Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1906-09-19

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Company Of Philadelphia appears to be
the most disastrous OF the many bank
and trust companies that have lately
failed. Outside Of the banking busi-
ness. the tota. trusteeshlp involves
$50, 851 ,082. 1t is said the securities
are safe, but nothing is known of the
trust funds. 1t is conceded that ST.
100000 OF the depositors' money has
been swallowed up in speculation. 1t
was to be expected that the rotten
nrose-Pennypacker Republican ma
chine, which controls the execution of
the banking laws, should have reported
the institution in sound condition a
few months ago, but the disaster
shows that any inspection that was
made was either farce or there was
collision between the officials and the
corporations. The national bank in
spection Of national banks shows a
similar laxity as the failure Of the
Walsh bank at Chicago lately indi-.
Gated.
There must be more thorough in.
spectlon of all banks and trust compan-
les to protect the people who are de-
posltors from the looters who appear
to have possession Of many flduclary
institutions, and President Roosevelt
should see that the young man he ap.
pointed Comptroller of the Currency
attends to his business Instead Of
spending most OF his time In the fac
tional Illinois Republican squabbles
Attention to the banks will pay the
people far better than trying to force
fads like phonetic spelling on them.
The Governors of States must be
forced by public opinion to see that the
State banking institutions be thorough
" examined and the securities held In.
vestigated. The directors of banks and
trust companies must be made respon-
sible for the soundness OF the institu
tions they direct. Instead of as in most
cases merely drawing pay for OCCASION
al meetings. Honest bank officials will
not object to publicity of all transac-
lions to the directors, and the bank
inspectors are paid to see that the
public Is protected. Depositors in
banks know nothing of what Is done
with their money, and no foresight Of
theirs can make their money safe.
Banks and trust companies are lncor-
porated either by the Federal or State
governments and the law provides, or
should provide, for strict inspection to
protect the people from dishonesty and
incompetency.
Will You Vote to subsidise Trusts
Before voting for any Congressman,
ask him how he stands on ship SUBJ
sidy. II he Is Democratic candidate
he is certain to reply he ls opposed to
subsidies of all kinds, and especially a
subsidy to a trust, as the Morgan
steamship combine is. Ask your Repub-
lican neighbors how the Republican
candidate for Congress stands on ship
subsidy, and IL he does not know urge
him to question the candidate of his
party. The Steel Trust charges $4,000
more to the ship-builders of this coun-
try fer the steel frames and plates to
T. 3 =
build ship than 1t does to the ship
builders of other countries. Congress-
man Spight, who was also member
of the Merchant Marine Commission,
in his speech In Congress, which will
be found in the Congressional Record
of June 81, 1905, page 9801, showed
by the testimony taken before that
commission not only that the trust sold
cheaper abroad than here. but that the
trust magnates and other standpatters
are behind the scheme.
In those States where United States
Senators are to be elected, the candi-
dates for the Legislature should be
pledged to vote for no man for Senator
who favors ship subsidy.
There are 22,0OO casual laborers in