The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-12-28
TO PROTECT BANKS.
CcentiLued from Page one.l

GContii.ued from Page One.l
Salmon P. Chase. when secretary of
the treasury, had the most intimate
official relations, such a thing as du-
pl1cate or triplicate dictatorship was
almost unheard of or unthought of.
Bank directors felt that their sole duty
was to the institutions which had
chosen them to this service.
Undoubtedly, if the contemplated
investigation into the Socalled money
trust gets thoroughly under way it
will be due to the fact that the inves-
tigators started with an attempt to
show how far the community of in
terest and of ownership and of direct.
ion in the banks of the United States
has gone. Undoubtedly it was to pre-
Vent too great concentration of money
power that the congress which Iegislat-
ed our national banking system into
existence forbade any national bank
from establishing branches. Not I'M
til the wonderfully swift and vast ac-
emulation into few hands of vast
banking capital and resources began,
q little under twenty years ago, did
the ingenuity of the bankers show
them how they could, in fact if not
in name, establish branch banks. All
that was necessary for them to do was
as individuals to buy the controlling
interest in various banks. There prob
ably could be perfected no constitu-
tional law which would be able TO pre-
vent an individual from owning stock
in as many national banks as he chose
to make such investment in.
But a very different question arises
with respect to the directories. 1t is
presumed to be we'll within the power
of congress to forbid one man from
serving as a director of more than
one national bank. The directors of
national banks are QuaSi-federal off,
GERS and this view has been so clearly
esta blished that it is now accepted as
a disqualification for a bank director
to serve as presidential elector.
Clearing. House Can Do 1t.
1t Will be possible for clearing house
associations to refuse to admit to
membership any bank whose board of
directors carries members who are
also members of another bank.
What Would Be the Effect.
It has been observed in conversation
with bankers of this city that some of
them doubt in all sincerity the eX-
Dediencv of legislation of that kind
For it is said that if there be legisla-
ton of this kind it will be without
difficulty that bank directories be
filled or partially filed by men who
are known to be in close intimate bust
ness and personal relations with the
leading authorities of other banks.
Some Of the cynics says that legisla-
ton of that kind would facilitate the
election of dummy directors.
But it has been observed that there
has been a wonderful awakening to
their responsibility and duties by the
directors of national banks. They can
not shirk their response bilities with
out grievouS danger at least of civil
and in certain cases of criminal prose-
cutions. The high degree of efficiency
to which national bank examinations
have now been brought and the GER
tainty that under thorough govern
ment supervision reformed banking
system would be with equal scrutiny
supervised will, it is thought, tend
greatly to restrain any disposition to
law which prohibits
double directories by means of elect
ing dummy bank directors.
At the bankers convention at New
Orleans it seemed to be the practical |
ly unanimous opinion that any legtsla-
ton designed to perfect our banking
tect the independence of each indi- ,
vidua1 national bank and the offering
to every bank equal opportunities
With that view President Taft, the
bankers say, seems to be thoroughly |
in sympathy
The oldest of Authors.
It is not yet known whether the
death of John Bigelow. which occur
red a few days ago at the age of nine |
tv-four, will result in leaving his
was past ninety years of age when !
much of his autobiography was pub |
lished- He brought it up to the date
of his retirement as United States I
minister to the court of France. He |
had been engaged in other writings
since then and was, in fact, so oc-
cupied- until within few days Of his
death. Bigelow's achievement in pub |
fishing this great work when past |
ninety years of age was matched by |
the browning and final work of Sir
Joseph Dalton Hooker of London. Sir |
Joseph died few days before the |
death of Mr.. Bigelow. He was in his |
year. TWO years ago he
published a great work upon a botan-
ical subject, supplementing the work |
by which he gained permanent fame, |
Genera Plantarum." Sir Joseph has |
always been numbered with Lyell, |
Farraday. Darwin, Wallace, Huxley |
and Tyndall as the men of supreme |
achievement of the nine |
teenth century in the field of science. !
HOLLAND.