The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1914-06-30


ure to repay this money to the city
when called for. The records show that
during most of the year, 1913, insur-
ance against loss III tnat particular
bank was taken out to the amount of
$685.
FAILURES STARTED.
TN view of the fact that this city
during that year was in the throes
of the worst financial condition in all
Its long history, it would seem that
extraordin lry precaution and vic lance
would naturally be exercised in safe
guarding the peoples money. For be-
ginning with that pistol shot that
snuffed out the life Of that splendid
man. John p. Stilman business houses
began falling like houses built of
cards; propped up by inflated values
and promises to pay. This condition
alone would prompt any ordinary bust
ness men to wake up to his own
danger; but how much more should
it have inpelled the custodian of the
public funds to remember safety
first" What was public knowledge
and common talk should would surely
seem to have put our officials on the
alert.
And it comes to me on good au-
thority that early in the fall of last
that memorable year when these ffnan-
cfal. calamities We're happening thick
and fast--the mayor made a trip to
d
DilIoi< mpson & Clay about the
comm rs's legal title to hold
their 49, CD to look into the va
Hdity of II belt railroad and dock
bonds; and, 60 to see about the ad-
visibility of placing those bonds on
the market; that while in New York
he was Informed by a certain bank
there that the Pensacola State bank
was in bad shape and could not stand;
that on his return he impaired this
information to at least one gentleman
in Pensacola.
"In spite Of all this local condition
here at home. in spite of this advance
and authentic information from the
great metropolis, about Pensacola's
financial condition, and in spite and
almost in defiance of the unnist taxable
command to take no possible risk with
the public funds, the record will show
that on Nov. LIST, with a balance to the
city's credit Of S194 II in the State
bank. that great amount Of money
was insured to the amount of only
$125o00, leaving absolutely without
guarantee of protection the sum of
$50. 592.71.
This would have been bad enough
if that money had been in the safest
and strongest bank in the city. But
to leave that money in a bank that he
ought to have known was as good as
busted. was little short of criminal.
that is unforgivable. Please note that
] am taking no account OF what the
city will inevitably lose in this suit to
recover from the bond companies the
full amount of their guarantee, for
even If the city wins (Which God
knows I nope it Wild it cannot escape
a great loss, a loss which you may
calculate all the way from Mr.. Green
hut's estimate of $1,000 up to $4,000,
as estimated by some sane men who
; have the information at hand.
RECORD LOOKS BLACK
And while I am on this bank topic
permit me to call your attention to an
other part or the record that has a
%Aack look. That record shows that
Mr.. Greenhut was either a borrower or
endorser for various sums aggregat-
ing $3.50 in that same bank. Now
7 am fully aware that We have no
right to look into a mans private
business, and I shall ask pardon for
this allusion; but you cannot escap .
a most disagreeable inference. Thcr
Mayor Greenhut is favoring the bank
and the bank IS favorfng A Greenh Mt
IT have spent most of my life err
tainly for the last % years-(as I cElce
heard a man vulgarly express IT'D rub
bling my belly against a desk. Our
ing that long time you will admit that
have learned to tell the diffe Srence
between a Ledger and a Whe salbar-
row. And with this knowledge before
me reckon myself compel 6nt to
charge that the accounts of -1le CITY
are kept in a manner that " 0lld not
do in a cry goods store, let alone in
a great public corporation. They are
kept in a manner that no ordinary
corporation would permit tOr a mo-
nent There is no prope. check on
the public money that are taken in by
the various departments. am not
attzcStng any man. but tse system. 1t
Is ou4 or date cumbersome rotten
''BsM with me for i Sst q moment
more while I illustrate my point It
has come to my knowledge during the,
last few days that a couple of years
or 50 ago a certain gentleman was
fined SIS and costs fEl-S6, for some
breach of the law governing automo-
biles. It seems that after the fine was
imposed and the eu54eman had sent
in his cheGk, the Ase was marked on
the docket mol pr ossed or dismissed,
check to be retur ned But instead OF
hAe check being returned unused, it