The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1908-11-13

sudden wealth. He sees the rich GUS
toner of his bank rolling up to the
door with a big deposit or to get a
letter of credit for trip abroad. He
suspects-perhaps rightly-that their
money came by some financial leger-
demain as his New York friends have
described with so much relish. Per-
haps, he tells himself, it isn't their
money at all. Why, then, shouldn't
he manipulate it for his own gain;
why isn't it anybody's to play with
who can get his hands on it? The
life he has seen, the methods he has
learned are destroying his sense of
property. He is somehow getting it
into his head that this money, placed
in his keeping is sort of common
property and that, so long as he can
keep his books looking technically
right, he may juggle with it for the
benefit of his own personal pocket.
He really comes to believe, seriously,
that this is so.
Indeed said Mr.. Moxey with
certain stern tipgle in his voice, "the
attitude of trusteeship has suffered
shocking change in recent years. /
say in recent years, not because I am
one of those pessimistic old fogies.
who think that people generally were
more honest in other days, which they
We're not, but because it has been my
experience of many years that these
periods of defalcation come in cycles.
Whatever the cause, there are cycles
of honesty and cycles of dishonesty;
and thu present is cycle of 2dishon-a
esty with its cause in modern stand
ards ct enjoyable living. >
Laws Not Enforced.
AMI let me make my opinion EN-.
phatic that the laxity with which the
criminal laws of our land are enforced
by many of the judges of our courts
has much to do with encouraging bank
officers to misuse the funds in their
keeping. These officers see too many
cases of the difficulty in convicting
dishonest bank official when defended
by shrewd criminal lawyer, and they
are therefore willing to take the
chances of detection, and even the
results of trial, before the too fire.
quent judge. whose Interpretation of
the law, admitting of evidence and
charge to the jury, are all in favor of
the accused. -.
There are many, direct causes for
bank defalcations, but the primal
cause is the desire for luxury fostered
In the great cities. OF late years the
chief immediate cause is the using of
the banks funds to promote enter.
prises in which the banks officers
have interested themselves. In many
cases the bank officer is made an
officer of the outside corporation,
which fact is heralded to the world
with all the advertising skill of the
promoter and upon the reputation of
his name many are induced to buy
stock. Now, one of the main reasons
which animated the promoter in finan-
cially interesting the banker was that
If at any time the concern, required
ably the case-it could readily be
obtained through him from the bank
of which he was an honored and
trusted officer. Experience shows
that what was at first small loan
soon increases in amount until a
point is reached which means disas-
ter to all parties interested if. addi,
tional aid is not given. Then it is
that the demand for money must be
met to prevent the bankruptcy of the
new corporation and the consequent
loss not only of the money invested
by the banker and his many friends,
but also the loss of his own reputa-
ton as financier and man of in
tegrity.