Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1908-08-05

| IN me nature or enforced insurance. u
raise guaranty fund 90 pay the de.
po~itors of any bank which fails How
state banks can be included in such q
| scheme under the constitution j. left
u the twilight zone of states rights
and federalism. 50 frequently dimmlng
the meaning and purpose of promises
uf platform. II they come in under
such a system, they must necessarily
be brought within the closest national
control and so they really cease 20 be
state banks and become national banks.
The proposition j. 90 tax the honest
and prudent banks 20 make up for the
dishonesty and imprudence OF others.
40 one can fprsee the burden which
would be imposed upon the sound and
conservative bankers of the country
hy this obligation 10 make good the
LOSSES caused by the reckless, ,peculat.
i've aud dishonest men who would be
enabled To secure deposits under such
system on the face Of the proposed
insurance. In it, present shape tlf
proposal would remove all safeguards
against recklcssncss in banking and
the chief. and IN the end, probably the
only benefit would accrue 10 the specul-
atnr who would be delighted ~ enter
the banking business when IL was Ger
tain that he could enjoy any profit that
would accrue while the risk would have
- be assumed by his homes: and hard
working fellows. In short, the proposal
il impracticablc unless il Is 10 be ac
complishcd 10y a complete revolution in
our banking system with a supervision
- close as 10 practically create n gov.
eminent bank. III the proposal were
adopted as the Democratic platform
suggests, il would bring the whole
banking system of the country down in
ruin. The proposal is in itself an cx.
celent illustration of the fitness for
national control of party which will
commit itself 10 "a scneme Of tbs kind.
without sense of responsibility as to
its practical operation.
The Democratic party announces its
adhesion to this plan and only re.
| commcnds the tried system of postal
savings banks a. an alternative IL the
new experimental panacea * not avail.
able. The Republican party prefers
the postal savings banks as one of the
tried, safe and known to be effective,
and as reaching many more people now
without banking facilities than any
other system.
Voluntary Plan for Guaranty.
\ plan for Guaranty Of deposits by
the voluntary act of banks involved
has been favorably reported to the
House of Representatives. This is, of
course, entirely different from the
scheme in the democratic platform,
emitting, as IL does. the feature of com.
pulsory participation and governmental
guaranty. This proposition will un.
questionably receive the thoughtful
consideration Of the national Monetary
Commission.
As To Dependencies.
The Republican party has pursued
consistently the policy originally adopt
ed with respect TO the dependencies
when came To US az the result of the
Spanish. American war.
The material prosperity of Porto
Rico and the progress of its inhabi.
tants towards better conditions in re.
spect to comfort Of living and educa.
ton should make every American proud
that this nation has been an efficient
instrument in bringing happiness to a
million people
In Cuba the provisional government
established in order TO prevent a bloody
revolution has so administered affairs
and initiated the necessary laws as 10
make it possible TO turn back the is.
lands to the lawfully elected officers of
the Republic in February next.
In the Philippines the the experiment
OF national assembly has justified il.
self both as an assistance in the gov.
eminent Of the islands, as an educa.
ton in the practice of self.government
10 the people of the islands. We have
established government with effect.
I'VE and honest executive departments
and "A clean and fearless administra.
ton Of justice; we have created and
are maintaining comprehensive
school system which is educating the
youtn of the islands in English and in
industrial branches; we have construct.
ed great government public works,
ROADS and harborsi we have induced the
private construction of 500 miles of
railroad; we have policed the islands
so that their condition as 10 law and
order is better now than il has ever
been in their history.
IL is quite unlikely that the people
because of the dense ignorance of 80
| per cent will he ready for complete
self government and independence be.
fore two generations have passed. but
the policy Of increasing partial self
government step by step AS the people
snail show themselves fit for il should
be continued.
The proposition of the Democratic
| platform is to turn over the islands as
soon AS stable government is estab.
lished. This has been established. The
proposal then is in effect to turn them
over at once. Such action will lead TO
ultimate chaos in the islands and the
progress among the ignorant masses in
education and better living will stop.
Many unfortunate circumstances be.
yond human control have delayed the
coming of business prosperity to the
Islands. Mucn may be done in this re.
gard by increasing the trade between
the islands and the United States un.
der tarih laws permitting reciprocal
free trade in the respective products
OF the two countries with such limita.
~ 20 ~.