The mirror. (Stillwater, Minn.) 1894-1925, 1907-11-21

'"o AoSiIiindCo nel0 OF banking, ana
whose outeide operations was the sole
cause OF their own nndoing, and worst
OF all, involving the credit of their in
stltution In such a way that they were
soon explaining to their depositors why
q receiver was performing the last sad
rites in connection with the bank. It
is grand and good thing no doubt
for the banker to have large and at
tractive looking quarters; it helps won
derfully to get the business, and now
adays there is mighty scramble to se-
cure new custom. rs; but what most
desire to impress upon you is this; that
just because q man has fitted up his
banking room in an inviting way that
appeals to the eye, and has about $500
or $1,000 worth of gold on his front
window. it doesn't make him banker.
in the true sense of the word.
Suppose, for instance, that any one
of you here, with very little capital,
were to 60 into some thriving COM
munity, rented Office room in a corner
building, put in suitable furnishings.
heralded your enterprise thru the med
ium of the newspapers, and decorated
your windows with sign in goId-leaf
lettering. "Tom Jones, Banker, four per
cent interest paid on time deposits" In
less than few hours after opening, I
dare say, you would have several thou
sands of dollars on deposit. That
wouldn't be your fault; it is done right
along, and If honest and sincere in
your purpose, the undertaking might
eventually develop into trustworthy
institution. besides achieving an envia-
bic reputation for yourself as finan-
cier, and no one would be the wiser.
Granting you were successful in your
operations and inspired with the con-
fidence of the public to back you, built
up a business that would be credit to
any city and held large or controlling
interests in other industries, you could
not honestly call yourself banker,
any more than you can call j. Pierpont
Morgan banker. He isn't banker.
never was. He is nothing more nor
less than big promoter, and as such
it is safe to classify most of the lead
ing financiers of today who have
amassed untold wealth in promoting
schemes for their own gain.
The members of this circle have no
doubt read of the present situation and
noted the suspension of numerous large
banking institutions in New York and
elsewhere and the sudden retirement
of F. Augustus Heinze, as president of
the Mercantile National Bank, and the
closing of his Savings Bank in Butte,
Mont, due to the collapse of the cop
per market which he and his CLIQUE at
tempted to corner. 1t is the old story
over and over again. For the banker,
or modern fnancier as he is more cor
rectly styled, who gauges his success
by the dividends his bank pays, or the
controlling interests he may acquire
with the use of his depositors money,
and trusts to providence to pull him
thru any financial crisis, is bartering
future safety for present-day profits,
and sooner or later the usual post-mor-
tenn examination by receiver will re-
veal to the depositors the true state Of
affairs. And those are the kind Of
bankers that thousands of unthinking
people 60 to every day and say: "Here
is my money; take it and keep it until
/ shall need it," and then when the
banks doors are closed, bewail their
misfortune, and give vent to their feel
ings by calling all the bankers band
of robbers. No one blsmes them par
ticularly, but mention is made of the
fact simply because the writer has
every reason to believe that the pri-
mary cause of most bank failures is
due to the unwise selection of deposit
taries, on the part of the people them
selves, and secondly, the laxity of the
government and states in enforcing it's
banking laws.
A few words in reference to another
class of so-called financiers trust will
not be amiss. Now isn't it fact that
nearly every commission brokerage
concern of any note displays the sign
Banker and Broker" or "Banking-
house, in some conspicuous place, that
is misnomer If there ever was oneP
Continued on page four.)