Omaha daily bee., 1908-08-28

form pledged in the democratic PLATFORM
Mr.. Bryan left at midnight for Lincoln,
where he is expected to arrive tomorrow
forenoon.
Text of Mr.. BFyRn's Speech.
Mr., Chairman, Ladies and Gentlemen:
Why not make the depositor secure? The
United states government requires the de-
post of specific security when II. entrusts
can examine the bank at any time; the
state requires security when 1t deposits
money in a bank; the county requires Sc
curity and the city requires security even
the banks. require security from the Off
cials. who handle money. Why should
the depositor be left to take hts chances?
Not only is the depositor without pro-
lection, but the. security given to nation,
state, county and city lessons his secur-
have a mortgage ron the giit-edged assets
and the deposition must get along as best
he can with what, remains. Why are the
interests of dep0sftors thus neglected?,
A bunk asks deposits on the theory that
the depositor is sure of the return OF MS
money and the laws ought to make make the
positor, the community and the banker
himself will be benefited by Legislation
assurance that that which is committed
to the keeping OF the bank will be available
to meet his needs at any time. Such Is
not the case today, for while all banks are
reasonably secure, they are not abso-
lutely so.
For many years efforts have been made
in congress and in the various states "a
secure a law guaranteeing deposits, but the
influence of the great banking institutions
has been sufficient to prevent action Last
fall, however, when the banks by a con-
checks, the deposttors were eVeryWhere
brought to a realization of the fact that
their deposits are in fact loans, psyaoie
but payable. at the will of the bank In
emergencies. The depositors suffered 9
considerable loss during the suspension oil
payments and they have not forgotten. the
lesson which they then learned. the DEM
ocratic party, being more free than the re,
publican party to respond TO the needs OF
the masses of the people, inserted the tol-
lowing plank in its national platform:
1--WE pledge ourselves to legislation py
which the national banks shall be required
to establish a guaranty fund for the
prompt payment OF the depositors Of any
insoIvent national bank, under an equitable
system which shall be available to az state
banking institutions wishing to use it.
The republican platform is silent on the
subject, and the republican candidate not
only does not advocate a compulsory sys'
TEN, but specifically ana emphatlcally op-
poses 1t. He says:
The democratic platform recommends a
tax upon national. banks and upon such
state banks as may come in in the nature
of enforced insurance to raise a guaranty
fund to pay the depositors of any bank
which fails"
government to enact such a law, saying
Elbow state banks can be included in
such a scheme under the constitution is
left in the twilight zone of state rights and
federalism so frequently dimming the
meaning and purpose of the promises of
the platform. II they. come in under such
q system they must necessarily be brought
within the closest national control and SO
they must really cease 20 be state banks
and become national banks 80
His solicitude for the state bank VIII
hardly Impress the country, for he Is quite
Indifferent to states and their reserved
right when he deals with other subjects.
When congress is In the control or those
who want to legislate for the whole people
rather than for the few II will not be diff
banks can avail themselves of the adVan-
tages of a federal law guaranteeing the de-
posits of national banks, just as 1t was
easy in Oklahoma to frame a law which
permitted national banks to take adNan-
tage of the state guaranty system. II WI
also be easy to enact a federal law which
viii permit national banks to avail them
selves of state guaranty systems until a
national system can be secured. Attorney
rectly interprets the law or not, would not
bring such CONSERVATION as II does II the
republican candidate favored a law al
lowing national banks to take advantage
of state systems for the protection OF de-
p~ositcrs.
Postal Savings Banks.
The republican party proposes the estab-
lishment of a postal savings bank system,
the democratic party prefers the guaran-
teed bank because It is better for the de-
position and better for the banker-it gives
the deppsitor the security which he needs
and yet leaves the banking business In the