The river press. [volume] (Fort Benton, Mont.) 1880-current, 1907-12-25
MONTANA FRENZlED FINANCE

Within ten days. a couple of ex-
amples of Montana frenzied finance
have been paraded in the courts Of
the state, and in each case the man
behind has gone unwhipped Of justice.
The cases referred to are those of Mr..
Wisner of Anaconda. and Mr.. Glenn
ents OF Butte, and each stands as a
practical protest against a loosely
gotten together Montana law, which
seems to allow anyone to butt into the
banking game, without either money
or honesty.
In the case of Mr.. Wisner. the after
ran an alleged banking game in Ana
cOnda under some kind of a real es-
state and investment title, and appro-
priated thousands of dollars from the
people OF that section to his own use.
TO the ordinary citizen it would seem
that the charge against the Anaconda
%iinancier should have been grand lar
ceny. However, it was not, and MIR.
Wisner was convicted and sentenced
to a number Of years in the peniten.
tiary only to be released upon appeal
to the supreme court because, for
sooth, he had been convicted as a
"~private' banker, instead Of an Sin.
dividual BANKER or some such dis.
tinction. The court was amply sus-
tanned in its decision by precedent,
but the ordinary citizen will gasp at
the legal distinction which cuts so fine
in handling otfenses so fragrant, and
gives to the innocent depositor so
slight protection against outright
thievery.
The second ease was that of Mr..
Clements, cashier of the late Aetna
Bank X Trust concern of Butte, an
institution started without one cent Of
capital stock. or assets, and on the
frenzied finance plan regardless.
According to the evidence adduced
in the Silver Bow courts 0 one dol
lar was put up to start the concern in
question, and the name of Mr.. Heinze
seems to have been figured as the sole
asset: the capital stock of 800, 900
having been only a figure of speech in
the organization of the alleged bank,
Mr.. Clements putting up 81, 800 in real
money, borrowing the $500 as soon
As it was put up, and giving his note
for So1, 800 as paid up capital, which,
together with his note for $500 made
the 800, 600 capital upon which the
bank opened for business. All of this
was proved, but the cOnrt ordered a
verdict OF not guilty on legal grounds
which held the case Of the state not
made. In ordering the jury to return
IA verdict of not guilty, however, the
court took occasion to remark that
"the case of the Aetna was high and
frenzied finance with Il vengeance"
1t started out to do business without
a cent of capital. Under that system
any man can put up his personal
notes, open a bank and get the money
from the deluded public.
"Personally we might think we
ought to send men like that to the
penitentiary,' said the Judge, ad.
dressing the jury, "but in law VT
cannot do it. The law is defective,
and every day criminals escape un.
whipped of justice. We sometimes
say they get of on mere technicalities
but these so-called t~echnicalities are
!, really the safeguards of the innocent.
, 1t has often been said that it is bette,
that ninety-nine guilty men should
) escape than one innocent mar should
suffer. The safeguards fer the limo,
cent are often taken advantage Of b,
, the guilty, but that we cannot pre-
vent
Certainly in the two cases mentioned
. Montana has been going some in tn,
frenzlcu nance way, and it would
perhaps be in order to inquire if ther,
was not some way in which Messrs
; Wisner and Clements could have bee,
5 reached in the early stages of thei
5 confidence games? Montana has
p state examiner, but perhaps his du
. ties do not cover such banks as tn
, two mentioned. Certainly if the an
thority of the examiner does reach t.
i such cases as those quoted, then som,
one has been most negligent; and Ger
tainly if the examiner is without au
thorlty there, some steps should b
taken as soon as possible to remed
such fatal defect. IL sure-thing me-
Il such as operate in the cases in qucs
n ton be allowed to 20 unchecked, thcl
there can be no protection to the in
nocent depositor-nor the homes
$ bauker.-Great Falls Leader.