THE FIRST CORNER IN CURRENCY 111 



the checks of others and the substitution of our 

 own as a precaution against forgery and when it 

 did save us from a big risk, if not a heavy loss, 

 I accepted felicitations on my foresight. Yet 

 I sadly fear that my motive was vanity and a 

 desire to increase the prestige of the firm by 

 causing as much as possible of the gold in cir- 

 culation to be represented by our checks. 



It was in connection with the failure of the 

 great house of Ketcham, Son and Co., brought 

 about by the forgeries of its managing member, 

 that the risk to us came. We loaned $100,- 

 000 to young Ketcham, on gold, just before 

 the crash came, but before drawing the check 

 for the loan our cashier told Ketcham's mes- 

 senger of our rule to deposit all gold checks 

 and after this had been reported word came back 

 to us that the loan was off. From the develop- 

 ments of the next few days there is little doubt 

 that the checks offered us as security were for- 

 geries. 



"There's a sweet little cherub that sits up aloft, 

 To keep watch for the life of poor Jack, — " 



