The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-03

where it is under my own control. Then
au sure not to Starve, whatever hap
pens to the country" 1t is hard to blame
people for doing this, and yet il they had
a little more courage and public spirit
they perhaps would not do so. A state
of bartern is not what we are used to,
| but it all the money in the country were
to vanish, the necessary exchanges of
goods would somehow be made. Fortu-
nately the number of people who are
either sanguine or public-spirited is suffi-
cient to overcome to large extent the
ti1nid and selfish element, but 1t is I'M
| ouestionably an element that has to be
reckoned with 1t is highly probable
that the multiplication of safe-deposit
companies has increased the danger. In
| 1878 there were perhaps not half-dozen
such companies in the country, and
many people had no safe place to keep
money if they took it from the banks.
Now there are hundreds of them, and
the temptation to hoard is increased.
The savings banks are empowered by
law to resist the craze for boarding.
They can insist upon thirty days or sixty
days notice and thereby protect them
selves for while. 1t may seem harsh to
refuse depositors their money, but in the
first place, if the depositors all want it,
they must be refused, for it is not in pos
session of the bank; and in the second
place, if any depositor is in real need of
his money, the officers of the bank will
not allow him to suffer. They are, there
fore, in tie position of protecting people
against themselves, and are trustees for
the public safety. Ii the panic were to
last indefinitely, of course the savings
banks would have to yield. They are LA
BILE for enormous sums payable il. legal
tender, and their resources if forced upon
the market at such a time would not
produce in cash anything like the
amount of their liabilities But panics
do not last indefinitely. Everybody
may go crazy for while. but before two
months have passed sanity returns.
The action of the savings banks is
therefore calculated to check boarding
by very large class of people. These
people may be deferred from depositing
as freely as usual, but they cannot bring
ruin upon the banks by sudden and fran
tic runs" But boarding by depositors
in ordinary banks and trust companies
| is solely within their own control. For
tunateiy these depositors are principally
men of business not easily frightened,
and anxious, both from generous and
from selfish motives, that there shall be
no general ruin. Every one knows that
if he were to insist upon converting his
deposits into cash, he could do SO only
if others did not, and to do SO merely to
hoard the cash would be looked upon by
most men as a mean and cowardly act.
We are all citizens of the same country;
all " in the same boat" and if we are go
ing to be wrecked, let us not add shame
to disaster by fighting over the life-pre-
servers. Our financial system is an in
stitution just as worthy OF patriotic sac
may depend upon the restraint Of the
boarding propensity. The wise and hon
orable course is for every one to draw out
no more cash than will suffice for i'm
mediate needs, and if he is concerned
about the future to buy freely of every
thing that he is certain to require, 1t
stringency will be relieved and the
wheels Of industry again be put in mo-
tion. New York Evening Post.