New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-08
BANKING INVESTIGATION.

With all due respect for ex-Chief Judges An
drews and Parker. II is impossible to take
seriously the bill TO commit 10 them the IN
yestigation OF the Banking Department. We
doubt If anybody expected it to be taken seri-
ously or has the least notion OF its passing. 1t
is difficult TO believe that the trainers OF the
measure had any other purpose than to con-
fuse the issue and still further delay action
In the Senate along the lines OF the Assembly
resolution. The bill offers a good opportunity
for prolonged debate and If it passes the Sen
ate will leave the Assembly once more 10
wrestle with the investigation problem.
Judge Andrews and Judge Parker are men
of high character and ability who would con-
stitute an impartial tribunal to hear charges
If somebody. else was prepared TO prosecute
the Banking. Department. Judge Andrews is
about seventy-eight years old. having retired
from the Court of Appeals on December 81.
1897, by reason Of the age limit of the consd-
tuition. Nevertheless, If such a tribunal were
what the situation required, the fitness Of these
men to sit upon 1t would be unquestioned. That
they should undertake any such labor as that
imposed upon the Armstrong committee is i'm
possible Yet work comparable to that must
be done II any banking investigation is TO be
satisfactory 10 the people. The Idea that some
gentlemen no matter how eminent, can be set
I'D with their hands tied and their eyes blind
folded 10 investigate a carefully circumscribed
field with satisfaction TO the people or credit
to the party is preposterous. Just such an i'm
potent body would be created by this bill.
The Judges hands would be tied by questions
Of constitutional right. Their eyes would be
bIindfolded by the bands combining their in
quiry TO the Banking Department. They would
be forbidden to do thorough work and follow
trails wherever they might lead.
We think that the public desire for bank
ing investigation has been largely Fictitious,
but the Senators who propose farcical investi-
cations are helping to make the desire gen
uine and lively. We have no wish for policy
of sensationalism which would unsettle conf
dence and precipitate financial disturbance.
The worst friends of confidence however, are
those who proclaim that any questions regard
ing the management of individual banks and
their obedience TO law would reveal such rot
ten conditions as 10 provoke runs and ruin.
We do not believe that the banks in general
are Iawbreakers. but, If they are, then the fact
should be made known and remedies applied.
The financial danger of not revealing such
situation, If it exists, far outweghs the danger
OF exposing Il. II banks have been giving
money TO campaign funds, discovery would not
precipitate a panic, but 1t would stop the abuse
and perhaps recover the money. If legislators
or other officials have received improper favors,
or If banks speculate in violation of the bank
ing laws the truth ought 10 be brought out.
Probably all the insinuations on the subject
are exaggerated, but ii is natural that they
should be listened to when Senators act as If
they were In mortal fear of turning on the
light