The labor world. [volume] (Duluth, Minn.) 1896-current, 1906-11-10
PROTECTION OF SAVINGS,

one point. Each of them says leg
1slatton is needed for the better
protection of savings bank deposit
tors. Both parties pledge them
selves to work for that legislation.
Since there is unanimity Of senti-
ment the next general assembly, no
matter how it may be constituted
politically, will not escape censure
II 1t shall fail to take Intelligent
action for the protection of deposit
tors.
The repeated stories of embezzle-
ment and bank wrecking, with all
their attendant woes, make it clear
that there is something radically
wrong In the methods which have
Deen devised for the protection of
the savings Of the depositors in
banks. The periodical examinations
nave been proved time and time
again to be little more than huge
tarces They have had little real
value In the direction of protection.
Even where the character Of the
examiner is undoubted, and where
MS intent Is evidently good, his in
vestlgat1ons have been formal and
by no means reliable 80 far as CIV
Ing true report OF the actual con-
dlt1on. When the supposed SAFE
guards Of the state are of no worth,
nothing remains but trust In the
integrity Of bank officials, and that.
too often, is based upon a false
foundation.
NO one can rightly estimate the
net loss to society which attends
the failure of savings bank. The
despa1ring and weak often commit
suicide, bringing added woe to their
friends or dependent families. The
status OF those who have laid aside
personal savings of years as a
surety for comfort In old age is
transformed from that Of happy and
contented citizens into that of de.
spa1ring and hopeless ones. Chill
dren Tor whom people have toiled
are forced from the schools In
which a better citizenship was to
be taught into the factory and
workshop, the advancement OF the
family postponed for an entire gen.
Grafton by reason Of some thief's
greed. The counselors of evil who
seek the destruction OF society by
stirring up bitterness between the
rich and the poor find ripe fields
for their harvest Progress is in
definitely retarded and hope entirely
destroyed in day.
The situation is wrong. It re-
fleets upon the wisdom of humanity
and the capacity of mankind for
control. The capture and punish
ment Of the thieves does not bring
reparation or redress of wrongs. It
only fills additional cells In big
buildings where the wreckage of
the world is collected. It does not
provide safeguards for those whose
money in other institutions has not
yet been stolen. It does not re-
store confidence without which
there can be no true contentment
or prosperity. It does not provide
better foundations for safer sys-
tenn, which the wit Of man ought
to be able to devise.
The architect studies conditions
and plans substructures which will
bear heavy weights and will with
stand the shock Of earthquake or
the devastation Of fire. The physi-
clan studies the human body and
is able to fort1fy the Individual
against attacks of disease which
once proved fatal. The lawyer
notes the points of weakness in
legal papers and Is enabled to draw
up documents without a flaw. The
engineer gains wisdom by expert
ence and devises machines which
are faultless in their workings. The
teacher watches character holding
and learns to correct deficiencies
and develop manhood and woman
hood. But the bank wreckers come
and go, and the lessons seem never
learned, nor does the best thought
seem to find expression in safety
devices for the earnings of the
poor, Which must be left to the
tender mercies Of fal11ble mankind.
There Is chance for some one
here who will gain the gratitude of
thousands by planning and perfect
Ing an absolutely reliable machin-
cry Of protection for the savings
OF tn people.-Chicago Record
Herald.