eeling doubtless arose from a knowledge on their
part of the weakness of human nature, and of the imperfections of
systems of Government. That they felt in this way, is indicated by the
fact that they have provided, also, a method of protecting, as far as
possible, the depositors of national banks that _do_ fail. They have
provided for the appointment of receivers and for a distribution, under
Government control, of such assets as can be collected from the wrecks
of the failed banks. The stockholders of such banks are subject to the
penalty of being compelled to contribute, if the deficiency in the
assets requires it, an amount not exceeding the par value of the shares
of stock held by them in addition to the amount already invested in such
shares, to the fund necessary to pay depositors. This of itself would
seem sufficient to be careful and place a live Board of Directors in
charge of a large fund, considering the manner the stockholders of the
Pacific National Bank of Boston kicked and squirmed when this provision
of the law was applied.

The experience of the past has been that bank officers have concealed
all their operations from the proprietors, and when failures have
occurred everybody has been astonished. As an additional safeguard to
meet this secrecy an organization has just been perfected in New York
which is a step farther in commercial agencies than has ever been
attempted. From one of their printed circulars it is ascertained that
they propose to keep in pay a corps of detectives and other agencies,
"as a check upon defalcations and embezzlements by bank Presidents, and
Cashiers and other officials." But it is not exactly clear who will
watch the detectives.

* * * * *

ELIZABETH.

A ROMANCE OF COLONIAL DAYS

BY FRANCES C. SPARHAWK, Author of "A Lazy Man's Work."

CHAPTER XI.

UNWELCOME NEWS.

June was doing its best to make the world content. Little clouds floated
through the blue sky, like the light sighs of a mood that must find some
expression, and the air for all its softness was invigorating, it was so
full of life and purity. This day, like many another, needed only to
bring as fair hopes to the lives of those who looked into it as it did
to the nature it overbrooded to make the faces its light breezes fanned
as bright as the skies were, with only shadows of expression to give the
brightness new beauty. But no such light was on Elizabeth Royal's face