The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-25
Convicted Bankers Get
No Hope Of Execu.
tive Clemency.
BANKING LAWS
MUST BE UPHELD
Taft Takes Firm Stand That
Rich Men Must Be Punished
for Their Crimes Even More
Than the Poor Because
Of Further Reaching
Effects.

Warrington, oIny 24--President Taft
to-day denied the applications for the
pardon of Chnrlcs- w. Morse, of New
/ York, md John IL. Wulsh, of Chicago,
the two most prominent bankers ever
convicted md sent to Federal, peniten-
laws. Not only did the President re-
fuse TO pardon either Morae or Walsh,
but he nlso declined Mt this time to ex-
erc.se my other sort ,eof executive
Gle mency In their cnses or to shorten
the sentences Imposed up the two men
by the courts In which they were con
vfctcd.
In denying the pardons, the Presi-
dent took Arm stand that the ma
tional banking laws or any other laws
must be upheld when they affect the
| rich man even more than when they
affect the poor. The record in the
| Walsh case, the President said, in his
opinion. shows moral ,urpitude OF
that Insidious and dangerous kind, to
punish which the national banking
laws were especially enacted"
In considering the case of Morse,
the President said that from con-
sideration of the facts in each case. I
have no doubt that Morse should have
received heavier sentence than
| Walsh Indeed. the methods taken by
Morse tend to show that more keeniy
than Walsh did he realize the evil OF
what he was doing"
Bind Rush for Wealth. i
| the President protested against the
failure to discriminate between legiti-
mate business and improper gain. Tine
truth is" said no, that in the mad
j rush for wealth in the last few de-
cades the lines between profit from
from undue use Of trust control over
other peoples property and money has
sometimes been dimmed, and the inter-
est OF society requires that Whenever,
opportunity offers. those charged with
the enforcement OF the law should en-
phasize the distinction between honest
! business and dishonest breaches or
trust"
The Presidents denial Of the par
don applications CT Morse and Walsh
does not mean that they must stay
in prison until the end of their terms.
Walsh began sentence of Ave years
in January, 1910, In the Leavenworth
Penitentiary. and under the Fedaral pa :
role law is eligible for parole next Sep
TENDER, the Presidents action tonight
having no bearing whatever upon the
future application for parole. Morse
began his hfteen years term in the At
lanta Penitentiary In January. 1910,
also In denying his application the
| President granted leave to renew 1t
after January /. 1918. Under the pa
role law Morse would be eligible rol
release in 1915. g
| Both Morse and Walsh made strong
| efforts to have the President exercise
clemency. lie was besicged by friends
| and attorneys OF both men Mrs
| Morse gotup a monster petition, which
! was signed by scores OF members of
| Congress and other prominent per-
| sons. and former Senator Hale. OF
! Name did much in her behalf. This
/ OF all depositors in the Morse and
j Walsh banks were made In both cases.
| Recommended by Wickcrshnm.
I Both applications were scanned
! closely a the Department of Justice
|, by Attorney-G eneral Wickersham and
i his assistants. and both were read
! with care by the President himself. His
action tonight was in accord with the
| recommendations OF Mir. Wickersham
} In 1iCa ti,o
President said in part:
| John r. Walsh was convicted OF
misapplicetion of the funds of the Chi
cago national Bank while its president
] Ills pardon is asked: first, because
| his violations OF laws were technical
and did not involve moral turpitude
| and secured him no financial benefit
| second. because all the deposltors OF
his banks were paid through the sacri-
/ fee of his private fortune; third, be
/ cause he was, in doing what he did. at :.
! tempting 10 uppuild industries OF sub
stantial benefit to the country; fourth
because he Is an old man. in Ill health
not likely to live long. and one who
has borne a good reputation and lived
life OF simplicity and not of indul-
| gence.
THE facts are that Walsh owneo !,
| large interest In three banks-ths
! Chicago National Bank. the Equitable
Trust Company and the Home Savings
Bank. the latter two Illinois State
corporations He absolutely controlled
them. although there was d substan-
| tial minority interest in all of them
held by others He used them to FUR
nish the money for the development
OF several railroads. limestone quar-
ries. coal mines and other enterprises.
Using his control of these hanks. he
took their funds and invested them IN
enterprises of the character men
toned. either BY direct purchase of
the bonds, which no had caused to be
! CONTINUED on Ninth Page.) M