Arizona state miner., 1922-04-01
HYBRID JOURNAL
Casts Off Its Mask of Discreet
Silence.

From the very day on which the Bank
of Phoenix recently suspended business
and its affairs were taken over by the
state bank director. the Gazette has
been constantly aware of an increasing
public feeling of resentment over the
apparently unfair situation into which
that unfortunate catastrophe forced this
city. AS matters stand, the city of
Phoenix stands to lose considerable
sum of money because of the closing of
that bank.
At the outset the Gazette wishes to
make it emphatically clear that this
newspaper does not want to do or say
anything calculated to make things un-
comfortable of disagreeable for anyone.
But it realizes fully that the honest
newspaper owes its existence to the peo
pie of it's community and it also knows
with absolute certainty that the people
look to the newspaper to give proper
publicity to things that are good and
bad, when those things touch upon and
have to do with the public interest.
In the case of the Bank of Phoenix
thousands of people had confidence in
that institution in great measure be-
cause of its very name. This led to lib
eral patronage, When the bank closed
it's doors the net result was that these
people lost both their money ard their
confidence truly terrible calamity
Now it is a fact that Arizona has
banking laws which, if obeyed and en-
forced strictly, conscentiously and rig
idly to the letter, would make bank
failures practically IMPOSSIBLE and we'll
nigh unheard of.
Another thing regarding which the
public is justly inquisitive has to do
with the attitude of certain state offii-
cias with reference to transactions by
the Bank of Phoenix, which, 1T is said,
were given the stamp of their official
approval AS the Gazette sees it, these
officials were or should have been guard
ians of the interests of the public and
they had right to know and should
have been intimately informed as to
real conditions in that bank.
The Gazette merely is rejecting the
sentiment of the public when it declares
that the people-whether or not they
were depositors in the Bank of Phoe-
nix-want and demand a showdown
regarding its closing with all the cards
face up on the tables They feel-and
with due eause-that they have right
to know the real, inside workings of
this bank from start to finish.
A receiver for the Bank of Phoenix
has been appointed by the court. By
every right that receiver ought to be in
complete possession, at an early date.
of all information as to the nature of
the bank transactions. dating back to
the time when P. K. Lewis was the
controlling spirit of the institution.
In the name of justice, in the cause
of right and fair dealing, the receiver
of the Bank of Phoenix ought to issue
and make public a complete, detailed,
sworn statement shedding clear and
revealing light upon any and all tran
sactions of that bank, so that the pub
lie may know exactly what has been
done there and what has become of its
money.
AS the Gazette stated at the outset
of this editorial, it bears malice toward
none, it does not desire to cast the
shadow of doubt or question upon any
man and impeaches no ones integrity
or honesty. But it does believe, with
full sincerity, that this crisis is too
grave to admit of any other course
than the one it has suggested. The
pressure of public sentiment favoring
the complete knowledge of the Bank of
Phoenix, and everything connected
Herewith grows greater with each
succeeding day, and the hour of reckon
ing cannot be much longer deferred
Phoenix Gazette.