The Irish standard., 1910-01-22

by mlsapplying $7,00O,000 to his oNA
personal speculations all of which har
been made good" before his imprison
ment.
His fortune in 1905. before the dis
aster overlook him, has been estimated
at six million dollars, but the closing
OF his banks and the cost of litigation
ever since have practically wiped it
out, the only thing left being about
100000 which he managed to set aside
for his family. Had Mr.. Walsh attend
ed strictly to banking and kept out
OF railroad business, in which he in
vested millions deposited with him, he
would today be an honored citizen in
stead of being an inmate in a peni-
tertiary in his old age.
1t is said he lost one million dollars
of the peoples money in establishing
the Chicago Chronicle to mould public
opinion. The paper was originally
Democratic, but Mr.. Walsh changed Its
policy and advocated the gold STAN
dard. Then the followers of Bryan
dropped it like hot potato and it lost
its circulation as the ST. Paul Globe did
when controlled by James ]. Hill. Like
the banks, the Chronicle ceased to ex-
list, and the other day the value of the
property. including the building and
leasehold. was estimated at s25o,o0o.
Those intimately acquainted with
John r. Walsh have the greatest SYM
pathy for him. He is now ~ years
old, and they say there is not q dis
honest hair in his gray head. He
started life in Chicago at the age Of
13 with scarcely dollar Shortly be-
fore his banks were closed he was a
millionaire six times over. From
newsboy to captain of. finance" was
an oft-repeated d scriptive phrase ap-
piled to him. The following particu-
lars of his life and achievements are
Cleaned from the columns of the Rec
ord Herald:
John. R. Walsh was born in 1887 In
the parish of Gougane Barra, eight
miles from Macroom, County Of Cork
Ireland, and left for America with his
parents at tender age. When 10
years old he was clerk in the news
depot conducted by ]. McNally on
Madison avenue, Chicago, and when
Nhe Civil War broke out, instead OF
enlisting in the army. he started in
competition with the American News
Company to make money. In 1866 he
was manager of that company and
then laid the foundation of his success.
In 1881 he founded the Chicago Ma
tional bank. The institution grew
rapidly and gained the reputation of
a political bank as result of the
large deposits of public funds obtained
through Mr.. Walsh's influence among
politicians of both parties. When he
was appointed member Of the board
of South Park commissioners one of
Mr.. Walshs ambitions had been
achieved. Subsequently came the es-
Establishment Of the Home Savings
bank and the Equitable Trust Com
pany.
knowing the power of the press and
its influence on public opinion, Mr..
Walsh in the early days of the old
Chicago Herald bought a controlling
interest in that newspaper. In 1895
he sold his interest to Mr.. Scott, and
a year later founded the Chicago
Chronicle as a Democratic newspaper.
His hostility toward the free silver
movement caused him to support the
gold Democracy in 1896 and 1900, and
it was largely due to his efforts that
the Palmer ticket was NOM
mated in 1896. Mr.. Walsh subse-
quently became Republican and
changed the politics of the Chronicle,
with the result already related.
At the time of the collapse of his
sAkCe UdHhS, out OIL WHICH ne ODC6lneQ
millions of dollars of the funds for
his own use without an entry on the
books to show it. he'was director in
twenty-six companies, many of which
he controlled. Ambition and avarice
were his besetting sins, and now in his
old age he is paying the penalty of his
1nd1scretions. The government is to
be commended for his prosecution. His
immediate and close friends may have
sympathy for him, but honest citizens
who misplaced confidence in his in
tegrity cannot be expected to weep
over his sad fate. He knew he was
violating the law and now he ought
to take his medicine like any ordi-
nary criminal.
ST. PAUL NEWS