO employ funds trespassing upon a matur
and well-considered Judgment as TO con
sentative credits. The one hundred milliol
increase in real estate values in four years
and the fact that there were fifty thou
sand fewer mortgages last year thai
transfers, without any reference TO tn
pleasing mathematics of manufacturing
and agricultural returns, are a brief cpl
vidual prosperity and the basis for the &C
emulation held In trust by the banks TO
the people of Indiana.
| SAVINGS INSTITUTIONS