The Barre daily times. (Barre, Vt.) 1897-1959, 1907-11-29
Preventive He Suggests For
Future PanIcs
HE CRITICISES METHODS
Would Have the Federal Government
Guarantee Deposits Ia Such National
Banks az sign an Agreement 70
Reimburse Government.


New York, Nov. 60 William > bryan
uhen asked for bic views on the action
u Judge Thomas @. james 81 the led.
eral court Of Albania. IN issuing hlan.
ket injunction restraining fhe enforce.
ment d the new railroad rate and rsga.
lation laws passed al a special session
Of The legislature u that state, said
alt raises the question which was az.
eussed q the conference Of state atsor.
mes generals held Ia 81. Louis not long
ago. and the same question that came
before the courts IN North Carolina. The
remedy | helieve that we should have
national lAw Withdrawing from the
lower federal courts any Jurisdiction they
nov have TO suspend the enforcement of
state laws, leaving the corporations 20
prosecute their remedy IN the state
courts. With right ~ appeal 20 tho Su.
prcme court 81 the United states II they
feel that any constitutional right has
been denied them By the state eourts"
Mr.. Bryan would not talk politics for
publication, but when 4 caller said 20
him. Your nomination for president
next year seems % BE- assured" Ne
smiled as only the Peerless One can
smile.
OF the financial situation Mr. Bryan
talked ct length, and presented not -.
netly a remedy for present evils, but a
preventive, in bis oplnion. q panies IN
The future ~ said IN part \ hope
that The end Of the present panic a IN
sight Bit think that thc remedies
proposed By the New York City fnan.
ciers begin AZ the wrong end They pro.
pose two remedies-hfst. that the gov.
eminent give them money Tor nothing %
loan at highr atas II interest and. sec.
ond. q larger control u The situaiiou
than they nov have through the issue
OF an asset currency They hAve not
propoed anything to stop the looiing Of
banks BY directors o. 70 prevent banks
from taking part IN gambling and speeu'
iative enterprises. Even the suicides
that follow in the wake of exposure DO
not touch their hearts. To refuse 10 pay
the checks Of depositors while selling
currency az a premium may he good
banking morals In New York. but it.is
not moral In tho West. Instead OF put
ting business on an honest basis, the
New York bankers ask 10 have the gov.
eminent made business asset upon
which they can realize large dividends,
regardless OF the nations welfare"
what remedy would you proposcP
was asked.
II believe that the first thing 10 DO Is
to protect depositors 60 they win not be
afraid 10 deposit their money IN banks.
A postal savings bank system has been
proposed, and, while / think that il nee
cssaTy unless SOME additional system a
devised, II would be better for the 60
eminent 20 guarantee the deposits In
such national banks a. viii join IN an
agreement 10 reimburse the government
for losses on banks that fail.
eIf such a system was established, ]
think that all national hanks would be
compelled 20 join IN the agreement. And
then II the several states would adopt a
similar plan 70 protect the depositoFs
In state hanks We would restore conn
denee and protect the country against
future panics like the one from which
We now suffer SO far as the elasticity
Of currency Is concerned, | would have
tho government, not the banks, issue
emergency currency, 50 that the giafan
tee issuod in the emergency would be
controlled by officials responsible to tho
people and not BY iinaneiers who would
be tempted to act for their own interests
rather than in the interests Of the pub
lie. Banks that viii sell currency at a
premium while they refuse 10 cash the
checks Of depositors can hardly be trust
cd with the power that the issue Of
an asset currency would put into their
hands
Mr. Bryan Is in the city to meet his
wife and daughter, who are to sail for
Europe on Saturday, lie ate his Thanks
giyig dinner at the home Of a personal
friends In Dohhs Ferry. Today ha Isl
going to New Haven, Conn. 10 deliver
an address al tho unwilling Of the Ben
nett monument. On Saturday and Sum
day he win be in the city, and on sun
day win lecture in Brooklyn church.
Mr.. Bryan said that he had no appoint.
ment to meet any local politicians,