Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-08-18
LAW ABIDING BANKS.

Many years ago a law passed in New Mex
leo requiring all banks in the state to make report
of dead mems money in their possession. This law
fixed criminal penalty for failure to report
In the early days. when the country was sparsely
settled and many cattle and sheep men, mining men
and pioneers generally had relatives with them,
they would die be killed leaving to legally
claim their bank accounts Fairly reliable reports
have it that there was SEQ 900 of such money in the
First National Bank of Albuquerque twenty years
There is way of course, to confirm such reports
except by the records of the bank, which are not
open So far learn this bank has
made single report which the law requires. This
law declares such money to escheat to the school
fund of the state.
That reports were withheld by design by some one
is shown by the fact that suffic ient interest
taken in the matter to procure the repeal of the
minal-penalty portion of the law few years ago
II there money to report why did not the
First National say so by reporting "nothing?"
Replying to our comments that subject Mr..
Reynolds saysI
SIS it the part Of an honestly Independent
newspaper to seek to destroy confidence in banks
by statements concerning state laws relating to
dead mems money; when its publisher knows
that national bank operates under national
charter and that the federal government has for
many years insisted on all dead accounts being
left intact, and has absolutely prohibited nation
al banks from taking profit the few dollars
sometimes so left?"
So there is at least a few dollars of such money
in the First National. Mr.. Reynolds seems to admit
it. How many dollars? Nobody knows for the bank
appears to have broken the law by failing to re-
port It. Whether the number of dollars be few or
many makes difference II does not belong to the
bank and 1t does belong to the state Will Mr. Ray
nods please tell the people, under oath, how many
such dollars he has? Was the approximately
100000 many years ago?
The law says this money must be reported. Does
Reynolds contend that national bank is exempt?
Answering the charge that his bank has violated this
law Mr.. Reynolds complains that the government
will not allow him to appropriate 1t to the banks
use. Why should 1t be allowed to have it, any more
than any other citizen or corporation?
Why was the penal portion of the law repealed
except to protect law-defying bankers? Evidently
some far-sighted gentleman that some day the
Journal would dig up this law violation and make it
warm for the banks If there criminal penalty
in the code So they took 1t out Only pioneer banks
were especially affected
The bankers do not belong to the gang. They
admit it. But they the methods Of the gang in
procuring immunity by manipulating the legislature.
The gang requires password for admission The
sign of the double for the people. is its sign for
membership. We fear Mr.. Reynolds belongs, judy
ing from the signs
Now that the First National has had It's attention
drawn to this law it. no doubt, will make early
report-maybes
The attention of the attorney general is respect
fully called to the law and to its violation VIII he
take steps to reduce to the possession of the schools
the few dollars" which this bank Of Mr. Reynolds
now holds?
Mr.. Reynolds squirms and says the Journal is try
Ing to impair confidence IN the banks by calling
attention to their law violations. Rather novel doc
trine indeed. Any law vioator claim complain
ants are trying to impair confidence in him by call
ing attention to his offense.
z Mr.. Reynolds should come clean" The Journal
Intends to keep up bombardment until these few
dollars get into the till of the rghtful How
few there Of these dollars does not affect the
principle involved, make it less of offense to
defy the law.
Mr.. Reynolds persistence in hanging to these "few
dollars suggests Mr.. McMillen's refusal to return
several thousand dollars to water consumers few
years after the courts had decided that 1t not
his and theirs. He insisted that the amounts
we're too trivial to bother with.
Let's turn over new leaf and begin to obey the |
law Now is a good time to begin. good way to be-
gin is by reporting the dead mems money"