The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-01-20
VALUABLE SUGGESTIONS.

HUN. M .. BRYAN THROWS OUT EX-
CELLENT HINTS FOR THE PROrEC-
TON OF DKPOsITORs IN BANKS.
In a private letter, just received,
Hon. MN. J. Bryan makes some sug-
gestions which are excellent, to pro-
vide a fund for the protection of de-
positors in state banks. There is GER
tainly crying need for something to
be done. The robbery of the people,
rich and poor, by bank failures. is
something appalling. 1T may be a
question whether the same end could
not BE- reached by requiring all par
ties who receive money on deposit to
furnish adequate bonds for its safe
return. But whatever is done we ex-
pect the courts to rip it up the back
and throw it over the fence. The
man who thinks the people rule this
county is sublime ass. They don t
rule corner of it big enough to pas
ture calf on. And the joke Of it the
people-the good wise, sensible peo-
ple,-God save the mark!-vote to con-
tinue these conditions. May they get
their. belly full!
But here are Mr. Bryan's sugges-
tions:
"While we are not in a position to
secure such National Legislation as
we believe TO be best, we are in posi-
tion in many states to secure the en-
actment of laws which will be both
| helpful to the public now and an aid
| in subSeQuenteforts to bring about
| National Reforms. Every good law
| placed upon the Statute books brings
credit TO those who are esponsible for
| the law and strengthens their claim
| to public confidence. When in Con-
gress l endeavored to secure the pass
| age OF the law which would place a
| small tax upon National Bank De-
posits for the purpose Of raising a
fund to guarantee depositors against
loss. The bill was opposed at the time
| on the ground that the strong banks
would have no advantage over the
established one if all the depositors
were protected from loss. While this
argument is based upon the theory
that the interests Of the large banks
interests of the depCsitors. it has
legislation needed for the protection
of the depositors. l suggest that it
is possible to apply this principal to
State Banks in the state where the
silver forces have control. A small
tax collected according to deposits un-
til a sufficient sum is raised would en-
| courage the deposit Of money in
banks and discourage boarding. I'm
der such system depositors could be
paid at once out of the guarantee
| fund and the business of the commun.
ity would not be embarrassed as it is
now when every bank failure ties up
a lot OF money and brings business to
stand still: II State Banks were
thus made secure, National Banks
would be compelled to join in securing
similar protection for their depcsitors
| or suffer the consequences.
Let me suggest another law, which
| it seems to me the last campaign
has shown the need Of. 1t is we'll
known fact that many corporations
contribute large sums to the Republic
can campaign fund. In some in
stances banks have contributed
libe orally, and justified the con-
| tribution on the ground that
| they were protecting the in
| terests of the depositors. / believe
| that we should adopt a law, where we
| have the power to do so, preve nting
| corporations from contributing to
| campaign funds or taking any part in
| politics. A corporation is creature
Of law; it is called into existence for
| business, not for political purposes.
While an individual is justified in
contributing money to aid in legiti-
mate campaign work, a corporation is
| not. Until a bank pays its depositors
| in full, it is impossible to tell whether
it is contributing its own or its de-
positors money. In large corporations
| the stock holders finds that his own
! money is being used often for the de-
feat Of his own political principles.
Corporations should be made to keep
out OF politics"