The Caucasian. (Shreveport, La.) 1900-192?, 1907-12-01
OUR FINANCIAL ILLS
NEW YORK BANKERS WAN
MONEY FOR NOTHING
WIN. ]. BRYAN'S REMEDY
Wants the Government to Protect Ma
tional Bank Depositors and Thinks
the Treasury Should Issue Emer
gency Currency,

When at the Hoffman House in New
York, Thanksgiving Day, w. ]. Bryan
declined to discuss politics, but when
asked about financial and industrial mat
ters he launched into an attack on New
York tinanclers.
Il hope the end of the panic is i'll
sight" he said, but think the RENE
dies proposed by New York hnanciers
begin at the wrongAssaad. They proposed
two remedies-firsS8 that the govern
ment shall give them money for moth
ing to loan out at high rates of interest /:
and, second, larger control than they
now have through the issue Of an asset
currency. They have not proposed any
thing to stop the looting of banks by
directors, Or to prevent banks from TAX
ing part in gambling and speculating en-
terprises. Even the suicides that follow
in the wake of exposure do not touch
their hearts Instead of trying to put
business OH an honest basis, they ask to
have the government made a business
asset on which they can realize large
dividends, regardless of the Nation
welfare" +"
What remedy would you propose:?'
Il believe the first thing to do is to
protect depositors, SO they will not be
afraid to put money i'll the banks. A
postal savings bank system has been
proposed. and while | think it is neces-
sary, unless some additional system is
devised, it would be better for the gov
ernment to guarantee deposits III such
national banks as will join in the agree
nent to reimburse the government for
any loss incurred by it in paying f1e de-
positors of failed banks
If such system were established,
believe all the national banks would be
compelled to join in, and then, if the
several States would adopt a similar
plan for protection of depositors in
State banks, we would restore conf
dence and protect the country against
future panic like the one from which we
now suffer.
$50 far as the elasticity of the cur
rency is concerned, | believe that the
government and not the banks, should
issue emergency currency, so that the
quantity issued in the emergencies
would be controlled by officials respon
sible to the people, and not by fnanciers
who would be tempted to act for theil
own interest rather than the interest Of
| the public Banks that will sell currency
at premium when they refused te
honor the checks of their depositor:
can hardly be trusted with power tha
the issuance of an asset currency woulc
put into their hands
Mr. Bryan was asked if he had any
comment to make on the action Of th'
Federal court in Alabama in stopping
the enforcement Of the State railroad
law there, pending decision as to it
constitutionality. He said:
That raises the question which wa!
discussed by the attorneys general o
the various States at their recent meet
ing at St. Louis, and is the same ques-
ton as was raise in North Carolina
| believe we should have law with
drawing from the lower Federal court:
any jurisdiction they may now have tt
suspend State laws, leaving corporation
affected by such laws to prosecute thei
remedies through the State court, will
appeal to the United States Supreme
Court if they think any constitutional
right is denied them by the State court.