SAVINGS BANK FRAUDS IN AMERICA.
Tho honor of Massachusetts ia fatally •ulliod. JPindinf? thcmsolvos Uopoloasly insolvent, tho Savings Bank managers and oflloinls lobbied an Aot ' through tho Stato Logislaturo, appointing a Ccmmisflionor Whoso duty it is to flic nrbitrarily tho aiim whioh any dopositor 'is at Itborty to' withdraw whatovor hid nocossitios. Within twolvo hours of tho passing of tho Aot gui to ii numbor ot those thioving banks sdourod an or'dor from tho Oomniissiouor' fixing tho limit of payraoat at 10 por ooilfc to eaoh depositor within sovoral months ; ond in ono oaso paymont by tho bank is prohibited nt tho ond of oix months for an idofinito period. 'Tho banks moanwhilo continuo doing business, tho effioors spooulating ou thp deposits, aud Uu*uag, to a
revival of trade to raino tho value of securities! Suoh a barofaood fraud novor was attempted boforo' iv Now England ; bul sooth to say, its burning and shiuing lights havo undergono a total oolipso of morals. Evon Wall<»Bt,root donouncos this infamous law! .put some suoh measure was needed to koop ' tho leadors of sooiety out of prison, whoro n few of thorn havo boon previously sont. And now a pool has J>eou mado by savings bunk offloials nil over tho I oountry to dofoat tho Savings Bank Bill in Congress, whiob contemplates establishing n Eost-olfloo Savings .Bank systom with Government socurity. fl-hoy' will spond a fow millions of doposits lobbying against tho bill. But publio opinion will compel its passage. Tho sucooss whioh has attondod tho salo of Govornmont bonds of small denomination within tho Union will help tho Savings Bank Bill. It is quite ovidoht that thpor.tiro publio debt of tho United States may bo placed iq the country within twoiity yoais, 'This' will withdraw «o much ot tho pooplo'a iftVinn from the Wds of tho 'Jhioving frank speculators and insiiraueo companies \yhioh havo v fattened upon them borotoforo.-w. Otago Timos' correspondent. / I, v -i . • IM-I-JL— '.. .' ■ ' ~'
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Inangahua Times, Volume V, Issue 39, 3 June 1878, Page 2
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323SAVINGS BANK FRAUDS IN AMERICA. Inangahua Times, Volume V, Issue 39, 3 June 1878, Page 2
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