The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-25
MORSE AND WALSH
RESUSED PARDON
Continued From First page,


issued. or by lending from the funds
OF the bank money on dummy" notes
secured by such bonds as collateral
He risked nearly the whole funds of
the three banks In the security OF
these enterprises and, because OF these
Investments. the banks failed The
allied banks of Chicago. in order to
prevent panic, took over the Walsh
banks, holdings and Walshs proper
ties and paid the deposltors in full.
but In the liquidation tho allied banks
Will sustain a substantial loss.
NIust De Punished.
The application is denied. a bank
officer who uses such funds to pro-
mote enterprises in which he has q
private interest. and without the
knowledge and consent of the share
holders for whom he is trustee, in
wolves the whole capital of the bank
in unauthorized speculation from
which he Is TO derive profit ir sue
cessful. Is guilty OF a fraudulent
breach OF trust. Is guilty OF moral
turpitudc and must be punished
walsh had acquired great power In
the control OF three large banks. His
responsibilities were commensurate
His guilt is In proportion TO the trust
and confidence extended to him OF
course. he did not intend to steal the
money of his dcpositors or stockhoid-
ers, but he Is not less guilty on this
account, EIe abused their trust and
confidence and imperiled the money OF
those who trusted him in enterprises
OF most speculative character, and he
thus lost their money.
Many influential and prominent per-
sons have petitioned for his pardon.
They do not fully appreciate. II seems
to ME. the high Importance to society
that such criminal breaches of trust
as this be severely punished.
walsh is seventy three years of
age. His health IS not good. but do
not think from the evidence that his
condition is alarming or requires his
release before the time when his case
may be brought before the parole au-
thorities.
The opportunity to commit such
crimes is only afforded to men who
have enjoyed high position III society
and have secured the trust and friend
ship OF many. Every case OF this kind.
therefore, must present some such con-
siderations as those referred to, and
il the executive on an appeal for
clemency should yield to them 1t would
defeat the object of the law and pre-
sent demora lizing effect between
the punishment neted out to the ordi-
nary criminal, whose circumstances
have naturally led him into crime. and
one whose position in society should
have made for him the strongest re-
straint against violation of the law"
In the Morse case Mr.. Taft said In
part:
Charles w. Morse was convicted OF
misapplication of funds OF the Ma
tional Bank of North America and of
making false entries In the books of
the bank and in its reports to the
Comptroller OF the Currency. On ap-
peal to the Circuit Court of Appeals
his conviction on the false entry charge
was affirmed, Ho had boon confined In
the Tonbs for ten months before he
was taken to Atlanta.
No Doubt OF Evidence
Although his conviction technically
was OH false entries. there is no doubt
as TO what the evidence showed gen
orally. to-wit: that Morse was engaged
in large private transactions in which
tho maintenance OF the price OF GER
tain stock in the market was of capital
Importance 10 him, and he procured
control of this particular bank and
other banks for the purpose OF doing
the specific thing mentioned. which
was essential to the success OF his
sneculations. The result OF his oper-
atoms We're severe losses to the bank,
which forced 1t into liquidation.
Morse exhibited the Same fraudulent
and criminal disregard or the trust
imposed upon him In the exercise OF
the control over tho bank as Walsh
did iis
One OF the chief arguments made In
Morse's behalf Is that since the com
,fou re n In ~ ~ w. -,