The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1907-11-16
The Lesson of the Crisis.
(The Statist.)

of other countries, but that the opportunities for
successful dishonesty much more abundant and
tempting Because the American people highly
civilized and yet dwell in a land which is in need
of most of the requirements of modern civilization
Hence it happens that the best intelligence of the
country is concentrated upon furnishing those
ot1irements, and, in doing so, in developing the
sources of the land One consequence of this is that
with few distinguished exceptions, the better class
of Americans hold altogether aloof from politics.
Politics, in consequence, have become career for
professional politicians men of low character for the
most part, many of whom have failed in other ca
reers and most of whom fail to any other prom
sing opening The professional politicians act upon
the ignorance and indifference of the multitude
of immigrants constantly pouring into the country,
and thus are able to acquire influence which
seems incredible to those not personally acquainted
with the United States Not only have the better
classes of Americans held aloof hitherto from do
nestic politics. but it will be recoected that until
very few years ago the American people as whole
abstained from interference in world politics. They
dreaded above everything, entanglng alliances or
engagements They have, it is true, as result of
the war with Spain been completely involved III
world politics. and before very long the better classes
of Americans will likewise be compelled to take part
in domestic politics. But for the present the better
class of Americans look upon domestic politics as
denoralizing and thus bring about state of things
which permits of the NAL practices which have ended
in the panic of this week. The law everywhere is
less stringent than it ought to be, and its admin
istration is often wofully lax. No doubt the pc
culiar Constitution of the United States increases
the difficulty.
The States retain to themselves so great au-
thorty the larger part of ordinary life that the
Federal Government can seldom interfere, and I'M
fortunately State law and State administration OF
the law are far less satisfactory than Federal law
and Federal administration of the law. AS an illus
tration, we would remind our readers that II the
kilograms which have been pouring in upon us from
New York during the past ten days or so are to be
believed, a number of ingenious, comparatively
wealthy yet unscrupulous persons combined to buy
control of number of banks and trust companies.
It is alleged for instance that when they had bought
control Of let us say, one bank, they lodged the
securities so acquired collateral security for loan
with the proceeds of which they bought control of
another bank, and they proceeded until 1t is as
serted that they had obtained control of banks with
deposits amounting roughly to about twenty mil
lions sterling and of trust companies with deposits
of nearly the like amount 1t is to be recoected that
there has been yet official inquiry OF any kind
into the matter and therefore it is possible that the
statements made are groundless, at all events
grossly exaggerated 1t would, consequently, be quite
unfair to take these allegations if they were
proved But it is quite clear, at the same time, that
whether the of conduct alleged has or has not
been engaged in, the American system OF banking
and the axness, both of the law and of its admins
tration in New York, render the practice at least
quite possible For example, the Mercantile National
Bank has capital of three million dollars, or $780,
5ico+ au,Ic oh
tain one-ha1f of these shares plus one, has, under
the American law complete control of the bank