SUNDAY, SEFL 27
THE MORNING ASTOUIAN, ASTORIA, OREGON.
Makes Good Address
(Continued from page 2)
mitt,
Aow at
mUsiblc, uiulcr the national banking
net for banks to organize with a cupi
tl of $725,000. The security which
banks offer the depositors depend
upon the amount of capital, the
Amount of surplus and public confi
dence in the officcri of little exper
ience and indifferent reputation can
not offer the public exactly the same
security for the payment of deport!
at ft bank with a capital of $500,000 a
surplus of $250,000 and with officer
known to be honest and able. Dc
poitors, therefore insofar a ecurlty
of deports in concerned are as likely
to make their deposits in the $25,000
bank a in the bank with the capital
of $500,000. , ;
"It i proposed to introduce into
the law a limitation ato the amount
of interest which tinder' the. system
can be offered and paid on deport.
Tlii it i aid Will prevent bank from
offering excessive rate of Interest to
obtain deposit. A limitation of this
sort is difficult to fix, because condi
tion vary so much in different parts
of the country. That which would be
high in one part of the country would
be low in another, and that which
w'rtild be high one season and
certain condition would be
another time. Hence, whatever
limitation is Imposed. except when the
normal interest I highest there mut
always be an opportunity for those
inviting deposit to pay a higher
rate than that which conservative
banker would pay. -. '
"If the loac were limited to one
twenty-sixth of one per cent the
amount of the tax on deposit of
course would be small and each bank
could readily pay It, although the
principal would be an entire depart
ure from equity; but the effect of a
guarantee system on the character of
banking would be such that the loc
arising from recklessness would great
ly increase, and the tax must Increase
to meet the losses on every .bank in
proportion. Instead of lost equal to
one twenty-sixth of one per cent an
nually it would rapidly increase in
every financial stringency. Two ob
jections are made to the conclusion
that an enforced guaranty; syMcm
would lead to reckless and disaster
In banking. One is that the govern
ment examination would prevent,
and the other" is that an insult to the
banking community to assume that
the national bankers of this country,
in view of their present high charac
ter would yield to the temptation to
recklessness presented by the system.
1 answer to the first objection that
the government examinations do not
now prvent banks from failing; that
'it is difficult for a bank examiner to
discover the unwise recklessness and
speculative loan, and that often
such loans are made between the
government examination and then
the evil i done and cannot be reme
died by strict supervision. Second,
while 1 fully concede the general
high character of the banker
throughout thi country, my point is
that the opportunity to obtain de
posits and invest them on very little
capital afforded by the guaranty se
curity will attract into the banking
business men of no experience and of
speculative tendencies and will dis
tinctly lower the tone of the banking
business.
THE KANSAS LAW.
St' has been said by Mr. Bryan that
republican of Kansas byadopt
a plank in favor of a kind of
guaranty of deposits, rebuke me for
my opposition to the plan outlined in
the democratic platform. This is en
tirely inaccurate. The republicans ot
recommcnucu me
mcnt to pay the loss to depositors in
any bank in the agreement,'" It is the
voluntary feature of the Kansas pro
posal that makes the radical differ
ence between It and that of the demo
cratic platform. ' It is entirely con
ceivable that bank in the same neigh
borhood and within the observation
of each other . may profitably and
safely accept and guarantee the se
curity of all for the benefit, of each,
especially when they can select their
partners. ". "' ,
"One of the great merit claimed
for the enforced guaranty of deposit
Is that it will prevent panics. It is
sufficient to say that the plan pro
posed cannot prevent panic. A panic
is not stayed by the promise that
money will ultimately be forthcom
ing. It can only be stayed by the
production of money itself, ' When a
financial stringency is on, It Is the
cash the man needs and to say that
he will get it next week certainly doe
not assist him. No one who has heard
that hi bank was going to fail will
delay in immediately applying for hi
money merely because he is assured
that at some time in the future he
will gt it. Therefore, the system could
not stay the panic unlcm the fund
were large enough to enable the bank
to pay all of their depositors at the
time of the run. A tax is proportion
ed only to the lost sustained after
liquidation and payment, to that the
funds would be utterly inadequate to
meet the demand - for ready money
which would prevent a panic. The
total deposit of the national banks
are $5,000,000.000. -One-half of one
per cent upon that, and this is a much
large percentage than proposed would
make a fund of $25,000,000. The
amount of money "that was needed to
stay the late panic in New York
banks alone was many time this
sum. In other words, the cash need
ed to stay a panic it is impossible to
accumulate in any other way except
by such emergency measure as is
provided in the Aldrich-Vrceland bill
in which bank are given an oppor
tunity upon proper security to issue
$5KVK)0,000 to meet such an emer
gency, and are' prevented from over
issuing by the imposition of heavy tax
of five per cent. The proposed guar
anty plan also invites the co-operation
of state bank and propose that
they shall have an opportunity Uo
come into the fame, guaranty, ;,The,j
practical uujciliunn unu uiiuiuuics u
not frighten Mr. Bryan at all He pay
no attention jo JhC difference between
state banks, and national banks, or to
the fact that state banks are author
ized to lend money on real estate
whereat the national banks are pre
vented from so-doing. The difference
from the business and the tieing up
of atsets between the .system is
radical. It would be impossible to
bring in the state, . banks without
making the supervision of them as
strict as on the national banks, and
if that supervision is to be strict, it
must be under national auspices, and
therefore in effect they must become
national banks,. This will entirely
destroy the system of state bank and
will introduce into the national bank
ing trust companies and savings
banks. . '
"Mr. Bryan says that as the gov
ernment has the security why should
not the individual depositor have the
security? The government usually
ha a large fund. The law requires
that it exact security for its depos
it. It is so large a fund that the
bank can afford to give good secur
ity to obtain it. It is to be observed,
however, that the security given to
the government is the security of the
bank which get the deposits and, not
the security of every other bank in
the community. If, as between the
banker and his depositor, the deposit
is of sufficient benefit to make it an
object of the bank to give security
that is one thing: but to require every
jj Beginning
k'anmi have
nasace of a law by which banks if
they choose may enter into arrange- other bank to give security to that
1 mcnt with other banks by which depositor is an .entirely different
they shall all be subject to an assess- thing. I understand that in Oklaho-
I
f
MAMCE
ALE!
OF
Clothing, Gents' Furnishings, Boots
Shoes Etc.
Tomorrow, Monday September
And Continue for Fifteen Days.
and
28th
If you hesitate, you will lose, because this sale will positively close on the date advertised. .,
The Semi-Annual Clearance Sale is en event like the holiday)!, the date comes in red figures on the calendar.
Only standard qualities are included in this sale only the standard goods which were part of our regular ;
' stock are offered no importation of cheap trash to palm off as regular goods is ever tolerated in this store
Reductions as attractive as these have never before come your way.
Our commanding position as one of the leading clothing stores of Clatsop county gives confidence that our
values are exactly as represented. .:.,, ..:.'
The force of these prices cannot be felt until you put the price in comparison with the quality.
There will be no repetition of these bargains we have no reserve stock. As each line is closed out, the
' ' opportunity has passed forever, v ' " :
, These bargains are unmatchable. You cannot duplicate them elsewhehe for less than double the money. ' '
It's a Big Sale, arid it offers phenomenal money:saving privileges
which will not come your way again.
This sale will change all your clothing plans. It will enable you to have the quantity yon expected for "' '
your money.
This sale will continue the full advertised time if the goods hold out But at the rate they will go there's a
' question of it, as we have no reserve stock. '
Our great clearing sale will be a success, because experience in previous sales has taught the public that our
values are real They come to us expecting bargains, knowing they will get them and they find them.
Read the Marvelous Price Reductions, Which Will Appear in
Tuesday Morning's Astoriah
These price reductions will seem like dreams to the economical buyer, but a visit to our store will prove
' them to be joyful realities.
Buy your clothing now you can make no mistake in anticipating your future needs not for a long time
. will you again have the opportunity of doing so. . . ' i ;
As first priced at the beginning of the season, this clothing offered unusual values as now priced at our
, , Clearance Sale, the values are simply marvelous. ... . . . , . , 3
. No money-making prices, but money-saving prices. : r, , ' . .. , - ,: ,, ,
T
lie WorMna'merti's Store
Chas. Larson, Prop.
Next to Ross, Higgins & Co
tmHHHHmmo " mmmm ocW
ma under thi very law which is" pro- Oklahoma can be accredited, this in
posed to make national bonds are ex- crease of deposits was due to the fact
acted by the state and county from that $3,000,000 of the state money re
the secured banks to protect the pub- ceived from the government for pub
lic deposits. lie school lands was removed from
"I think I have shown that the the national banks and put in the
tendency of the system proposed state banks operating upon the guar
would be to destroy the high charac- anty which-would explain nearly all
ter of the present banking. This is the increase in deposits. The postal
not, however, to be taken as an argu-1 savings bank system has a guaranty
ment that the security of deposits is by the government under cireum
not a good thint and is not to be stances which justify it, because it
brought about as fully and perfectly ' receives and husbands the deposits,
as possible. It is only to show that This guaranty will, of course, attract
the methods here suggested is a deposits, but the interest fund is so
plausible but sophistical method that . low that the usual courses of savings
will not accomplish the purpose but banks will not be drawn away a ex
will ultimately increase the losses ' perience in all. other countries shows,
from bank failures. The democratic platform proposes, if
"The case of Oklahoma has been the guaranty system cannot be put
cited as an instance to justify the into ofrce, to then adopt the postal
democratic platform. The system has savings bank, as if the guaranty sys
bcen in operation only since March tem supplied the means met by the
of this year. No panic or other finan-1 postal savings banks,
cial disturbance hastened its efficiency, j "This is entirely untrue. No en
The statement is made that the pub- forced guaranty system will supply
lie has so much confidence in the whav the postal savings banks will
banks that the deposits in the unse-1 supply. It merely attempts to make
cured banks are running down and secure the present deposits. It can,
the deposits in the secured bank are of course, have no effect to extend
running up. If my correspondents in the bank into the remote districts of
'- ' the country where, savings banks are
FINANCIAL.
Saving's Accounts
Savings Deposits are received from $i up, on which inter
est is paid. This form of deposit is of especial value in
building up a bank account, as it admits of withdrawals
or additional deposits at any time. Every incentive con
sistent with safety is offered to patrons of this department.
Our neat home savings banks, as an aid to saving, is loaned
free to those who want them.
The Banking .Saving & ' Loan Assn.
wt m I
k7
Yi:
Men
New&k Style Sho
The Fall & Winter Fashions of
Correct Clothes for
. Made in-New York by
are now being exhibited by
us exclusively in this city
JUDD BROS.
The Woolen Mill Store
JIM!
id
needed but are unprofitable and
where the many proposed money or
der offices turned to the savings
banks, will induce thrift and the
gathering of capital for the improve
ment of the country."
DOUBLE SHOOTING.
One
Fatally During Quarrel
Expresiiman.
With
First national Bank of Astoria
DIRECTORS
Jacob Kamm W. F. McGregor G. C. Flavel
J. W. Ladd S.S.Gordon
Capital ........ ..... .$100,000
Surplus .......... ... . . ..... ... . . .... . 25,000
Stockholders' Liability . .... . . . . . . . . .... . 100,000
ESTABLISHED
OAKLAND, Sept. 26.-During a
quarrel while under the influence of
liquor, Harry Hammer and Fred
Smith, both carpenters, were shot,
Hammer fattaly, by an expressman
named Jackson.
Jackson escaped. The shooting oc
curred on the half-way house on the
San Leandro road. i
For a Sprained Ankle.
. A sprained ankle may be cured in
about one-third the time usually re
quired, by applying Chamberlain's
Palm Balm freely, and giving k abso
lute rest. For sale by Frank Hart
and leading druggists.
Don't be afraid to give Chamber
lain's Cough Remedy to your chil
dren. It contains no opium or other
harmful drug. It always cures. For
sale by Frank Hart and leading drug
gists. .
J. Q. A. BOWLBY, President
O. I. PETERSON, Vice-President
J. W. GARNER, Assistant Cashier
FRANK PATTON, Cashier
ASTORIA SAVINGS BANK
CAPITAL AND SURPLUS - $227000
Transacts a General Banking Business Interest Paid on Time Depo
Four Per Cent. Per Annum
Eleventh and Duane Sta. - -, - . Astoria, Oregon '
SCANDINAVIAN-A M E R I A N
v SAVINGS BANK
r.) ASTORIA, OREGON
OUR MOTTO: "Safety Supercedes All Other ConsUeraUsa."