The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-04-18
EXPERIENCE LAMP BEST
TO PROTECT THE FEET
Patrick Henry in Virginia House, in
1875, Presented Truth Slgnifi-
cant To-day.
EARLY PATH IN BANKING
Patriot of Colonial Times Torccas
What Nearly Century and Half of
Banking Has Taught American
People of Proper Custodians.

In his mem oriai address before the
Virginia Housee of Delegates in March.
I776, Patrick Henry gave utterance
to the following:
Il have but one lamp by which my
feet are guided; and that is the lamp
of experience. / know OF no way
Of judging of the future but 10y the
past" In this famous classic the
speaker prosecuted a truth as sirnifi-
cant today as il was nearly ] 40 years
ago when spoken at Richmond, as
Great Britain was preparing to enforce
taxation without representation. Lulled
by previous promises the inevita BILE
martial clash had been aver.ed more
than once. But it WAS the prescience
OF the audaeious Henry who could
dip into the future. far as human eye
could see" which FASTENED the call
to arms.
And If In politics. experience is the
afest--aimost tho sole--guide, how
much greater "a factor II ought to he
in that other great element in ma
tional life finance. In financial mat
ters. experience has demonstrated the
superiority OF the collective judgment
ana integrity IF "A corporation over
the individual in degree that leaves
practically no room for argument.
In 1915 the personal banker is rare.
How Times Have Changed.
Twenty five or fifty years ago rne
banker Of what we are wont to call she
old. school was at the head OF nfs
own institution. He was the bank.
1t was his personality. his acquaint-
ance his reputation which drew the
funds in the shape Of deposits or as
a trust Individual responsibility was
subjected 20 tremendous strain Lack
IF foresight. natural result Of the
inability OF individual effort to en-
compass all the required knowledge
and Judgment. oftentimes rivalled too
strong temptation in causing disaster.
Regulations wrecked fortunes dissi-
pated honor gone Were too frequently
the accumulated consequences of
too great confidence or the part Of
the men and women who deposited
their funds with the individual banker.
or gave TO him the adm .njstratlon OF
their estates The early path of
banking IN this coL}.try Is rtrewn
with fiduciary derelicts. OUT OF this
disquieting condition came a new
banking era. Our day IS seeing the
perfected system born Of an expert
ence which while bitter was at the
same time invgoratins.
In the administration Of estatets.
the modern trust company has taken
the place Of the Individual The
trust company has the advantage Of
Corporates responsibility which in
wolves coutiniious life. and Of proper
offices fireproof safes and special EN-
ployes. each with MS department TO
care for.
Temptation sScmoved.
There IS little temptation for "a
trust company To violate the laws
which definitely prescribe what securi-
ties may ho bought nd W nat may not,
Many States have surrounded the in
vestments of an estate in the custody
Of Ii trust company with practically
the same safeguards which protect
the deposits in a rawlings bank No
more practical and convincing proof
of the measure Of confidence deserved
by the trust companies OF the United
States need he cited in this connec-
ton than the recent statement OF a
superintendent OF banking in New
York state, who. says that history
does not record an instance of the
loss of a dollar of funds held in trust
by "A trust company.
To know. that ones estate will he
prperlv administered ana that every
wish of the testato Will be faithfully
fulfilled is knowledge emanating from
the American peoples collective ex-
perience with the nations trust COM
in their care, the trust companies are
panies. With integrity welded to eff
ficiency and with treasure repre-
scented by more than $35. 900. 600, 600.
tustifyIng both the right to and the
possession of the confidence OF our
country, and demonstrating that. with
Patrick Henry, the possessors of
wealthhave permitted the lamp of ex-
perience" to guide IT, Nir actions and
that this safe beacon has led them
To the citadel of American fna nee
the properly organized and couserva-
tiveM managed truss company