The Oregon daily journal. (Portland, Or.) 1902-1972, August 28, 1908, Image 6

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The Oregon daily journal., August 28, 1908, Page 6, Image 6

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Newspaper Page TextTHE OREGON DAILY JOURNAL. PORTLAND, FRIDAY EVENING. AUGUST 28. 1908. BRYAN ASKS WHY NOT MAKE BANK DEPOSITORS SECURE Evidence of Security in Management of Financial Institutions. Oklahoma's Banking Law Explained Some Lessons of the Recent Panic ! lat Hi guaranty of depositors, woul.t- I mil had in i1oriirtttlnii 111 the persun- ' nl of the hauhei " Oooa fbr Basks, a Wall. t Id J 1 1 1 1 1 f a U Ktiaranteeliie; depos- Iters. II la not necessary to show that I thn ui n 11 1 .'it i t liit hulikei m would "mount to 111..10 limn Ilia tat,. The ex amination of 1 he hunks would cuiitline In In- mu.le nt lli" erpense 111 the hanks. run If It wrift iriialn that the exein , 1 1 1 ii 1 1 1. 1 1 wan of 11.1 iwcunlury advantage I 10 the bunks The litw would continue to i.',iiiii. i, r. 1 inlii iiiiiuunl of reserve ! I K - t mi hand, even If It were cer inlii :J il n 11. ti n law brouKhl no p-cunt-h 1 v gum t thf bank, ninl no the liHiika " '.' 1 in lt compelled in Insure Um'M i."."1Iiii m .'tfcitliiM loss, even If II 11. ul. I 1 1 i.f nliowa Hint aiirli I nan ranee won Ul ImIiik a eoinpeneitlnK advantage lo llie imi.k The hunk charier hna a Mlur, it 11 i)v not valuable the hank wovihl I hi- "tKunlrr.t The hank charter In - it.- the Th Tokepn. Krr . City of Kai. -mecca for I - n come 10 hern Wi the suhjr 1 of law for hunks vlously ft' i."i.iM-i-i. v 1 thn "kcyi'ides ol th t Ion al campaign On Ills 11 1 1 I v a 1 I'p Bryan nut nl tin reception committee o hy Ipg his TI llllt 1 v ,!t. I it 1 : . . k . 1 1 K I I w ' 1 on: .1 Hi f 1 . 1 I I il.ll . ll! il 1 II .1 S S , S ! .s. 1 I- Hi. It- t ! , I ral Ji I.I Mute 1 streets bv 11 ho 'ornn 111 it Mr. a local 11 ml'i'T- t ee of h we p. presl to the of the I UMiioi-rath '.. ' Ksnsrns. Through ilecnratcd for the occasion 1h. dentlHl ennilldnte was rs, cited J-lotcl Thropp. The Mute authorities having r. fuse I permission for thn speech pinking to take plare on the grounds of the cnpltol, It wns decided to ho hi the doinonst ra tion Rt the pity park, where an Immense crowd congregated an liour or more be fore the time scheduled for the appcar nnre of Mr. IIivhii. Mr. Hryan rode tn . an open carriage from t lie. hotel to the jinrk and - wa greeted all along Hid route vi;th cheers from the crowds that thronged the sidewalks. The sublect of Mr. Rrynn's epeech was Bank Guaranty. He said: Mr. Chairman, Ladles and ilentlemen Why not make the depositor secure? f The I'nlted Slates government requires the deposit of specific senility when It entrusts money to n national hank, although It can examine the hank at any time; the state reoutres security when it deposits money' In a hank; the county reoulres Feiunty and the cltv renulres "security; even the hanks re quire security from the officials who handle money. Why should the dcposl - tor lie left to take his chances? Not only Is the depositor without pro tection, but the security (riven to na tion, state, county ami city lessens his security. They are preferred creditors; they have a mortgage on the giltrdge.l assets and the depositor must get along as nest he can with w hat remains. Why are the interests of depositors thus neglected? A bank asks deposits on the theory that the depositor is sure of the ie turn of his money, and the laws ought to make the facts conform to thn theory. The depositor, the community I and the hanker himself will he bene flted hy legislation which will Rive lo every depositor the assurance that that which Is committed to the keeping of the ban-k.wHL.pe. available to meet his needs at any time. Such Is not the case today, for while nil hanks are rea sonably secure, they nre not absolutely so. This statement ran be verified In several ways. Xvidenc.es of Insecurity. First The president has advocated : a postal earnings bank, and his postmaster-general (n presenting (in argu ment in ita favor, pointed out that many millions are sent to European snvlngR hanks every year by Americans of foreien birth who prefer to-trust thy slate institutions of the nations beyond the sea, rather than the private bank Ine' Institutions here. Second It is known that a consid erable amount of mony is in hiding the amount increasing? with the ap proach of a panic or business depres sion This money Is not onlv withdrawn from active use, hut is likely to be withdrawn just at the time when money is most needed and when the withdraw al will Increase the financial disturb, ance. It is impossible to reason with fear; it is futile to tell men that thev will probably Ret their money. The moment the depositors suspect a hank. .: 1 !j 1' V. -u h 1 ;:.ne,l I ' 1 ' l': ' ol illlV 111 11 II ' ijlilt.ll u--;iil:iMe ' lions wish I This pi! I Oklahoma ami j . rv y: 1 1 sf Mi' t ' loss tn ih'po'lt flic the lust 41' one lent li of I I unit the loss t j under bet tei lions has been ;K the six 111 is been In op il 1,1 I il 11k- si, nil he re : , ,t 1. ' 1.1 1 1 n ' en ml 1 ul .nt ,. the depositors nut ion il hjtnk, under in w! I' Il shall he 'in-- 1 1.1 nk I n c nisi It 11 - 1 1 US' It " I, in he t 1 ,1 I Th. ; ,al h 1- a rs ha?1 1 r ri n t e the film H 11 la I Ion s 1 v ei applied In lis h'lve bee'i vrrrme nrinuul rial banks dur heeii le-, than f the deposits, 111 Oklahoma itnd ri strlr i:-sue of Tder of nee that irity for pay an t those to hse to that. in or-fiuar- inv nasten to ni-strm us solvency. Uistrust. and distrust alone, can ex plain the fdin!; of money. Third The Increase in the Money orders, piynhle to the the purchaser, is another - oh' people an- seeking rrenii;- s i . tlieir money. The Imiks ill interest upon deposits, and v who buy money orders prefer the interest and, in addition pav the price of the money order iler to se ure the government's ont v Fourth National banks confess thn their banks are not secure when the-,-oppose the guaranty of state hanks on the eround that it would lessen the de posits in national banks; and state bank ers confess Mint their bnnks are not se cure when thev oppose a national guar anty system on the ground that it will ! draw deposits away from state banks. Jf you want to find whether banks are absolutely eure ask the direr-tors to 1 . ,u ''il i ' 1 .- " i.i 1 i"iir li. Mi -e 11 1 e 1 your deposit and you will learn that they will not bear the risk which they! ask you to bear. " Effect of Oklahoma's Liv, I Klfth The experience of Oklahoma! furnishes conclusive proof that deposit-' ;rs do not feel that tledr money is sar in unsecured banks. 1 n the 17th of I I'ecember. 1107, the Oklahoma legisla- ' lure eiuicted a depositors' Kuaranty law, i which became operative February 4. i JHC'8. Hy the provlsioi.s of this law. all etate banks, and as many national hanl.s as desire to avail themselves of t'o law. ire taxed 1 per cent on their d- -i posits, ami tl, money thus eollctel is put into a Rimrantv fin ,t Tie lanklne board is authorized to make a0- ; citionnl ussessiiients from llnm to time to keep the fund up 10 this amount and Is directed to lake possession if Holntelv nothing dur- nihs In wlileh the law ra t Ion. Bennbllcan OppoBlMon. Tne Hepiihlh-un platform is wllent on the subject, ami the Kcpuhl h-.-in candi date net onlv does not udvneato a com pulsory sesteni. but specifically and ttinpli.it ief.lly opposes It. He sus "Tlv 1 . moerai lc platform reeom inmds a lax upon national banks ami upon such state hanks as may come in. Jn the nature ,,f . uforced liisiirance t-i raise n go.uantv fund to pav the de positors of anj hank which falls" And then lo- uuestlons the rlnht of the government to enact such a la. sa inn: "Mow state hanks can he Included In such a scheme under the constitution Is left in tin- tttilixht zone of stite rlxlitH and federal ism so frequently dluimlnx the nonnint; nnd pin pose of the prom ises of the platform. If thev come in un b-r su. h a svsie.n. thev must n.w sarllv he brought within the closest na tional control, ami so thev must really cease to be slate hanks anl b' come na tional banks " Toft's Inconsistency. His selicituce fur the state bank will hardlv impress tin- country, for he Is unite indifferent to states and their re served rik-hts when he deals witn other subjects. When l onnresH Is In Hi. con trol of those who want to legislate for the whole people ather than for 111" few, il will not be difficult to frame :l law under which slate banks can avail themselves of the iirniuitaRi-s of a fed eral law Kiiaranlei liisT the .;. positu of j national hanks, just ns It was easy 111 dklalioma to frame a law which per mitted national banks to take advantage of thn mate sunranty system. It will also be easy to enact a federal law which will permit national banks to avail theniselvcH of state guaranty sys tems until a national system can he se cured. Attorney-General Bonaparte's ruling, whether It c;orrectIy Interprets the law or not, would not bring such consternation as it does if the Republi can candidate favored a law allowing national banks to taKe advantge of state systems for Hie protection of de positors, but Mr. Taft'H hostility to all guaranty systems is shown in the ob jection which he offers: "The proposition is to tax the honest and prudent banker lo make up for the dishonesty and imprudence of others. No one can foresee the burden which under tills system would he Imposed upon the sound and conservative bank ers of the country hy this obligation to make good the losses caused hy the reckless, speculative and dishonest 11011 who would be enabled to serin-.- deposit under such a system on the faith of the propose I insurance; as in its present shape the proposal w'ouhi remove nil safeguards against recklessness in bank ing, and thetohlcf. and In the end. pioh ablv the onlv. benefit would accrue to the speculator, who would he delight to enter the banking business when i Ihut a cert in! shall he Invested Unit law would Ml the banking busim-,, loilll.l either have to h 1 u: se 1 f 01 seen re t ! 10 Mho hud the ruplt.it lellntlKT With the I'll' would be a gua t an : v H e- s would not Intent lo less officials h lator" be "delighted to bll.sltieSH" under the . He Is not relieved fn jlgiitlon. nor Is he roll mil liability Me wo gain by carelessness, stockholders ha e ntu II Indifference. Dlreotors and The chief cause the milking of ex rectors or officials Is the fruitful cans lias been linposslhb thin protecting hunks officials and direct"! s gtf id ,MI 1 a 'T lib Hi fion ' e p- t 111 ..pi. of II re' p I .--1 1 dep. .f SC people through (he law w ho author lie thn cu lt hank have a right to 1111 thill the bank shall I" which it gives when sits, and make good Its - ii r It to those who deul a matter 1 u ie if a in . TI 1 k M nil 1 I Ins n lid of fa. mote e.C hi th. "Xperleil. ' W s this, the lucre am pay .1 h. .i en. y lint t w n.sets hav f, the hanks from the law tax Imposed e of t he I ik- lntei est h he I In Tin si 1 Ul s . 1 f f 1 ' lent to 1 idn.hu I if anks hoi I the t hi I. K II y.i'ti b Their if bun s s I v e of the of (II to s. I'i 0 Loans. li I a II n loans hank sast. r 1 es i " t. there has been no mutual 1 When all banks b me li deposits of each, the slo l Insist upon Mi" ena .t ru. 11 making il a criminal oft official to loan more scribed amount to one Thl- and It ure .-;lfl"-1 thou own J " llei'.'.US.; -ponslhllit v . ible for the 1. s. I. t h la vv a n 4 to I t l-llf. ! I I ' present we )ri " 1 loaning of more t capital and suipl corpora t ion. but rectory, of curs, suspend a bank it but the law is not I enforcement of su h c ' the punishment upon I holders and upon tin ( the sllsp. nsh.n of a I I grea t loss upon filr.i ld I tn rbs t In- business of t : ; 111 wl. b h 1 he hank h- lo a i The law should uu.k. ft j fense to lean more than t amount to one ...o son ni I probably he able 10 sc. -nr. of a htw t'lohihlting maiKi by hank officials Quick Action in The Oklahoma plan hank re-,.r,tlv fal' -d in In fort v-eight minutes ll Idi Libit one tent h 1 otiC pe law is 'III pt I ', Join I es I. , d. be, law u a, I.f will a law a La nk r. -id At the 1 h- ','f n el .man d.-r- h V d. nly ri! olbr .-an t ' .- hiw . a use the M throw 1 stock t since I'ili ts a ami dis- "i town OoTernment Savings Bsnks. 'i'li'-u, too. the banks must remember ' " ' M." question is not merely whether I . '-it u-s shall be made secure, but 1 c-'lier the security shall lie given by li e hanks themselves ot by the (Sovern ii ri t through a postal siivlngs bank. The refusal of the banks to permit the passage of a law granting security 1-. ilepcd'nrs Is responsible for the Kr.uy'h of the sfntlment In favor of the government savings bank. 11 ml the sentl i:.eni will continue to grow unless sntne 'I lug Is done to satisfy the demands of li ... people noon this subject. The Republican party , proposes the establishment of n postal saving bank -v.-iiem; the Mcmocratlc party prefers the guaranteed hank because it Is bet t. r tor the depositor nnd better for the hanker - It gives the depositor the se cnrlty which he needs and vet leaves the hanking business in the" hands of t'e banks Hut the Iiomncratio plat form declares for "a postal savings bank if . the gunrnntte.l bank cannot be secured." and In November more than '.' i pe,- cent of the voters will, by their I. allots, demand either the guaranteed hank or the postal savings hank. ('an ll .- financiers prevent the carrv lug out ot this demand? Oklahoma. better f si auth. then colli'. sponsion, tl titv to p; th- hatki: t t in- at. 1 prosecute til" When the boMU stockholders pas lug thS stale ho Hon. the action protection to tin o ! f 1 all ).. ol .1 fil ls iklah. if ter r In . d. f". sed aid of - St' was ci os a ri olut tor Its ) th. hoar ickliohl to tile public A cue: with the notice i liJU'Hi' had it 01 s. and i ceded to ik and to 1 1 lininally. -.1 up. the. on thank-, rompt ac I being a as well depositors ,1 was ce.-taln thai profit that would ; would hav" to he a and hard-w-orMnj: He even plctur dei lines that "if adopted exactly )u Collld en.iov iccriie, whih- tin ssum--d hy his hon to thi gellelallv. (Tbtnpare this failure under the guar anty s.v stern with a fallum where there lis no guaranty In Oklahoma the bank commissioner telephoned the farmers to come In and got their money, and the answer was, "l em busy today with my crop; I will be In in a dtiv or two.'' In I'leveland, Ohio, a hank failed about the same time, etui the papers announced "Twelve hundred infuriated Italians slur il the cha-ed doors of the busted banking house of Coslan IJopea on Orange street, today. The police. drove the crowd hack." Objections Answered. An objection is sometimes marie to the guaranly law that a "new hank would srsrt up across the siie.-t." and, being able to promise its depositors ab solute security through the guaranty law, culd draw the deposits away from cnnse.rvat Ively managed banks, by offer ing a higher rate of interest than the hiitif could pay. This objection is urged as If it were an unanswerable one Hut let -as see how easily if can d I he met. .Since lie- law makes all of the 11 , banks liabl 1 he Kepubllcan platform does not go Into detail, but It Is fair to assume that the postal savings hank plank Is Intended as an indorsement of the postal savings hunk system proposed bv the 1 criminal of- president and postmaster-general. I"n iie prescribed ! dor this plan the federal government :d we would would Invite the deposit of. savings a the passage limit being placed upon the amount that t speculation each person or each family could dc posit. Accoidlng to this plan, the busi ness man would not be predicted, for he uses a checking account Instead cf :l savings account: hut no one can doubt that the successful operation of a government Pavings hank would ul timately lead to an extension of the plan until I tie gov ernment hank would .iiiiuii" ine ordinary checking account and 1..- open to deposits without llmil It would mean a long contest between the depositors and the hankers, hut a 1 contest which must In the end b0 de cided on the side of the depositors. The hanker must decide, therefore, whether 1 fav,n' " postal savings hank which. In the absence of the guorantv I 1'iitik will grow until It absorbs the hanking business, or preserve the pres ent system of hanking bv giving to the people, through a guaranty law. the ! protection w hich they must otherwise I find In a government bank. ! Democratic Plan Less Radical, i The Iiemi.i-ratle plan, therefore, con ten, plates a b ss radical change than the 1 Republican plan. In his notification speech Mr. Taft charged the Democrats with being socialistic i some of their remedies The charge, was not well iruimieii, nut J might i"idv hv eharirlnir! I him with advocating an unnecessary ex- tension of tb,e government's sphere of activity In the establishment of the pos tal savings bank, when the guaranteed bunk would answer the same purpose 'without any considerable increase in the number of government employes I i '""! rather see the hunks uttend to the banking business than to have It trans. 1 ferred to the government, anil be- ause I prefer to have the lianklllC liOtOneuu banker -ami it is his only protection annlust (ha establishment of govern ment bank, with Indefinite nerottrh nieiil. upon the banker's business. With the "umunteed bank eslablUhed. gov ernment nn ln(a bunks would only b eedc I In Hie towns and villages where I hero Were no guaranteed t.aiiki. If we had to choose between the In terests of the bank nnd Hie Interests of the community, we would be compelled to protect the interests of the conimu nHy first; but here, too, we are fortu nate, for we are not driven to thin nlter iiutlve That which protects the com munity protects the bank nlao. for when there are several banks In the column nil), the lullurn of one often dinars 11 run upon thn others, unit Hie Insolvency of one bank Is such u menace to the solvent y of otheis that the solvent hankn often Join together and assume the liabilities of the Insolvent one for Ihelr own protection Am an Illustra tion of this, I point to the action of Hie Chicago banks in nssumtn the liabili ties of flic Walsh banks, at a heavy loss to themselves. Bank Besorres Protected. 'There Is another advantage which the guaranty of depositors brings to the banks It protects the resiirves do posited In other hanks Muring Hie panic lust fall the reserves caused the luoet of the trouble. The small hanks want.nl to withdraw their reserves from the cltv banks, and the big batiks In Hi" cities were not prepared to meet the strain. Willi deposits guaranteed there would be no runs on local banks nnd no sudden wlthdr.iw.il of reserves. 1 have eelected the capital of the state of Kiuveiis ns the most appropriate place for the "delivery of a speech upon this subject, because your neighbor upon the south has been a pioneer In this reform. Jler plan, as you know, has been such a signal success that de posits have been diawn across the line from your state into Oklahoma. The alarm cause, I hy this Invasion of your banking territory caused your governor to include in his call for 11 special ses sion n recommendation of the passage, of a law similar to that of Oklahoma. When the legislature met. however, the influence of the large banks was suf ficient to prevent the needed leglsln lion, and 011r slate still suffers. Th people of Kansas have had an object lesson; they know the necessity for a law guaranteeing deposits. They have seen Its beneficent results in a sister stale, they have seen 64 national banks taking advantage of the state system and reaping a rich reward They hav heard the echo of the blow that has been struck at the national hanks of Okla homa by the attorney-general's ruling. which denies to such bnnks the right to share In the benefits of the state guar anty system that echo being Hie sur render of charters by national banks which prefer to become Mate banks rather than surrender the benefits of the guaranty system. They have also seen how the influence of a few bl banks, concentrated upon a legislature. can defeat the wishes of the smaller' banks and the desire of the depositors all oyer the stite. j Democracy the Friend of All. I submit that In this effort to make, all bnnks secure, the Democratic party I Is the champion of the farmer, the la- i boring man. the business mnn. the pro- I fesslonal man and the champion of th" ' banker as welj. No class is outside of the benefits of this law, for It bestow Its blessings upon all. j Why has the Republican party been so oulck to respond to the demands of Wall street and so slow to yield to the I demands of th masses T There are two reasons, first, the Kepublluan parly has el In wed Itself lo kecoiilea the servant of the favor-atseklna- corporations, and, se-. mid. too many HepublloHii leaders look at questions (10 111 Hie aristocratic stand point, the stsndpolnt of the few rather than fiom the Deinoci alio standpoint. III slandpoltit of the niuny 1 hey legl.i hite upon (he theory that society Is sus pended from the tup, and they fail, therefore, to understand either the evils that afflict the body politic, or the remedies that are needed. The) lemo ,11111c parly, viewing questions from the standpoint of thn whole people, easily sees (hat which Republican Icad cih il,' not discover, and Its remedies begin with the r Hef of (ha average man. This la the secret, if secret there be, of the primary of our party In mat ters of reform. When Holomon was Invited to choose what ha would, he asked for an un derstanding heart, that he might die cern between the good and the bad, and he waa told (hat, because ha had chosen wisdom rather than riches or lona life, he should have nut only wisdom but riches and length of days aa well. And so when u party determines to seek first that which benefits the common people, It finds that In acting In the Interest of the common t-eople It also promotes the welfare of Ilia smaller classes which rest upon the masses, for when the producers of wraith prosper their prosperity Is shared by every el 1 nient of soclely. Welnhard's Mult Tea, a non-alirohotle and non-lntoxIcHtlng beer, ready for delivery on and after Muturrtay, August :. I0S. i'hune or msll orders to I lent y Weln- hard Mrewery. Thirteenth and It streets. I Main 7:; A-1171. - - 1 - -L . .. I . ROSENTHAL'S Jmsm IF S A OF FINE SHOES WILL END TOMORROW NIGHT The Radical Reductions We Have Made Explain WHY Our Store Is Busy as a Beehive ! jj III"' qf h j Washington Sts. na.i s..eui..tji .ia,tjii. a.imt,.etiLSMiiJP m-K!viJUjr!lXBi See Window Display for Sale Prices i. the obligations of each anvjbnnk. the law should prohibit ativ abuse risk i of this seeuriiv hv ariv hank, and in -ti Oklahoma the hanking board has al- i!ov .' ! ready fixed the rate of interest that dire disaster audi can ),.. paid to depositors. According the propos.il were I to th,- rules of the banking board, no the Democratic plat-' hank is permit'." d to pay more than 3 it on Hhort time deposits or than 4 per cent on time deposits by the of de if our w bile and I a ,1111 isl t ors form suggests It would bring the whole banking system of the country down in ruin.'' As an afterthought be suggests that a voluntary system might he tolerated, but as his objections to a compulsory system apply ins: as well to a volun tary system w .- may fairly .oiint Lini against alt legislation wiiien nas ror lis j object the guaranty of "b-pnsltors. i Taft's Talk Is Banks' Talk. .V- .Ol. 1 I'I I n ..if,i'i,.' o ' lOUl cir- s.-nied by the big banks which put their own selfish interests above the welfare of the depositors and the safety of the community, it is worth while to answer , to the several propositions whu h he a.l- : vv van c s. j t.1 l,.-t us lane tne 1 1 rsi sen i .-n "the honet be taxed p. and imj.tud true of nil 1 iocs not 1 1. and t uderi make up for tic- of other i . "frictions t and su I '' banker t he dish " Is n, on h ,h- !t. b nest nkii.i pi ! lid any Insoh ent bank, pav t In fuJl. and reimburse tl " fu 1 cting the ass. -is ,,f :he f 3-'ie hundred ami f;ftv-five ludlng 64 MHio'i il hankn. tinder the frm Isl'.in of ti.t 11th of last Sluv, l.-uv it g I ui let nd lo ;.-d I banks 1 1 protc iuipriafcnt '.' vv s at a li. and ite individual! bjr,k--r vv ou !o- now pavs of his hank. hi nt I -I'd ft". Hat H ould m St v t this kine, ' li like ! ted If hankiil" i. I lie ho'u - Id wo.' lie fer en for. e.l mill he could id' ,b I running for six months or more. It has also been urge. as an objection ' 'hat under the guar.-uitv sv stem a big would have no ad vri n t.'i ge over a l.ii-ik Keen if tills argument .re sound, it could not weigh against i" i.d v .. ii i if s of the system, for banks ie mad. f.,r the people, rot the people i t! . hanks. While there are ad-nit.ig.--s In Laving big banks, the ad intages are no; sufficient to Justify jeopardizing of the depositors or trc business interests of a conunun- ii matter of fact, the big bank ,'1 have several advantages nv--r I on.-. In the first place, it ke larger leans than the small 'r instance, a bank with $!. ipl'.il and surplus could, as at can $1 .ul, (inn to one person. :nk vvltli $100. (ion capital nnd .11 only loan $10, 001 to one This advantage would in i; t "' I he large bank the larg" aid ti.-- men doing business ili.' scale, for deposits follow Lank little I tn. I of , l l V" llul. ol.ld lid Ie juiciest on n pi l. he , s now lei; I! : ' l as a i i j; ' d t-ea,-- v : i", I' anno 1 ! 1 1 not . burden thr had. It pt uii the L belli iNbi there Is a certain business in depositing with a hlg worth something to be aid" i big Icnk WIll'Il one's fi g is being in vest i ga t - d, n. "ie to have th. advn large business cp, i ! "ss enterprises aie I, in n -and ' of prudent I. i ffl ".! ' i in! th d Ma, cured h ,lik f $1 1 1 cured bunks Statement s December ai nods the s. posits $4. rs7. cured banks, a 1 rease in ib-pos i lirge pert of ibis In, money brought from without the state l.n the un.sevired banks plained It. one way oeposlw.rs wlthorew i the unsecured hanks, a the enroled tanks, spite of the fact that vent withdrawals, the - jri some Instances, off. of Interest than the se lermlttei to pay nr merr.bered also tha suffered a loss of .f p llonsl banks. And t" that the differen- eniaranty law. tt. liank galnesl w!.l " Vest. While the dep. s j, i In the guaranteed l.oeii, they were fa' Mnki and trust coni ". th decrease itni t ween Vlsrrh i; sni J - Tk Iseeon of Last ' No arrourt of c.-t?..s.. expositor csn r f-e4 who dpc't ee-curlty thaw t-.e 1 hem. They ill i imrt scurltT an". r will Bend their inr.r,' J"tr iwa rers " p.de la rorirrewa sr ! ia'-e ta exw-nre a ! lawitaw the Infiu' liik:-.! tustitvittons hs t tkee-eit ae'tnel Las a f harvks tr s t e ?-Ve-el nsyirrtB n t o iters wert ertrrs her--s tnin'lMi f th fss mi'i re tn fsct loan. these there is Lelng on good ." r,re prommen n ci.-'l O'l- iione ny the hanks rather than government, J urge the guaranty positH as the, easiest solution . difficulties. 'i here are onlv "O.ooo banks ' theTo are 1 .a.nOO.OOO depositors' do not hesitate to declare that in filet between the two the dep tii-ne imor ciaim to considerations ; If we estimate the average number of 1 stockholders of each bank at Ta- and that It a liberal estimutethe total , number of stockholders would only he l.r.On.ooo. or one tenth as many as there arc depositors. The stockholder Is not compelled to buy stork, while tho de positor Is compelled to use the banks both for his own sake and for the sakj of the community, for onlv hv using the banks can he keep his money a part of the ,-irculating medium The guaranty law. therefore, brings the greatest good to the greatest number, as well as to I 'nose v no nave Hie greater equity thir ride. i In re is another reason why tho claim of the depositor is superior to the claim of the stockholder. The stockholder has a mi' - in the selection of Hie bank of ficials; the depositor has not. If anv one must lose, therefore, as the result "I' bad innnagemeiit. it ought to be the stockholder rather than the depositor Ami. I venture to esk. if the bankers wMl not trust erfl(gjber. whv should Ihev expect the depoTaWs to trust the mirks'.' Law Is Jnst to AU. We are fortunate, however, In that we ate not compelled to choose between , 's:: " to the depositor and Justice to tl.- stockholder, for as has been shown b' fore, the plan which we propose not oi iv does Justice to both, but brings ad vantage to hoth. More than Hint, the plan which we propose protects the M L, FALL FAS1I0NS upon We are showing a profusion of the latest fall creations ir both men's and wo men's apparel and those who take, pride in appearing in the very latest styles will be delighted with our display of Ready-to-Wear Clothing. We are exhibiting exactly the same class and style as the leading firms of New York, both in Am erican and Parisian models. PLAIN TAILORED EFFECTS SWEEPING EFFECTS SHORT WAIST EFFECTS CUTAWAY EFFECTS Beautiful fabrics in various colors Cheviots, Broadcloth, Tweeds, Serges, etc. We are positively showing the most authoritative designs and fabrics in the city. Fit and finish guaranteed. For the latest and snappiest clothing we excel when prices, material, style and fit are compared. Credit extended to every customer. You are invited to open an account with us. FALL AND WINTER GOODS ARRIVING DAILY Iv the 'h ru, big Igh e I 111 -) the ink s pns eg f mm gUSI for h lis si fa t t 1 ante lg her and the . . a !ap fa IN lutelv- -auks' fa! e failure u re Pf Better Men lo Butbf. oh ill . L- e e g mil , Oetcter. re I .-'J : e- .it 1: has -.- n ,et i m s beer ne f imr.lv system wo - - e tanking L i ; s ! j , e s a , i n a d reduce tie a v r. ter in", t i-e . or, i ra r v . i .jeposls. 1 s .hmlt. vvr.jl ar v .! , f f ei en. e .n t .his in To tie bankire f-jsies . " u.en ar.d raise. If ' hr, of , en r.-K ' er -redit hat l is felh-w men sh h! a- count. I I r ! r, k In JSXBXSSEBCaUSRZ SEaaalaaBBsGSS saasSS FALL HAT STY .e aver rsar. s h. it U Is n 'I 3 It a - r i o-, o - - t - Alirlrb-Yreelatd - V: t 't .;, - f-O-I, t- K Wh ie ! - f ll "f . f his g. ,i r SS t ' t r t . ! ' -. t I rr cf i y- - ri" . tetrr ! bark fsl'. : rtt .er t" oertsnsrr thet : or t -,t -hie at Ml of th t - .., . . T tr-ette :.J a cwii-jrttt r trwf i,h wepettsio! -- ' I ' - l .n i ' I f ,' ' i j r..i tl? I r, s , id si ojld t'g b'isi t '0..-4 i rrta. fi f'gL ir e t H 1' i r '- to enf r. 't sa tr fcr,, ..rofi, Ik,, i the r's srouil . i -1 1 1 1. b rr 's- -at s api n; t T..ff be. ehle. t .. 1 1 rerr, - v it ce.-t.n--f tf.c banks I ttir.de th " i V 1. rvcf ( I :itir. ei-i.fi r t'- h-,r,k-e'tain thst it wnui4 ee have te be ,o V f I tl u - ft.k ran e . -ed't ' Of t 4 'a .t-K . orli'i in, -,; t pr. sent nes man rr. n n i..-: r, k ,.t ..f s ; i- r- f. s f , I " indu e,j 'nay be t r;v e pae tr, - I 1 f , -f t --7,.-t o t;,, . s t y s u g sr : o tie hang. .'-b t r,i I i ffb-ts T.fV be ; ! ) c It 1 1 "e th- fer (ha' a itltv ,,' cm,ir.; bring "-e t ank int.. yen .osible tin! the entit-eiy dissipate.!, itlien. who bes 1.- r tr.av eltler be com d hl legsl llabllMT er bf.fi. " a sets rr s i : t,r, i i n' tie t ..nest -r.,e a srct. Khojd-r. pe.,J to g -I hfVf. t,,r )," lave suffe'ed I r the fail. ire W.e.H ( nttt t-e weth fmething to t, t.Kk.f IJ-r in peace r-f mind, to kno that the njiitninn of hi" Jo sroifld be the value -.f his s'o, k end the 5 fte pr rent liability, and that no depositor ' coul4 lose afiitticg? 1 m coovlnrejj DISTRIL3LTORS OP JOHN B. STETSON HATS 4 12 $8 I tiff Style WALDORF DERBIES $4.00 Soft and Stiff Styles LES 1 908 MOW READY SALSBURY A $3.00 HAT FOR $2.50 They are e!f-conf orm c-rr.t'ortable ar?.1 in t vi'- "S. thr i sr -1 and correct SOLU AGHNTS 100 style to choose from; any coVr you want, in rlnfifnp the newest hade of hrown and prren; our Stiff Hts are elf-conforming, no trouble to fit your bead. Every hat guaranteed. SOLE AQP.NT8 FAMOU CLOTHING COMPANY COR. MORRISON AND 8UCOND THCOT8