The Aberdeen Democrat. (Aberdeen, South Dakota) 1???-1909, 1908-08-28

3
Comes Out Frank : ID Emphatic
ally in Favor Of Government
Guaranteeing Deposits in National
Banks
Topeka, Kan, Aug. 81. Before an
audience which filled the auditorium
to overfowing, w. j. Bryan tonight
spoke on the subject Guaranty Of
Bank Deposits Previously he de-
livered three other addresses, two
! from the veranda of the hotel and
the third at Garfield Park, where he
attended picnic given by the
knights OF Pythias, the latter theme
being Fraternity"
AS announced Mr.. Bryan, in view
OF the action of the Kansas republi-
can state convention which endorsed
the guaranty and deposit proposition,
made some remarks supplementary to
his prepared speech on the subject.
He took up the advantages OF the
guaranty system and then answered
the objections made to it by Mr.. Taft
and others. He began by asking why
the depositor should be left unsecured
when the national government de-
manded the security of any bank in
which It deposited money. He point
ed out that the choice was between
the postal savings bank and the qua
ranty bank and accused Mr.. Taft of
favoring the unnecessary extension of
his sphere OF government in adyo-
eating the postal saving bank In
stead OF guaranty banks. Mr.. Bryan
y declared he preferred the guaranty
bank proposition, which would allow
banks to attend to banking business
and yet compel them to give their
depositors necessary security.
Upon the conclusion of the prepar-
ed speech, Mr.. Bryan said:
II asked Mr.. Breidenthal, banker
of Kansas City, to make inquiry
among the bankers of Kansas what
proportions favored the guaranty law
I 1 learned that OF the banks that ex-
pressed themselves on the subject
about three-fourths Of them favored
: the guaranty law and one-fourth op-
posed it. That is an excellent show
ing. Among the depositors there is
no opposition and it is evident that
the Kansas City bankers recognize
first that something must be done,
and, second, that guaranteed banks
are better than postal savings banks.
also inquired of Rev, Haskell in
regard to the number OF national
banks which have surrendered chart
ers and become state banks in order
to have the benefit Of the guaranty
system. have a telegram from him
saying that four national banks have
already made the change and are OPP
Grating under the state banking laws
and sixteen other national banks ap-
piled for state charters. This Is con-
elusive proof that the Oklahoma law
is successfll &
Mr.. Bryan In his set speech spoke
I'm part as follows:
The republican platform does not
60 into detail, but it Is fair to- as-
sumo that the postal savings bank
plan Is intended as / an endorsement
3 81 the postal saving bank system pro
posed Nv the presid dent and postmast-
81 general Under this plan the fed
3 eral government would invite the de-
posit of savings, q limit being placed
upon the amount that each person or
each family could deposit. Accord
ing to this plan, the business man
would not be prot ected, Tor he uses q
checking account instead Of saw
zings accounts but no one can doubt
that the successful erationi Of q gov
eminent savings bank would ultim-
sately lead TO an extension Of the plan
until the government bank would in
clude the ordinary checking account
and be open % deposits without Inn
Al. II would mean q long contest be-
tween the depositors and the bank
Esers, but contest which must IN the
end be decided on the side Of sshe de-
positors. tEne banker must decide.
therefore, whether he will favor a
Continued on Page 5.