Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-11-23
BRYAN AT THE WHITE HOUSE.
Nebraskan Has a Talk With the
President

w. ]. Bryan spent a half hour with
President Roosevelt today. The Ne
braskan arrived at the White House al
30 o'clock and was ushered into the
private Office of the President without
delay. After leaving there he met Judge
Pritchard of >the United States circuit
court in North Carolina and sat with the
latter for ten or fifteen minutes in one OF
the White House waiting rooms. Starting
away from the executive offices he was
surrounded by squad of newspaper men,
who asked him many questions. He de-
clined to discuss what had taken place in
the Presidents -ices, saying that he had
desired to pay his respects along with
other people permitted to see the Presi
dent at that hour of the day.
Mr.. Bryans comment upon this was
that If the duty does not hurt the news
papers! it certainly does not hurt the al
legged trust that is said to control the
newspaper output of the country.
Il am in favor" Mr.. Bryan went on,
"of removing the duty on any article
that comes in competition with trust
made article
Guarantee to Depositors.
Then Mr.. Bryan was asked to explain
in detail his proposal that the government
guarantee the deposirs of individuals in
national banks. as means of restoring
confidence. 1t was pointed out to him
that the last report OF the controller of the
currency. in August, Showed that the total
deposits in national hank. exclusive of ma.
tiona! bank d posts, were about s42O COO,
600. and he was then asked how it could
be possible for the government to become
a guarantor for that immense sum.
II think it is simple and easy" he
declared. land 1 believe that if Congress
to-
the financial depression now with us
would vanish In no time. Every man
knows that confidence is the basis of
our business world. and that when conf
dence is shaken men withdraw their saw
ings from banks and hoard them in
various places. Now if the people who
do this could feel assured that the gov
eminent guaranteed their deposits in ma
ttonal banks not a single dollar would
be withdrawn.
passed guaranteeing that the Treasury
would reimburse depositors in every ma
tional bank that fails. The law would
provide that the national banks meet the
loss by an assessment to be determined
by the Treasury. In this way the gov
eminent would never lose a penny.
In two days after Congress passed a
law blanks could be sent to ma
tlonal banks seeking their agree
ment to guarantee that tn!
"ouLu pay tn6lT assessment III Cnt
event of loss to depositors in national
bank. 1 have not the least doubt that
every national bank in the country would
sign such an agreement almost ,immedi-
ately. as the assurance depositors
| would be SO great that the bank could
| not fail to enter with others. From fig.
ures have had compiled it Is shown that
in forty years there has never been over
Ito of per cent loss annually to de-
positors in national banks. 1t would b.
comparatively nothing to banks to pay
such small sum each year. Under the
plan I have in view the Treasury, which
controls the banks. would pay out al
once to depositors in a failed bank the
money they had deposited and then cal
| upon the banks in the agreement to pa,
| their proportionate shares.
II believe that this would be much bet
| ter than the plan of having banks payins
into a fund certain amount each year
the fund to be used for paying losses
1t would take several years before such
q fund would accumulate enough to NEE
heavy demands upon it, while the plan
have in view could be put into operation
at once. Another thing Is that the people
| would not understand that the fund piar
| has any guarantee of the government
| back of it. People every day invest theil
| money In government bonds. because they
believe 1t is the safest investment they
get far greater interest in banks. The
| put into banks much of this sort of money
banks and trust companies"