The Washington times., 1912-07-21
IN LOCAL FINANCIAL CIRCLES
BY I. A. FLEMING.

check or checks prove worthless and
book very similar to owner thereof.
II forged checks on accounts in saw
,ngs banks are presented with pass
due caution, the ensuing loss is not
recoverable from the bank, there being
no question Of caution exercised; failure
TO exercise caution puts the blame on
Case decided one wherein signature
was much like depositors signature and
personal appearance Of party presenting
book very similar to owner thereof.
Here is what the Supreme Court Of
the United States has to say concern
ing overdrafts; II is especially pat
that this should be given circulation
here: where the practice Of disregarding
THE usage and practice thus at
tempted to be sanctioned Is a usage and
practice to misapply the funds of the
bank.
Tell that to the overdrawers.
During the absence Of E. s. Parker,
president Of the Union Savings Bank,
Winter will pilot the destinies of the
institution.
Said the Sage of Bolivar Heights"
when asked for his views on the Re
publican and Democratic financial
planks:
Vegetables raised on the Heights are
so far superior to anything you can
buy in the city that It is next to inn
! possible for me to enjoy a dinner away
from home. ! find II that way, es-
pecially with peas and sweet corn. I'm
fortunately we are unable to raise
| matter close attention"
Being further pressed to hew to the
| line. Mr.. Allies recalled a plank" that
penter shop and Joined in the platform
at municipal elections in Cincinnati, in
variably winning the battle at the polls.
I'VE are unalterably opposed to all
the greatest individual liberty consistent
with the public welfare and the rights
of others"
The Germans interpreted this to mean
| fiocked to the standard. But It did not
mean anything.
After all, the comment of the Sage is
about as pertinent to financial legisla-
| ton as the so-called planks.
Both parties would lend money to the
| farmers-the most independent pro-
ducers, we'll protected by tariff walls
and obtaining the highest prices for
their product. Both planks have knot
| holes in them through which a moving
picture machine might be operated, and
| yet one local man is said to have gone
| to Chicago to aid the committee In fix
! ing It's plank, and a score of lawmakers
saturated with a belief that Washing
| ton banks are part and parcel of the
Money trust" etc, ad lib, went over
to Baltimore and denounced the Aldrich
plan. indorsed by bankers generally: de-
cryed the law on the statue books that
| Government funds shall be put on de-
post only in national banks, etc.
Uncle Sam in his daily balance sheet
| still charges himself with millions of
| dollars, in the aggregate, that he will
rever be called upon to redeem.
Every week the Treasury Department
| receives fractions of bills partially de-
stroyed by fire. Frequently only a por-
ton of the bill remains. II three-fiftns
partment will reimburse to the extent
| Of " of the amount claimed. Millions
have been lost in the great fires Of the
nation; in shipwreck and through care
| lessness
There are outstanding at this date
nearly 5000 900 Of the legal tender notes
issued during the war for soldiers pay.
| 1t is a fair presumption that the greater
part of that $1,000. 600 has been lost.
The $500 shin plasters'' were is
SIS 0OO. 900 are carried on the books as
| outstanding-chiefiy held for souvenirs
and not likely to be given up. now that
they are enhanced in value through
| passing years. In the aggregate your
| Uncle Samuel is millions ahead on the
money issuing proposition and loss and
destruction Of funds is going on every
day.
| It is a fact that a bank has a per-
| fectly legal right to hold collateral-to
| a sale-and diversion of the proceeds to
pay note for which It was given as Sc
| curity. II payment Is not made, or to
| apply to any obligations that the bor-
rover may have, new or old. within the
statute of limitations.