Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1906-01-05
Washlu9tuu STANDARD
OI.A uPIt, A>u.
FRIDAY MORNING. JAM iEl ). 1906.
New system Of Moral Ethics.

New System Of Moral Ethics.
1t Is evident that Secretary Shaw
Stands pat" with Banker Walsh, in
absorbing (let US use gentle word
in defining this mild view Of mi-con-
duct the capital OF several Chicago
banks which he controlled. 80 as to
create a shortage oil $2G,OO0,000. He
declared III statement last week that
Walsh did no more than other bankers
had done and are doing all the time,
and that through the part OF the
banking law prohibiting the loanlng
OF more than 10 per cent. Of the capt.
talization to one man may have been
violated, that is not criminal VIOLA
ton, and all that can be done is to
liquidate the bank and pay OIL the de-
posi,ors. The violation of that law by
one bank is no more than has been
done by almost every hank in the
country"
If that be true, why is the govern.
ment So lenient, at times. in tOlerating
any violation OF the law? Is it an.
other exemplication OF the difference
as to whose OK is gored, as was estab-
lished by President Roosevelt when
the Santa Fe rebates were passed upon
by him lately, establishing the new
rule that it was the crime that was to
be condemned and not the manipu-
lator OF a system that had become 80
common as to constitute an abatement
OF tie offeuse, so far as individuals
were concerned.
1t follows as conclusion that, de.
positors must take into consideration
the speculative judgment Of bank
presidents, when they trust their
money to those institutions, and bear
continually in mind that it is seldom
banking houses "stand together" as
they have done in protection of Bank
er Walsh. Had they not done 80, de.
positors would probably have had to
pay for the wildcat schemes which
wrecked the Chicago National and
Home Savings banks.
But let us consider the kind OF man,
IS shown BY his latest acts, that this
high cabinet officer so magnsnimously
clothes with the mantle Of charity.
He emerges from the ruin he would
have created, with fortune of fifteen
millions of dollars! This is done by
shrewd manipulation OF private assets,
and the like Secretary Shaw says has
been done by other bankers and il
being done all the time" He kept his
individual funds out OF the speculative
pool into which he so Eecklessly
plunged the money of his depositors
The GOODNESS Of the man is scarcely
paralleled by that OF robber Burke
who, in a Seattle hotel, last week, with
y pistol at the head of Moses Gold
smith, made him sign q check fol
several thousand dollars, telephone
the bank to pay it, and order up The
drinks while messenger was gone fol
the money. Banker Walsh with just
that kind of nerve, cool, confident and
defiant, refused TO comply with the
demand to surrender his personal as.
sets to Comptroller of the Currency
Ridgely, when he put stop to the
frenzied finance which had caused the
loss of $26,OOO,OOO. That the demand
was not insisted upon, indicates that
he had some means Of reliance TO,
support from the Comptroller's supe.
rior officer, and the fact that other
banks came so promptly 10 his relief i.
also significant of the statement tha,
Banker Walsh was doing "no more
than other banks had done and were
doing all the time," involving q re-
course by them 10 tho Beecherian in
junction about standing together" o.
as the Republican boss immortalized il
in politics, Standing Pat"
PORTLAND HAS CHEAPENED GAS AMI
SACRIFICED QUALITY.-Every commu
nifty must have some pet grievance
and that Of Portland just now is gas-
gas made from coal oil instead Of coal
and TO at reduction Of IS cents from
the formor rate for the illuminatin,
fluid made by the old method. It i
said that the new kind of gas may b.
made at profit for 70 cents per thou
sand feet, and while the compan!
handed down a reduction OF IS cent
from the former rate, the patron
thinking it WAS spirit of pure philan
thropy that prompted it, felt disposed
to take back many of the curses tina
had been showered upon the meter
and methods of the lighting company
They now find that the light is defec
tive in more than a correspondent,
ratio to the reduction, and they cal
the act graft by which even create
dividends may be whacked up at eacl
recurring settlement with the stock
holders.
GEORGE Poell, County Clerk at GRAM
leland, Neb., last week, received frou
President Roosevelt, the first medal Q
honor authorized by act of Congress
approved Feb. %, 1905, for deeds G
conspicuous bravery. 1t was base
upon saving the life of child q
imminent risk while acting a. locomc
tive engineer. when he crept forwar
to the pilot and snatched child fror
the track, saving it from death, bu
S.lI;or b;c,oa1f ,,cdor tbo opu;po a n