Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1909-11-04
Bank Embezzlin0 Endemic.

Never in the history of our proud
country has there been such craze or
mania among bank officials for embez-
cling as appears on the surface at this
time. The daily papers from every
section are teeming with reports of the
rascality and theft of those costly sta
toned behind gilded ratings and poll
ished wood. 1t is astounding and beg
gars description, and the result is that
confidence was never at so low an ebb.
These bland, velvet-handed, white
shirted and bejeweled monsters of all
that is faithless, heartless and knavish
are more to be feared than such as me
famous James Brothers and other high
way robbers. With the latter in your
midst you know what to expect and
can prepare to guard against the worst;
and further, they dom fitch the orphan,
the widow and the decrepid of their
mite, their very sustenance, as is in
variably the result of embezzlement of
funds placed in trust, which is what a
deposit in a bank simply means.
The Mineral Point bank failure and
what it has brought to light is, and is
likely to be for long time, used ito
adorn story or point a tale. " 1t is
the topic in every financial circle of the
country, and it is questionable if a
worse case of the kind adorns (?) the
history of our nation, when taking in
to consideration the population of our
community, the capital stock and the
volume of business transacted here.
The question of how national bank
could go so long with forged papers
and other Irregularities on its books
without discovery is subject for at
tack on directors and government ex-
aminers. That they were beguiled by
deceit, artihce and trickery as were
depositors and customers of the institu-
ton there is no doubt But there is a
difference. The one is a case of conf
dence, which can be betrayed; the other
a case of duty, which can be neglected.
The banking laws in force, if faith
fully and vigilantly enforced, should be
sufficient to prevent any such disaster
as has overtaken Mineral Point. For
all that, the laws could be simpler and
stronger, and the Tribune is emphatic
in the declaration that they should be
enacted, and at once.
1t certainly is not difficult to make
and enforce a straight and simple bank
ing law that surrounds the depositor
with such protection as will protect him
against trickery or irregularities of
any official. No bank official should be
permitted to participate in speculations
in any form whatever, not to the ex-
tent of a dollar. His pay should be
liberal, and if he doesn't care to accept
the position under bond together with
its restrictions, he needn t; there is no
compplsion. Directors should be bound
under oath to make careful, scrutin-
ling examination of books, collaterals
and all other papers once a month and
report same in detail to proper head
quarters and publish same for benefit
of the bank patrons. In case Of fail
ure to do so, fine should be imposed.
Integrity and competency should be the
all important essentials of a bank ex-
aminer and he should examine.
Under such requirements Irregular
ties could not possibly go on for sixteen
years as seems to have been the case
with the First National Bank Of Miner
al Point.