Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1908-02-22

- $50
TO be no respector of persons in
the prosecution of its duty.
Under the advice of the Dis
trict Attorneys Office, the Grand
jury called before them the
State Bank Examiner, and other
witnesses for the purpose OF
eliciting testimony which would
enlighten us as TO the DISPOSE
ton of moneys placed ON de-
post with the institution known
as the State Bank and Trust
Company, that institution hav-
ing some months ago closed its
doors and refused to pay its
legitimate depositors. Our action
from the first has been blocked
retarded and diverted by the Of
ficials of the State Bank and
Trust Company, and by the APP
parent negligence, lax dealings
and transactions of the State Of
ficials who, under the law,
should have months ago pro-
ceeded in this matter and
brought justice TO its proper
end.
Our request made by your
committee of the State Bank
and Trust Company, through its
cashier, MIR. II. u. Cushman, to
inspect personally the various
assets and Liabilities of the bank
and to inspect or ascertain the
avenues through which money
was diverted from the bank,
met with disapproyal and de-
NAL at the hands of that Off
cial and his attorney, and we
were compelled TO resort for the
time being TO such information
as could he obtained from an i'm
complete report made to us by
the State Bank Examiner, but
from which report and other
evidences which has been given
us and placed before us, we beg
leave to say TO this honorable
body that words fail us when il
comes to expressing oHr cOndem-
nation of the manner of man
agement of the business affairs
of that institution. Hundreds
and hundreds of thousands of
dollars were given out of the in
stitution, secured by the most
himsy and frivolous collateral.
The earnings, savings and de-
posits of the people at large
seem to have been ruthlessIy
shuffed away and in its stead
there remains in most instances
only paper collateral. which, in
our estimation, is now and al
ways has been a poor and triv-
ial security for the thousands of
dollars which it represents.
Through the State Bank Ex-
aminer we demanded the report
as made TO the State Board of
Bank Commissioners on the 10th
day of November. 1907, shortly
after the suspending of the
State Bank and Trust Company,
which report under the law, and
especially under Section IL of
the law which created the Office
of the State Bank Examiner,
found on page 232 of the SEES
sion Laws of 1907, provides ii
should be kept on file in the Of
flee of the said State Bank En-
aminer.
Our demand was blocked by
the advice of the Attorney Gen.
eraI i'm a telegram received by
State Bank Examiner Miller
from him, excluding from OnI
observation and inspection thai
report which he made to this
State Bank Commissioners Oh
the 10th day of November, 1907
and after much insistence OF
our part Il duplicate statemenl
of the report vas forwarded e
us, which was not complete, mol
was it the entire report and dat
as submitted by the Bank Exam
liner to the State board of Banl
Commissioners.
We would first draw the at
tention of this body Ia the ques
ton of insolvency. The law, q
we find il, %prcscribes a defini
ton for insolvency ON page SO
of the Session Laws of 1907
and holds that a bank shall b
deemed to be insolvent: frs
when the actual cash marks
value of its assets is in~sufficier
to pay its liabilities: secons
where il is unable to meet I'll