The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1908-10-08
HERRlcK HAD A HAND IN IT.

Did you read the resolutions adopt !
ed by the American Bankers Associa-
tion at Denver opposing the guaranty
of deposits? Our former governor,
Myron T. Herrick. was most active in
opposition to sSe bank guaranty pro-
position, and he holped to draft the
resolutions. That ought &c be enough
to convince the people of OHIO that
Mr.. Bryan is right in advocating the
guaranty of bank deposits, without
reading the resolutions Mr.. Herrick
helped to formulate.
AS the "big bankers dominate the
American Bankers Association the
resolutions against guaranteed de-
posits are not astonishing. On the
contrary such action ought to con-
vince most Ohio bankers of the wisdom
of making their barks stronger by the
protection of depositors.
No bank can become a government
depository without giving ample Sc
curity for its balances due the govern
ment. Why not give the same pro-
lection to depositors?
Here in Ohio no bank can be made
depository for state, county, town
ship, municipal or school funds with
out giving ample security for such
deposits, and now even the fraternal
societies are requiring security for
the deposit of lodge funds. Why not
give the same security to individual
depositors?
The "'big bankers" however, who
dominate the American Bankers AS
sociation, declared that the plan to
guarantee individual depositors would
be 'the mother of panics." Well, who
or what was the mother of this panic?
And why doesn't the guaranty of ma
tional, state and local funds cause
panics?
These big bankers" have a plan
more to their liking. Rather than
strengthen the confidence of the peo-
pie in their banks by making de-
posits secure, which would also
strengthen the solvency of banks in
general, they close them resolutions
against guaranteed deposits by say
whereby perfectly solvent banks with
good assets can obtain currency with
the same facility as banks in other
great commercial nations and they
will have gone far toward the preven-
tion of panics."
Going FAR is not going ALL THE
WAY; and asset currency for big
bankers" on the plan of the Aldrich
bill, will not help the big bulk of
bankers outside of the commercial
centers; while depositors will con-
tinue to take chances" where nation,
states, counties, cities, villages, town
ships, school boards and lodges re-
quire security for deposits.
Besides, who shall say what banks
are perfectly solvent" and have
good assets; and what is the i'm
piled condition Of banks that cannot
obtain asset currency on such terms :?
The resolutions adopted at Denver
by the American Bankers Association
should induce the bankers of Ohio as
we'll as their customers to favor the
guaranty Of deposits. Surely its action
against guaranteed deposits cannot be
worked for political effect, for the as
sociation also opposes postal savings
banks, as advocated by Mr.. Taft.
Postal savings banks, as advocated
by Mr.. Taft, would make the post
Office competitor of all banks in any
city or town having both postoffice
and banks. 1t would be only a step
more to have such deposits subject to
check, convenience depositors would
soon be demanding.
To guarantee deposits, as advocated
by Mr.. Bryan, would benefit both the
banks and their customers by stimu-
lating public confidence in banks and
by bringing money out of hiding to be
entrusted to banks thus made safe to
the individual depositor.