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

a OSAhu8CA4S 0SoSO A0W - AsOO~sOo ~ II
regulate the establishment Of banks.
There are too many wildcat financial |
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 10 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.
lions.
This nsfarious practice should b.
stopped and the only way to stop Il 10
By municipal legislation.
A provision ought to b made In TIE
city charter authorisins The city under
II police power to regulate the sstab'
lishment Of banks and creating In
pursuance Of this work q board for
the examination Of oil proposed new
banking concerns. ench 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 b 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 b no question % to the
right and the Justice Of the city to
exercise such power under q properly
constructed charter provision. II the
city has the right to regulate plumb.
ees, to regulate engineers, to regulate
the electrical business. 10 regulate pawn.
brokers and the scores Of other busi.
ness enterprises and industries over
which Il exercises unquestioned super.
vlslng powers, it certainly has q per.
feet right to regulate the banking busi.
nsss, 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 it, 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 tho entire community. How
often have We seen Il that the failure
Of one Of these little banks. started
upon insecure and irresponsible founda-
lions, and boomed BY fraudulent and
false representations. have dragged
down to ruin hundreds Of good. hard.
working. thrifty and deserving citisena
The licenses Issued By The examin.
Ing board, which, Of course. should b.
composed Of responsible citissns and
able nnauciers. should b Of Q charac.
ter that would b absolutely prohibi.
tive Of oil schemes and projects for the
establishment Of phony concerns Of this
kind.
This would bs welcomed BY aii sound
and responsible banking houses.
whethsr private or national.
Banks like the Hibernian Banking
Association. the Graham Z Sons. the
Union Trust Company. the South Chi.
csgo Savings Bank. the Commercial
National, the Continental National,
Drovers Deposit National. Illinois
Trust and SAVINGS, the yort Dear
born National. Northwestern Trusl
and eavinSs Bank. South Side Stat
Bank, Merchants Bank. National
Bank Of the Republic. State Bank o.
Chicago. and other banks that hav'
weathered every panic and even
storm for years deserve we'll OF u
people Of Chicago.
And yet foolish people pass them b,
and hand their hard.earned money ovs
to concerns that have not Q singh
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.
We would like to see this Man Hol
Graft probed to the bottom.
Judge Edward Osgood Brown ha
earned q high place In the estimatio
Of the people of Chicago by his gran
record on the bench.
~
Albert Hahne. the popular forme
alderman from the Twenty.fourt
ward, is being doomed by many Of hl
friends for County Commissioner ne1
year.
Many Republicans are urging q
nomination Of Haynie r. Pearson. u
we'll known attorney. for one OF th
nominations for Superior Court Judg
~
Hans Luchow. the we'll known wei
ern manager for August Luchow. 0
Joys Q we'll earned popularity amor
Chicago's leading business men.
~
John p. Mc0oorty's long and clel
record % . public sfacial. . lawy