New-York tribune., 1908-08-27
DANGER IN BRYAN PLAN
TAFT ON BANK DEPOSITS.
Sans Federal Guarantee Would Put
Premium on Reckless Banking.
IRv Telegraph TO The Tribune.

IBy Telegraph TO The Trburel
Hot Springs Va, Aug. 26.-Wiliiam H. Tarr'
explained to-day his reasons for deprecating the
federal guarantee of bank deposits. and also
elucidated his attitude with regard to pledges
which he made in his speech of acceptance. and
which went beyond the text Of the Republican
platform Mr. Taft while frankly admitting
that a Presidential candidate could not bind his
party to policies included in the party plat
form by including them in his speech of accep-
tance. remarked that President Roosevelt had
obtained the adoption of several policies on
which the platform of the party had been silent.
notably the federal control of railway rates.
pure food. federal meat inspection, etc, all OF
which Mr.. Roosevelt. the leader of his party.
had recommended to Congress- and which Re-
publican Congress had cheerfully enacted inio
law.
Mr.. Taft declared that the intelligent voter
considered both the platform and the candidate
and that in some instances faith was pinned To
the platform and - other instances to the candi-
date, while many persons supported ticket be-
of their faith in both. Certainly. he said-
there restriction compel President
to refrain from exerting his influence to obtain
legislation over and above those things
tained in the party platform.
Mr.. Taft also called attention TO the fact that
many refused to support Mr. Bryan. not
because of the party platform, but because OF
the personal views which they knew Mr.. Bryan
to entertain. OF course, he said. effort had
been made in the Democratic platform to pro-
tect the candidate from himself. speak. by
defining the issues for which the party stood.
but that would not prevent the voters from re-
calling the various vagares which Mr. Bryan
has advocated from time time
there many who would for a moment cherish
the idea that the Democratic candidate Il
elected would restrict his recommendations to
Congress or his influence with his party leaders
to the precise pIanks of the party pronounce
ment.
PLAN INDUC : RECKLESS BANKING.
Concerning the Democratic advocacy of fed
eraI guarantee of bank deposits. Mr.. Taft said:
The fundamental objection to the proposed
plan to guarantee deposits in national banks is
that it puts a premium reckless banking and
is an inducement 70 reckless banking Relieved
of the responsibility to and the fear of the de-
posltors' the tendency would oe 10 induce ex-
ploltdtloh, manipulation ana the use or assets
of banks in a speculative way. IL would pro-
mote speculation at the expense of fellow bank
ers and that ultimately means at the expense Of
amount of the tax that should be assessed.
based on the present rate of loss is an errone-
basis, as the danger Of loss of deposits is
increased vastly by the proposed system.
that the percentage of the tax would have to
Mr Bryan did favor government guarantee.
the government to raise the funds by taxing
the banks, but the Democratic platform pro-
Vides for enforced insurance, which cOmpels
all national banks contribute the insurance
fund to meet the defaults of the SPECTATORS
I am told that such a law in force in New
York and that the result was that when a panic
ensued the tax having been improperly calcu-
lated there were not sufficient funds TO pay the
loss. but this have only on the authority Of
we'll known writer on the subject
LEADING DEMOCRAT FOR TAFT
Colonel John McAnerney leading New York
Democrat formerly of Alabama and a colonel
in the Confederate army. has declared his pur-
pose TO support William H. Taft in the coming
election Colonel McAnerney's declaration is Of
peculiar significance because of his former ac-
tivitv as a Democrat. He was a Democratic
eIectOr- -at-Iarge and president of the electoral
college of New Jersey in 1855. and it was
through his efforts that all Of the members Of
the college stumped their state. largely increas-
ing Mr.. Cleveland's majority.
In 1892 Colonel McAnerney presided over the
big business mems meeting for Cleveland In
New York City. and four years ago he was an
ardent and energetic supporter Of Alton B. Par
ker Colonel McAnerney's standing with busi-
ness men has long been established on the high
est plane. and it is often recalled of him that.
his firm having been forced TO the wall in the
panic of 1873. and settlement Of 20 cents on
the dollar effected he regained his lost fortune.
and a few years later sent TO all his creditors a
circular letter inclosing not only the remaining
so cents on the dollar but interest to date.
Some of those circular letters were framed by
bankers and others and hang their walls to
this day
DEMOCRAT, NOT BRYANITE-
When asked to-day if he would take any part
In this years campaign. Colenel McAnerney
said he would support Mr. Taft, but would not
participate in the campaign. Il am Demo-
crat." he said but not of the Bryan variety.
! believe true. conservative constitutional DEM
ocratic principles will be coexistent with tho
life of the Republic. and that after the people
grow weary of the group of demagogues now In
control of the Democratic party machines. tho
grand old party Will again win the confidence
and support of the conservative people of this
country There are many able Democrats
throughout the country. but they have no niu-
ence while these agitators and dema gogues are
in control.
President Roosevelt right" he con-
tinued lin interposing the strong arm OF s1-
ecutive over between the people and certain
corporations and individuals which. in their
greed forgot the republican character Of our in
:: .tutOns But his success in stopping rebates
and in compelling obedience 10 the laws has
made Bryan and his stripe OF demagogue en-
vious and they are determined to Outdo Roose-
vet even If they wreck every railroad and in
dustrial interest in the country. cannot be-
lieve that the country want q like Bryan
in control of the government for the next four
years Agitation must cease The laborer. the
mechanic. the manufacturer and the merchant