BANK GUARANTY PLAN
NOT VISIONARY OF NEW
J. II. -Albert of Salem Gives a Clear Statement, of In
vestigatiohs 3Tade by Itfen of - Finance and Some of
the Conclusion Already Beached.
Written for The Journal br 3- J1 -AI
berl president of the Capltel : Natlon-
! bank. Salem. Or.
; it hsVbeen urged by , Republics
journals and campaign- speakers that
ths question or guaraniy ci onam um
! posits la only a political or partisan
vrj to be forgotten after election; that
' U 1 a new. question and one which
- neither careful banker nor prudent de
positors wUl want.. They have invent
ed vlaionary guaranty plana, wild .ln-
isunuioe schemes, vagaries 01 . meir
own; hate demolished, them and Imag-
!ne their eophlatry has xniea jne pr.n
IxJsita, the elaboration of which la not
a poUUcal or partisan PUra .but
purely on of cononci.tn agiutlpa
- Sx whloh boganlong WorMhlr polit
ical campaign, had no connection with
either? -the partlea and aiter this
elaeUofa will not be forgotten, nor wlU
ft dowS wUl it be' eemed by prorldlng
eecurity from loss to the depositors as
la now vouchsafed to ..the note holder.
i Eminent Banker Tsroe n.
It has been the subject of earneet
oonalderatlon and discussion in
ers' conventions and In congressional
committees for decade or more and
u one feafurj of the new currency
bill adopted and reportedly tnexom
L. . limner to the house of rep-
ressntattvee at Its last eiiionof whloh
1 the Honorable CharlesN. wlen a
conservative banker and an authority
on financial legislation, la chUrma
and, I understand, received the moral
'support of the president.' ,
This bill provided, for an additional
t national bank note issue and the estab
lishment In the United States treasury
Jisnment n u M00.000.000 to
.guarantee the 1 redemption ot those
notes in gold ooln ana protect u -posltors
In national banks. This bill
.was a Republican measure and was de
feated only by a coalition pi the f risftds
.of the Aldrich 4Hd the Vreeland bills,
resulUng to, the passage of a teporary
patchwork bill called, the Vreeland--
: dricb bill, expiring by limitation in
v but providing for a monetary com
mission of ulna senators and .nine rep
resentatives, to which Is referred the
; guaranty question and all others af
fecting our monetary eystem -to report
at Its discretion. Many of wir eminent
bankers favor the guaranty of national
bank deposits, anions them the . dis
tinguished financier, the Honorable Ly
man J. -Gago. late secretary of the
treasury, who aays; ,
. xyma J. Oage's Opinion.
There -is no difference la principle
Knivivn the' obligations of the bank
expressed by a credit on Its books, and.
its note wnicn roar pui irom
hand." - To the committee on currency
and banking when asked by Repre
sentative Weeks, "Do yeu think it
would be Judicious for congress to pass
'the Fowler bill substantially as ft is
in Its entirety and practically change
our circulating- medium at one Jumpr
Kx-KecreUry Gage answered "Tea, I
think the people would look upon 4700,-
. AAA AAA i .AW.- l.-4b-V4tfirHTM
up,' as' security for ,ots redemption
guaranty; and for deposits, with perfect
complacency, xney woura oe very uu
reasonable if they did. not"
ii . Others who nominally oppose guar
anty of deposits favor its equivalent,
vli Bolldarlte In the relation between
'the banks in this system and their de
positors, such as exists between the
parent bask and its branches In other
countries. ... we . nave over .. e.uuw
branches In our national system, but
no central or parent bank. The comp
troller of the currency, .William B.
RMrlev. In hia last reDort December 1,
1807, referring to the central banking
system, says:
"A national central bank. eta. etc
would not be open to the objections
urged against the former United States
banks, that they were really private
Institutions engaged in a banking busi
ness, u Buch a bsnlc would be mue more
thjtn a deoartmeht of the government.
It would greatly improve the efficiency.
ana value or me ireaauir veparuneni
ajnil make It a mean's of assistance and
benefit to business. Instead of a menace
and a Aanorer. and would make our cur
rency and banking system a source ot
: impregnsois sirengin w iun iiuw
Clal stress. . - ,
Wotild "Trerent raaios. '
"By the wise use of Its great powers
and. facilities it would be able to ab
solutely prevent the recurrence In the
-United (states or a wiaespreaa oanx
panic It would add to the stability of
our business In every line and' give
us a banking and a financial system
acual to anv in trie world.
"Some of the objections to the guar
anty of deposits by the general govern
ment jnrould not hold in the case .of its
being done by a central banks which
might be given power to do that In its
charter. If the experience of the coun
try In the bank panics from 1867 to
in 91 needed any further confirmation.
the panic of .1807 has demonstrated be-
rond the possibility of denial that per
ectly solvent banks. If independent.
Isolated units wit a no power or coopera
tion except through such voluntary as
sociation as their clearing houses, can
not protect themselves in a panto and
save - themselves from failure without
such a suspension of payments as to
produce disorder and demoralisation in
'all the business of their customer. No
single .bank or group -of banks can
rin thla for themaei vea. They must de
pend on the government of the United
Biaies. ror.ima reason mis quaauuu
Is submitted for your consideration,
. sriuMteaarfnl In Canada.
: Tha solution of such a vast problem
as this presents. Is not te be hoped for
In any short time. Opinions are still
' too diverse to bring about quickly any
- such agreement as Is necessary to ac
complish a. definite and final result."
' iQ w JL uo uui ucimr Li ik I. luuoiuiiivj
to depositors'" though an important fao
tor need a wait the solution of the whole
problem. I believe the. government
stands in a similar relation to the na
tional banks that the narent Dank in
Canada does to Its branchea The na
tional system is the' creature of the
government subjeot to its rules and
actually governed by it through the
comptroller of currency and the regu
lationa of the currency bureau. It has
bn reimbursed for tvery item of ex
sense incurrea ny it ana nas reapea
oesiaes a net pront or jli7.o&,t)6j.7X.
'while the total losses to depositors and
Other creditors of its -involvent banks
during the 41 years of tbelr exlstenoe
is but I3l.188.jfc3. 00 or less than one-
fifth of the amount of the government's
net snare oi earnings, wnue tne gov
ernment has contributed nothtnc to ths
capital, it has received a Urge snare of
the profit hnd((rlliev should be Uablef
J i. uw sac as a ihviiu ssas gucut vciuioi
for losses. At least . to .'the extent of
surh participation- in the profits.
Hot Add Burden.
feuch Indemnity -would not . interfere
with or in any manner change the eon
Nluct or supervlnlon of ' the national
banks nor (ay at-.y ' additional burden
upon them, but will solve the question
' thm doDoaltor Who asks Why a denoslt
cf J100 In a national bank for which he
recelvea its cnirsrni cermwsw is Dear?
rr 4s safer than the other 1100 depoe
Jted at the same. time, for. which-he re-
1.1a t v the same bank to hie order. The
one being a national bank note,- the
,vher a national bank certificate of de-
Hfiit. "'J ' .....
It is to be regretted that In the dfi
tui'tt'on of the Question raised, in th
Miftorm of, the ZJembCrStic party rela-
. .. . . . r 4nnlVnt national hankft itm
and fttLiavr .to bring It Into disrepute
bv clUi'fc'. the sjjoradlo 'SPtlon of the
( Ui kin system of Oklahoma Irf-
ujtiirat.vi only a heif a year ago with
it th ri i'atle data, to be (obtained only
f-i ni ! "C perloj of banking expert-
as"irtlnent to the real question
- -rr""? .: : ; '
arn entitled to consideration lri'ita dls-
cuasion. 1 ,. . t
"'v. - Bxlner Btonar Ifrom Hiding.
The fact that the' Platform 1 snores
the Oklahoma method ,1s evidence that
it jloes not gpirrov it; and its phrase
ology Indicates that it lacks confidence
- lnT Independent action on the part
o" the stmte banka There being reason
for this lack of confidence In the his
tory of the note Issues of the state banks
under the heterogeneous systems which
prevailed before the war, causing a loss
of many millions of dollars to thlr note
holders. The framers of that platform
well knew thatUn; our so-called state
oanxe we nave 4S different systems,
food and bad, old and new, with o fem
lance of uniformity, furnishing no re
liable data -upon which to base a guar
anty, law acceptable to . conservative
bankers. On the other hand, our na
tional ayatem, with its 44 years of ex
perience. Including three periods of
great financial stress, furnishes suoh re-
uaoie aata pertaining to possible maxi
mum and minimum losses, and the aver
age losses to depositors in insolvent
national banks for that nariod. as to
enable It oloeely and safely to estimate
lroaiii sum zuiure losses. Mence tne
only guaranty legislation surges tod In
the platform pertains to national banks
and suoh state banks as may voluntarily
adopt the same or a similar plan. It
suggests no plan simply promulgates
the doctrine. Thla would apparently
give great advantage to the national
ank for reasons above eta ted. vet no
hegira from the state banks need be
expected indeed, Under normal condi
tions a guaranty would make little dif
ference with ths patrons of a bank, but
It mla-ht be of rreat value In the dawn
of a panto, and might be valuable at all
in
ment ' has been cut down .to about the
one-twentieth part of 1 per cent of. the
average deposits.- ' j
Again, - it is regrettabls, that disin
genuous sUitementa should be -made to
the public upon this question, especi
ally by those la a position to know , the
facts. For instance, I quote below a
stock argument used by Mr. Taft in his
oampalgn Itinerary: ' ' :
"It la permissible under the national
banking act for banks to organise with
a capital f 126,000. The security
which banks offer the depositors . de
pends upon the amount of capital, the
amount of surplus and publlo confidence
in ma officers or the institution.
mntfttr the nronosen' svatem the de
nnalrora In a hank with a canltal Oi
$26,000 and no surplus, and with oft I-
mee in calllnr out of hldtnaf monev
hoarded by a class of people who had
before been afraid of all hanks.
,. t ratrons Save Blind, ralta.
To show that detositcra do not nau.
ally patronise one bank Instead of an
other on- account, of comparative
strength and safety, but that they con
sider ail banks safe. I will, cite the pres
ent status of banking In Oregon. Seo-
tion or our constitution provides that
"The stockholders of ail corporations i
anq joint siock companies anaii te liable
for the Indebtedness of said corporation
to the amount of their stock unpaid and
no more," ao that under our law the de
positor In ai state bank has no recourse
upon the officers arrd shareholders, but
must rely solely upon the assets of the
bank; while- the depositor In a national
bank Is scoured by the personal liabil
ity of every shareholder to the extent
of the full par value of, his stock In
addition to bis original payment of Its
par value. Yet, about one half of the
deposits In this state are held by the
relatively insecure Dan as.
The sniaranty 'Plan Is Impractical. In
Oregon except by voluntary action of
such of the state banks as 'would be
willing to be Jointly liable for each
other and without personal liability of
shareholders Its guaranty fund would
necessarily . be very large to be ade
quate. .
xs jsuiwanc or nyseem. - -The
creat bulwark ef the national
banking system Is the reserve of $906,-
eoo.ooo personal liability or its stock
holders and it la due to the fact that
Xshla reserve has been so liberally drawn
upon in uie past to meet tne liability
of its insolvent banks that the average
Idea to depositors since its establuh-
eers of little experience and indiffer
ent reputation can orrer tne puoiio ex
actly the same seourity. for the payment
of deposits as a bank with a capital
of $600,000, a surplus of $260,000 and
with officers known to be honest and
abla Depositors, therefore, Insofar as
security of deposits is concerned, are
as likely to make their deposits in ths
$26,000 bank as in the bank with the
capital of $600,000." w .
'ow Mr. Taft, lcng-rTMie member of
the cabinet and candidate for the 'office
of president of the United States, should
know that "it Is permissible under the
national banking act for banka to or
ganise with a capital of $26,000" only
In towns of not more than 8,000 popu
lation where it would be Impossible to
come Into competition with a bank of
$600,000 capital and $260,000 surplus."
If Mr. Taft does not know better some
friend In the currency . bureau should
correct his blunder.
Xepeate Taffs Blunder.
Another of his statements repeated
by the Baltimore Sun, Is that the lbse to
depositors "amounts In the national
banks of the oountry to one-twenty-sixth
ef one per oent of the deposits
each year" and In another place gives
the present amount of deposits at $e,
000,000,000. The fact Is that the loss of
one-twenty-sixth of one per cent was
ths average loss to depositors upon the
annual -average deposits of national
banks since their organisation, auch
annual average deposits being bat lit
tle in excess of $1,600,000,000. Now
as the loss to depositors has no rela
tion to the amount of deposits, some of
the heaviest losses having occurred
when deposits were at the lowest ebb,
the nercentaare of the annual lose at
present would be as 1 Is to 6, but mak
ing the correction upon the basis of
the last report of the comptroller of the'
currency ft wouid really be approxi
mately one-fiftieth of one per cent. .
Again Mr. Tan says: i
"In Oklahoma, the place where they
ry out the experiments, they are flnd
nr that banks are belna- orkanlsed
with a capital of $10,000 by persons
who have failed In ths banking business
before, by men that are under charges
of embezzlement, but who are able to
ret deposits by saying to depositors:
1 am a good fellow and want you to
ualn me out Put 'your monev In mv
back, . because this million-dollar bang!
up ner of Mr; umun s is my security
t H a , vmi -vtll arm vmir ,nAaUA-tnr., ' '
Bephes to M. Tart.
Now what bearing has this upon the
question of the guaranty by the govern
ment of deposits in itiiOwn hafiksf To
the old timers ef the south, Mr. Taft's
present Itinerary will recall .that Of his
mythical prototype of "Baron Roor
back's" tour through the westers -and
southern states.
There are Jtngoa on both' sides of
this question who .are detrimental to
its solution. Ths optimist who builds
castles In the air and deems the guar
anty a panacea for all financial' ills,
that under its provision there can be
no panics, that by some occult process
fold csn be instantaneously transferred
rom New Tork to Portland to meet
the exigencies of commerce. . and, on
the other hand it can be miraculously
wafted back again to meet the exchange
demands of our customers Ignores the
fact that over 00 per cent of tho busi
ness of the country Is based on credit
and that when any locality demands the
cash that it sometimes becomes a
physical Impossibility to comply . with
,the demand.
a lt As not ajguestlPii ef sanfldjnce In
responsibility and ability finally to pay
the demand, but in confidence In 1 the
ability to pay now and here that caused J
me -panto or. a year w """
hand we. have the pessimist, "the
calamity Howleri who predicts absolute
ruin of the good banks of the present
by amnvaslon of swindlers and raacaia
who will leave the gambliag tables and
Urt banks i purposely to wreck them
to gat rich on the spoUa This class
w6uid lead 'you to', believe a paradox.,
via .that guaranteeing deposits will re
sult in unsafe banking, that national
banks are safe now because . they are
not perfectly secure, and that to make
them perfectly secure would make them
unsafe. ' ""r" --.
To establish the fact that our nation
al banking System .was not Irkglby
the banks and capita list ftfiat'day
but was-purely a ereafon of the goy
ernment and forced upon the, banks by
the- exigencies of wet,' and that there
is a moral obllgatlonas well as a fiscal
one on' the pert of the government to
Indemnify their depositors against loss,
we need but" review briefly their history.
History of Ban-inr. '
TheJ financial crisis of; 186T had rM
the several states banking easterns of
thAlo iiAinnnil lnMtnttnna' leavlnr but
few atandinir In the west, and placing:
the whole oountry on a solid specie pay-l
ins; casus. . , inuring tne general suspen
sion, the well-secured notes of the east
ern and New England state circulated
there as freely as before, but the weet
ern states had practically no currency
left but gold, and having lost heavily
through the depreciation of their poorly
secured bank circulation, were loath to
reinstate paper1 currency of any kind;
The constitution of our own state (sec
tion 1, article 11), .bears evidence of
this revulsion In its prohibition of banks
of issue, and our subsequent- adherenoe
to the gold standard throughout the
war vu tha. raault of the same feeling
whloh permeated all the west and which
east of the Stocky mountains was over
come by contiguity alona Again the
remoteness of the Faclfi elope coupled
with the fact that It had no backs or
Issue led It to adhere to the gold stand
ard In all transactions except those)
with the general government. '
The entire national debt at the begin
ning of 181 was abotrt $90,000,000. The
customs fell off durlnar the year In eon
sequence of the taking effect in April
of the Morrill .protective tariff (the
first Republican tariff) so that they
amounted for the current, year to (only
I39,000,,000. less tnan naa Deen reansea
n anv formar vear atnea 1818. The cir
culation consisted ot nots (of spew
paying state banks) 1200,000,000;,, gold
and subsidiary sliver, $240,000,000.
"' . Was 'War Time Measure.
On July 17, 1881, Just four days prior
to the disastrous defeat of our armies
at Bull Run, within cannon sound f
the capltol, President Lincoln approvea
"an act to authorise a .national loan and
for other
ussue of not
Unite States
sum. However, was author nea to ot is
sued In treasury notes, payable to bear
er on demand, none to oe issuea
of a less denomination than $10.
This was the first note Issue of the
rovernment The banks of New Tork,
Philadelphia and Boston? immediately
took $60,000,000 of the bonds, advancing
the gold as required by the government.
Later these same banks took $60,000,000
more.
In the meantime the; conclusion was
reluctantly reached by the government
and the people that the war was not to
be ended In a few months, and that the
fireparatlons financially were entirely
nadequate to the pressing needs present
and future. The banks had parted with
$100,000,000 of their gold which the
government could not repay and the In
ability to respond to further calls,
coupled with the rumor that con frees
was about to' Issue a large amount of
notes giving them legal-tender powers,
forced the banks ef New York, Phila
delphia and Boston to suspend specie
fiayments, which they did slmultaneous
v December SO. 1881. when gold and
bank notes parted company, not to meet!
again unui me resumption si specie
payments on january-4, 187$.--- -.:'
Our national credit had been Impaired
ahmad by a combination of -unfortunate
events. Our defeat at Bull Run had
been exaggerated and misrepresented in
Europe. Our soldiers accused of cow
ardice. The humillatlnrconcluslon of
tf5
i eumome a ji&uonu ionn anu
purposes," providing for the
not exceeding; $250,000,000 of
ates bonds: $50,000,000 of this
(Continued on Next Page.)
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Free
With
livery
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) u I',- V-... .-.V :? ; ;v;.;-v y.f.,y ' :. ' v
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which Will grow and influence the whole after
life. - V ; i - V .;; 'V. -V .
:.. ' Why -not ' follow the example of so ma'ny- .
oromjnent business meh and provide a Pianola " "
Piano for yoiirsplf and our family-NOW f
Do not fall into the error of thinking you can buy 'tt Pianola '
Piano ANYWHERE. The genuine Pianola Piano is sold hi the .
northwest only bjA Eilers'Piano House. The We1er (the choice
of Paderewski and Rosenthal), tbe 'Steck, the Wheelock and the
Stuyyesant are the only painos containing the genuine Pianola .
Prices $575 to $1150 .
.--
Modirat Payments
NOT A
BRANCH;
NOTN
AGENCY
p4suoBabCll
353
THE HOUSE
OF
HIGHEST
-QUALITY
V -
. Biggest, Busiest arid Best of All
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