Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-02-05
the pusllc Ano the PRIVATE BANK.

THE PU5llc AND the PRIVATE BANK.
George W Hanna. OF Luverne, pri-
yate banker and once a member OF
Iowa's legislature has stated the case
Of the public against the private bank
altho he thought that he was defend
ing the institution. i cwn every cent
OF The bank of Luverne, writes George
and il is George w. Hanna that they
deal with and not the bank OF Luverne.
That name we use for convenience. My
name is attached 10 everything. l
could not owe the bank of Luverne We
are one and inseparaole.'
There we have the facts from pri-
waite banker himself. There is no bank
OF Luverne. The people who think
they have deposited their money in
bank have merely loaned il TO George
w. Hanna without the security being
attached. Hanna may be good. He
proba bly, is Most private bankers are
bur the public ought not 10 be led 10
believe that il was dealing with a bank
when il was not. The name bank,
NJ. Hanna says. is used for "conven
ience" Why? What convenience?
Merely TO make people think they are
dealing with 3 bank when they are
note Why not advertise that George
W Hanna pays per cent on deposits
" hen the facts are that lit is George
w Hanna that they deal with and not
tie Bank Of Luverne"?
There vas a time in wildcat days
when banks did not have the good
name tina, they have now. Government
regulation and examination combined
With oonahde capital invested TO mar
gin the banks liability 10 It's deposi5ors
have made the name bank" the con
ysnieace" which Mr.. Hanna finds il TO
be Why then let any man use the
good name of a bank without submit
ting HIM 10 the same government reg
ula.ton and examination which makes
thai name Of value 70 him?
Hanna grows tacetiouS al the sus
The suggestion Ina, The state exam
me him. some young rooster from
the audito-'s office might conclude that
George had lied about MS orange grove
in Mexico. says Hanna but If the
Bank % Luverae which Hanna says
IS Hanna has used its deposi,oTs'
money 70 invest in orange groves in
Mexico the deposito-s a, least are en-
titled 10 know L. Old George may be
,ong on land, horses, steers and hogs
20 pay his deposttors m full in real
money or he may be walking cash
box That all depends upon his sue
cess in handling other peoples money.
The rule OF sound banking is to keep
the deposito-s money loaned upon
quickly convertible securities and not
invested permanently In real property
which sometimes is very difficult 10
sell for cash al any price
However. this newspaper knows
nothing Whatever about the financial
ST. ELH OF 'Stt.-- ~ tis'.ii@- n = -
q type OF the private tanker. II ne
wants To borrow money from the pub
lie the laws OF our state should COM
pei hirn to borrow in the name Of
/ George ". Hanna and not as the Bank
/ OF Luverne The name OF bank is
/ claimed by him 10 be a convenience, :
/ but it is convenience TO him rather
than to the public. The Bank of La
Verne should be 2 bank In fact Ii
should have capital invested in il for
the protection Of the cepositors who
loan their money 70 it just as men pu;
up collateral 10 secure their loans al
bank II should be required By law
TO loan depositors money and not &c
invest it 1t should be examined and
It's reports should be published SO de-
posters will know what has been done
with their money If they are loanine
to orange groves in Mexico they should
know it even if II should require q
young rooster from the auditors Of
flee" 10 find it out.