THE 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
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It
a -
r
i o-, o - -
t -
Alirlrb-Yreelatd
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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
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I f ,' ' i
j r..i tl?
I r, s
, id si
ojld
t'g b'isi
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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