Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1910-09-17


servatism in our system Of govern.
ment and opens the way for popular
clamor to rule. The great need OF
this country Just now is conservative
government. Radical government ,
never did any good and never will do |
any good.
Some amendments to the constitu-
ton of the United States passed in
obedience to popular clamor prove
this and the injury they have worked
to some parts Of the country, notably
the south, prove the folly and unwis.
dom Of hasty and unthinking legisla-
tion.
The fathers Of the republic were
wise when they provided for q dele.
gated form Of government. This coun-
try has grown because Of the wisdom
and conservatism displayed BY the
delegates Of the people who have been
its lawmakers. The initiative and ref.
erendum will destroy all this and put
chaos on the throne instead Of order.
~6
The adoption Of the initiative and
referendum means:
No Sunday newspapers.
No Sunday saloons.
Cranks are already organizing to
take advantage Of the initiative and
referendum to put both these propos.
itions through. Should the Hungry
Six program prevail, It will only take
the petition Of one.eighth of the vot-
ers to put any sort Of proposition
on the ballot.
~k~
A stringent State law ID needed to
regulate the establishment Of banks.
There are too many wildcat financial
schemes now In existence In Chicago.
Not wishing to compete with the big
banks, irresponsible people are starting
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 institu.
tiOns.
| This nefarious practice should be
stopped and the only way to stop It is
by municipal legislatl0n.
| A provision ought to be made in the
city charter authorizing the city under
Its police power to regulate the estab
iishment of banks and creating In
pursuance Of this work q board for
the examination Of oil proposed new
banking concerns. Such Q 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 90 to the
right and the Justice Of the city 70
exercise such power under q properly
constructed charter provision. II the
city has the right to regulate plumb.
ers, to regulate engineers, to regulate
: the electrical business. to regulate pawn.
brokers and the scores Of other busl.
ness enterprises and industries over
; which Il exercises unQuesti0ned super
vislng powers, II certainly has q per
, feet right to regulate the banking bust
, ness, which II 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 thu
, entire city In Its business and CONNER
cial life. while methods Of q contrary
' kind INDUCED In by small, irresponsibl,
). speculative concerns only results II
, failures that involve injurlously the In
; terests Of the entire community. How
{ often have we seen II that the failur,
/. Of one Of these little banks. startet
Z upon insecure and irresponsible fOunda
!. tiOns, and doomed BY fraudulent ant
4 false representations. have dragget
a down to ruin hundreds Of good. hard
a working, thrifty and deserving citizens
a The licenses issued by the examin
q Ing board, which. Of course. should b.
composed of responsible citizens ant
!. able financiers. should be of q charac
4 ter that would be absolutely prohlbi
q tive of all schemes and projects for tn
n establishment of ph0ny cOncernc OF thl
: kind.
al This would be welcomed by all SCUM
. and responsible banking houses
:. whether private or national.
Banks like the Hibernian Bankin
!. Association. the Graham & Sons, tn
!. Union Trust Company. the South Chi
a cago Savings Bank. the Commercial
!. National, the Continental National
j, Drovers Deposit National, Illinoi
. Trust and Savings. the Fort Deal
4 born National. Northwestern Trus
= = and Savings Bank. South Side Stat
= Bank. Merchants Bank. Nations
= Bank of the Republic. State Bank Q
= Chicago. and other banks that hav
:, weathered every panic and ever
= storm for years deserve we'll of th
. people Of Chicago.
. And yet foolish people pass them b
- and hand their hard-earned money owe
- to concerns that have not singl
= banker connected with them and who's
!, leading men have been grafters eithe
: In political or private life. and who a
!, !, ways have their hands out for eas
;. coin.