Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1911-03-18

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.
tlOns.
This nefarious practice should be
stopped and the only way to stop It Is
by municipal legislation.
A provision ought to be made iu the
city charter authorixing the city under
IT. police power to 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 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 as 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 as 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.
crs, to regulate engineers, to regulate
the electrical business. to regulate pawn
brokers ana the scores OF other bust.
ness enterprises and industries over
which It exercises unquestloned super.
vising powers, 1t certainly has a per.
feet right to regulate the banking bust.
ness, which IL Of far more Importance
than anything In the ilne 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. wn;!" methods of a contrary
kind INDUCED in by small, irresponsible
speculative concerns only results In
failures that Involve injuriOusly the In.
terests OF the entire community. How
often have we seen 1t that the failure
Of one Of these little banks. started
upon Insecure ana irresponsible founda-
tiOns, and doomed by fraudulent and
false representations, have dragged
down to ruin hundreds Of good. hard.
working, thrifty ana deserving citizens.
The licenses Issued by the examin.
Ing board, which, of course. should be
composed Of responsible citizens and
able financiers. should he of charac'
ter that would he absolutely prohibi
tive of all schemes and projects for the
establishment Of phony concernc OF this
kind.
This would be welcomed by all sount
and responsible banking houses
whether private or national,
Banks like the IIibernian Banking
Association, the Graham & 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 Trus
and Savings Bank, South Side STATE
Bank, Merchants Bank, Nationa
Bank of the Republic, State Bank o
Chicago, and other banks that have
weathered every panic and ever,
storm for years deserve we'll of thu
people of Chicago.
And yet foolish people pass them b!
and hand their hard-earned money owe
to concerns. that have not singh
banker connected with them and who's,
leading men have been grafters eithe
in political or private life, and who al
ways have their hands out for cas-.