The herald., 1896-09-03
A WORD IN SEASON

Editor Herald: I have admired your
advocacy of free coinage, but cannot I'M
derstand the tender consideration for
the banks which occasionally crops out
In your utterances. The Democratic
party has at last espoused the cause
OF the people who have been oppressed
by the banks. How can you. as the ad-
vocate of the Democratic party and the
peoples cause. have any federation for
the plutocrats and monopolists?
ONE OF THE PEOPLE.
Los Angeles. CAL. Sept 1, 1896.
In publishing the above We have de-
parted from our rule of giving no place
to anonymous communications. We
have done so because it is a sample ex-
preston of feeling which. in our judg-
ment. imperils the triumph Of Demo-
cratic principles more than any other
influence at work in the present cam
paign. We regret that Mr.. Bryan's
election is advocated by a few who at
tempt to array against each other the
different classes of society. They would
do him much less harm If they were in
the Republican party, which has fav-
ored sectionalism and class distinctions
We most emphatically deny that the
Democratic party seeks to make war
upon any legitimate interest or industry
Nothing has more endangered our pros
poets of success than the persistently
repeated assertions of our opponents
that the Chicago platform declared war
upon society. Mr. Bryan was quick to
recognize the danger of allowing such
assertions to pass unchallenged, and In
his famous speech of acceptance gave
them a complete denial. After quoting
Andrew Jackson's well-known words O s
to the ability of any form Of government
to obliterate distinctions in society and
the necessity that its powers should be
directed to the equal protection of all,
Mr.. Bryan said: I'VE yield to none II
our devotion to the doctrine JUS;
enunciated. Our campaign has not foi
its object the reconstruction Of society.
Property is. and will remain, the stin-
ulus to endeavor and the compensation.
for toll"
These were wise words spoken in season
but they were only a reiteration of the
fundamental principle of Democracy.
Equal rights to all; special privileges
to none" No legitimate business has
anything to fear at the hands of the
Democratic party. And certainly no
one will deny that banking in itself IS
a legitimate bust Sess. The commerc,
of the world is facilitated to an irlcai.
culable degree by banks In the exercise
of their appropriate functions. Suppose
for an instant that our correspondent
could wreck his ill-considered ideas OF
vengeance upon the banks and sweel
them all out of existence, how would the
ordinary transactions of exchange be-
tween distant points be enected? To
whom would the merchant. .manufactur
er or producer go for the temporary finan-
cial accommodation so often essential
to his success? Banks are the reser-
voirs of the available money of the COM
munity in which they exist. Their Gus
toners deposit their available funds
not only for safe keeping and conven-
which the banks render them in many
ways. So deposited it is vastly more
available for the needs of all the custom
ers Of the banks than it would be II
each kept his money locked up in his
own safe. The bank can only make a
profit by keeping it in circulation, and
naturally does so to the largest extent
consistent with safety. Thus the need.
and interests of all are served without
injury to anyone.
Our correspondent speaks Of "monop-
olists." but We fail to see why he should
apply such term to banking institu-
tions. The federal government, and, SO
far as we are aware. the state govern
ments, permit the establishment of
banks by any person, subject only to
such restrictions as experience has
shown to be necessary for the pro-
lection Of depositors and stockholders
No sane person will contend that such
restrictions should be removed, yet for
them banking Is absolutely free and
open to all.
1t has never been claimed that bank
ers are free from human frailties.
Banks have too often failed through
the incapacity or dishonesty Of their
officers, and have carried to ruin with
them thousands of customers. Every
financial storm brings down structures
which have been honeycombed by the
speculations carelessness or fraudulent
practices of those who were the trusted
customers of the interests of the COM
munity. But the number Of such in
stances is insignificant in comparison
with the whole number of banking in
stitutions, and no more justif1es the de-
struction of banks as a class than an
occasional case Of malpractice would
call for the Imprisonment of every ply
siclan in the land.
We have replied to our correspond
ent at some length, because just such
utterances as his do the Democratic
cause great mischief. No substantial
right of any man will be impaired by
a policy which looks to the interests Of
all, and no man who keeps his hand
out Of his neis lbor's pocket has aught
to fear from the next administration.