Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1911-08-12

RuioS~DemOCTbtS: Cuu0rtOu (cnelf.
mani, Kenna, Ahern, Carr, Bowler,
Hyldahl-6. Republicans: shufslt,
Lawley, Sits, Stewart, Clettenberg,
Thomson, Kearns-7.
Street Nomenclature - Democrats:
Ahern. Powers. Rickert. 0arecki.
krumholx. Klaus. Mahoney-7. Re.
publicans: Hey (chairman), Pringle,
Lucas. Stewart, Healy, Haxen-6.
City Hall and Public Buildings -
Democrats: Danisch (chairman). Ken.
ma. Tearney, Egan, Buckley, Brennan,
Geiger, Janovsky-S. Republicans:
Nance, Utpatel. Clettenberg. Rsa.
haxen-6.
Printing - Democrats: McDsrmott
(chairman), Kenna, Carr, Emerson,
Flick, Ahern, Hyldahl, Twigg, McIner
ney-9. Republicans: shufelt, Parker
Foell, Kearns-4.
A stringent State law 10 needed o.
regulate the establishment Of banks.
There are too many wildcat financial
schemes now In existence in Chicago.
Not wishing to compete with the oily
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 II Ia
by municipal legislatiou.
A provision ought 10 b made In the
city charter authorisins the city under
Id police power 70 regulate The estab
lishment Of banks and creating in
pursuance Of this work Q board for
the examination Of all proposed new
banking concerns. Snch Q board
should Be given ample power to exam.
Inc into the financial Standing Of the
promoters OF these institutions, and
none should b allowed to be licensed
unless such % 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 a. to the
right and the Justice Of the city to
exercise such power under a 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 busi.
ness enterprises and industries over
which It exercises unquestioned super.
vising powers, It certainly has q per.
feet right to regulate the banking busi.
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 tho
entire city In its business and CONNER
cial life. while methods Of 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 It that the failure
Of one Of these little banks. started
upon insecure and irresponsible founda.
lions, and doomed by fraudulent and
false representation have dragged
down to ruin hundreds Of good. hard.
working. thrifty and deserving citixenR.
The licenses issued BY the examin.
Ing board, which, Of course. should be
composed Of responsible citizens and
able Ananciers. should be OF q charac.
ter that would be absolutely prohibi.
tive Of all schemes and projects for the
establishment Of phony concernc 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 3 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 ths
people Of Chicago.
And yet foolish people pass them BY
and hand their hard.earned money over
to concerns that have not a single
banker connected with them and whose
leading men have been grafters either
In political or private life. and who al
ways have their hands out for easy
coin.
~
The judicial campaign is warming
up.
Republican and Democratic organi.
zation chieftains have tentatively FIX
ed upon September as the month In
which party conventions will be held
to nominate candidates for six addi.
tional judgeships Of the Superior
! Court. Creatod by the last l0Rialature.