Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1910-07-16

up small banks In the outlying districts
Of Chicago, from time to time. This
practice has had disastrous results
upon the business and financial inter.
ests Of the entire city. Many hundred
small business men and traders have
been ruined by this class Of instltu.
lions.
This nefarlous practice should be
stopped and the only way to stop It is
by municipal legislation.
A provision ought to be made In the
city charter authorizing the city under
Its police power to regulate the estab
lishment Of banks and creating In
pursuance Of this work board for
the examination Of oil proposed new
banking concerns. Such board
should be given ample power to exam.
Inc into the financial standing Of the
promoters Of these institutions, and
none should be allowed to be licensed
unless such a. could show assets ample
for the carrying on Of their business,
sufficient to cover the amount Of their
deposits, and sound and substantial
enough to thoroughly protect their
depositors.
There can be no question as to the
right and the Justice Of the city to
exercise such power under properly
constructed charter provision. II the
city has the right to regulate plumb.
ees, to regulate engineers, to regulate
the electrical business. to regulate pawn.
brokers and the scores Of other bust.
ness enterprises and industries over
which It exercises unquestioned super.
vising powers, It certainly has a per.
feet right to regulate the banking busi.
ness, which 10 Of far more Importance
than anything In the line Of business
In the city. because upon the legitimate
and honest business methods Of these
institutions depends the welfare Of the
entire city In Its business and CONNER.
cial life. while methods Of q contrary
kind INDUCED in by small, irresponsible
speculative concerns only results In
failures that involve injuriously the In.
teresta Of the entire community. How
often have we seen II that the failure
Of one Of these little banks, started
upon insecure and irresponsible founda.
lions, and doomed by fraudulent and
false representations, have dragged
down to ruin hundreds Of good. hard.
working, thrifty and deserving citizens.
The licenses issued BY the examin.
Ing board, which, Of course. should be
composed of responsible citizens and
able fnanciers. should be Of charac.
ter that would be absolutely prohibi.
tive Of all schemes and projects for the
establishment Of phony concerns Of this
kind.
This would be welcomed BY all sound
and responsible banking houses,
whether private or national.
Banks like the Hibernian Banking
Association, the Graham Z Sons, the
Union Trust Company. the South Chi.
cago Savings Bank. the Commercial
National, the Continental National
Drovers Deposit National, Illinois
Trust and Savings. the Fort Dear
born National, Northwestern Trust
and Savings Bank. South Side State
Bank. Merchants Bank, National
Bank OF the Republic. State Bank Of
Chicago, and other banks that have
weathered every panic and every
storm for years deserve we'll OF thu
people of Chicago.
And yet foolish people pass them by
and hand their hard-earned money Ovel
to concerns that have not a single
banker connected with them and who's,
leading men have been grafters elthe,
In political or private life, and who al
ways have their hands out for cas-!
coin.
John ]. Bradley, the popular formel
Alderman and real estate dealer of thu
Thirtieth Ward, Is the choice o
thousands OF Democrats for the shriev
atty nomination this year.
Homer z. Tinsman's election a
Judge OF the Superior Court will plac
on that bench an honest, upright an,
fearless jurist.
~6A
John ]. Bradley was one of the bes
Aldermen ever In the City Council
and he would make great Sheriff o
Cook County.
Edward o. Brown is the first choic
Of the Democratic rank and file for tn
nomination to I'LL the vacancy on tn
Circuit Court bench.
John ]. Coburn has to his credit q
Q lawyer a long and brilliant record
! and his election as Judge Of the gu
! psrior Court will place on that bench