The sun., 1907-11-29
BRYAN AS A FINANCE EXPERT
MOVES AGAIN FOR GOVERNMENT
GUARANTEE or DEPOSITS.

seems 10 Think II Was Here. Not IN the
West. That the Banks We're HOarCiInS
and Putting Out Roosevelt Currency
says That u Is immoral I'm the West.
William J. Bryan was in this city for
couple Of hours yesterday morning but
did not wee any local politicians. He came
from Worcester. Mass. where he had
lectured ON the previous night. and after
breakfasting at the Hoffman House he went
on to Dobbs Ferry. where he had his
Thanksgiving Day dinner as the guest Of
o. J. Smith. To-day Mr.. Bryan will go to
New Haven, where he will lecture In the
afternoon and is to speak at a dinner TO be
given IN his honor in the evening. He
| will return 10 New York in time 10 bid
| good-by TO his wife and daughter. who sail
for Europe tomorrow.
Mr. Bryan would not answer any in
auiries bearing on political affairs but was
willing TO say something about the financial
situation IL the reporters would sit down
| and let him dictate what he wished to say.
] This was agreed TO and he dictated as
follows:
but think the remedies proposed by New
York fipanciers begin at the wrong end.
Thew propose two remedies: First. that
the Government shall give them money
for nothing for them 10 loan out at high
| rates of interest and. secondly. larger con-
troll than they now have through the issue
of an asset currency. They have not pro-
| posed anything to stop the lOoting of banks
by directors or to prevent banks from
taking part in gambling and sPeculating
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 at
premium may be good banking morals
| iD New York but IL ia not moral in the West.
Instead OF trying TO put business on an
honest basis they ask TO have the Govern-
ment made a business asset on which they
can realize large dividends regardless OF
the nations welfare.
Il believe the first thing to do is to pro-
| teCt depositors so they will not be afraid
| 70 put money in banks. A postal savings
bank system has been proposed. and while
I think It is necessary unless some addi-
tional system il devised, 1t would be better
for the Government to guarantee deposits
in such national banks as will JOIN in the
agreement TO reimburse the Government
for any loss incurred by it In paying tho
depositors Of failed banks.
"If such a system were established
believe all the national banks would COM
PEELED to Join in and then II the several
States would adopt "A similar plan Tor pro-
lection Of depositors in State banks We
would restore COnHuehCe anu pTOJeCJ Sho
country against future panic like the one
from which we now suffer.
$50 far as the elasticity Of the currency
Is concerned l believe that the Government
and not the banks should issue emergency
currency 80 that the quantity ISSUED IN the
emergencies would be controlled by officials
responsible to the people and not by hnan-
ciers, who would he tempted To act for
their own interest rather than the interest
of the public. Banks that will sell cur
rency at premium when they refuse 20
honor tho checks Of their deposltors can
hardly be trusted with power that the
issuance Of an asset currency would put
into their hands,