Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-02-18

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looked for the sake Of his otherwise
excellent qualities. However, the re-
ceipt Of Mr.. Hanna's Statements" are
hereby acknowledged, in the matter Of
which we desire to remark that they
are no statements at all. While in Mr..
Hannas case we have no doubt they
are true, it is purely because In this
instance we are willing to take his
word for 1t. They are not verified IN
any way even to the extent of being
certified under oath. The valuation OF
assets is purely perfunctory and the
figures otherwise may be correct bal
ances or they may be the result OF
cooked up bookkeeping. These re-
marks are simply by way Of illustra-
ton. In the case of the bank of Lu-
Verne we have no doubt of its sound
ness or of Mr.. Hanna's ability to
make good all that he claims under
any and all circumstances.
Let us assume, however, that Mr..
Hanna, instead of being a banker In
actual high standing, is one of the
many adventurous spectators with
which the private banking field is
crowded because under the present ar
chaic and unscientific banking laws
any one with the ability to borrow the
furniture and stand off the painter
for a sign may engage in the banking
business. The very fact of the fur
niture and sign is a form of prestige.
and the more elaborate they are the
greater the pulling power. The growth
of such an institution is simply the
growth of bank on nothing more
substantial than the confidence and
credulity OF the public The day must
inevitably come when some stress Will
precipitate strain upon the resources
of such an institution. The private
banker disappears over night, leaving q
few stray nickels as the only sequel to
his get rich quick humpug.
This is not overstating the case, be-
cause just such instances are mat
ter of record. and that is the reason
all private banks. including Mr.. Han
mas should be brought under public
inspection. and an official report made
of their condition.
These bankers retort, in defense OF
Il continuance of what they look upon
as their rights-rights because up to
this time the laws have not taken
them under shelter-that If we rob
the community the community has It's
recourse in putting us In the pen But
how many bankers who have defraud-
ed the public have found their way to
the pen? 1t may be that their stolen
gains are dissipated in lawyers fees
and other expenses incident to de-
Tense, but what good does that do the
victims or, indeed. what good does 1t
90 the victims if they are convicted
and sent over the road?
All other banks save these private
institutions are required to make sta
ed reports fully verified and submit
to official Investigation at reasonable
periods. The private banker. there
fore. as the situation now exists. is en-
joying special privileges. and for this
il for no other reason-under the rule
Of equal rights for all; special privi-
leyes for none-the private banker
and his private snap" should be sep
arated at once and forever.
There is nothing sacred In the
rights and privileges Of finance and
banking, and we assure Mr.. Hanna
that under any and all circumstances
we have as much right 70 put our foot
on the brass rail as he has.