The clarion. [volume] (Jackson, Miss.) 1883-1888, 1884-09-24
Cleveland and New York Savings
Banks.
St. Louis Republican,

st. Louis Republican.
The Republicans make great ado
ABOUT Goy. Cieveland's veto OF 4 rail-
Loao phi but they say nothing Of his
vs.. ss.O y me Dill relating TO banks. bank
R ana trust companies. This latter
pllI was supported by a strong list OF
ioeai DanEs, and all influences Of corno-
rate wealth were put in operation III
secure ITS enactment If Cleveland
wanted to favor thedemauds of moneve5
institutions, or if he sought 10 avoid
their displeasure, all he had to do was
grant his approval to a bill which bad
the sanction of the Legislature. But he
die, not do this-he vetoed the bill in tbe
face Of the urgings Of the banks. and he
placed his disapproval squsrely on the
grounds that the provisions of the
measure ware calculated to impair The
security afforded by saving banks 10
small depositors. In other words he
vetoed the bill solely in the interests Of
the laboring classes, and that before
there was any talk Of nominating him
for President, viz: in May, 1855 The
bill was intended to allow savings banks
and trust companies to extend the in
vestment of depositors' money beyond
the existing requirements OF the stat
utes. Among other things, il permitted
the banks to invest such funds 'in other
good securities" at present excluded By
law, and its operation would have had
the effect of removing one Of the safe
guards created by law for the protection
IF depositors. In his veto occurs. the
passage: "Consideratious
nave been earnestly tEgedupen me touch
ng the ability of banks to pay a fair in
crest to depositors with the present
limitations upon the character OF their
Investments. But l am firmly of the
opinion tina. these institutions are, as
heir name implies, a place of deposit
or the savings of those among the poor
nd laboriDg people who see the pr0pri-
ty of putting aside part of their earn
ngs for future need, or as the beginning
{ an accumulation. Such'depositors are
ot and should not be investors, seeking,
s a paramount purpose, an income by
ay Of interest on their deposits When
hey come to that there are other instru-
which should be employed
bsolute sqfetp If the principal deposited IS
hat the patrons Of fSdpiHg banks should seek,
nd any government control over these
should first Of all, be direct
| to that end. lam unwilling
assent to the increased risk which
n convinced Turks in the provisions OF
lie proposed bill"
Here is convincing proof of Cleve-
nd's watchfulness and care for the
terests of the poorer classes. In this
,ble veto, 80 admirably written, he takes
| uncompromising stand against an
demand Of capital and
,feats it, because it threatened to
eaken the security given to laboring
,ople. In St. Louis, the sufferers from
e failure Of the Peoples, the Central,
e Broadway Savings and other savings
INKS will appreciate the force Of
eveland's reasonings on this subject
d his determined attitude in protect
g deposjtors. In every large city in
e country there will be found many
10 realize that it is only the strong,
,ar sense shown in his veto that can
Otect the people from the dangers Of
and fraud. 1t is such work
this, and not only accidental promi-
nee, that induced the Democracy to
ect Grover Cleveland as their candi-
te for President.