The National tribune., 1908-10-15

our feet, which is that OF experience,
and we can only judge the future by
the past.
GUARANTEEING BANK DEPOSITS.
OF all Mr. Bryan's political heresies.
that Of National guarantee Of bank
deposits is far the most dangerous. 1t
| is the rankest and most odious form of
imperialism, and in its ultimate conse-
quences is far worse than the worst
tyranny OF the Ccsars. His proposition
for Government ownership Of the rail-
| roads meant the extinction OF the States
and more than Russian concentration
Of power in the hands OF the Govern
nleat at Washington. His proposition
for Government guarantee OF bank
deposits goes even much farther than
this, and would put every man and
woman in the United States in the COM
piete power Of some Government official
or clerk in Washington. Anyone can
see this upon little reflection. II the
Government is going to guarantee bank
deposits it must have the fullest 'kfiowl-
edge at every moment concerning them,
how much money is IL, every bank and
what is being done with It. 1t must
have supervision Of every loan. invest
ment and use OF the banks money. It
would be absurd to give q guarantee
unless the Government had the closest
and the most Intimate knowledge OF the
Ideposits and the uses to which they
were being put. It must haye the right
ito say absolutely whether this or that
| loan shall be made, this or that invest
n1ent accepted. whether the money shall
be retained in the vaults or loaned out,
and so on thru all the functions and
responsibilities that are now exercised
by the President, cashier and Board of
Directors Of each bank. This is so plain
and obvious that it only, needs to. be
STATED To be seen at once.
| Think of the tremendous danger Of
such a despotism over every mans
| money As its last result this despotism
must be exercised by little ring here
In Washington, made up Of the men to
whose interest it is to control the money
of the country, and to tighten or loosen
the grip upon the peoples pursestrings
as may suit their schemes and pur-
poses.
The much h-complained-of tyranny of
Wall Street over tie money of the coun-
| try would be a light, silken restraint
compared to this iron fetter. Wall Street
can only manipulate the money that
happens to be in the New York banks,
and it has only limited power over
that. The guarantee OF Government
deposits would put every mans little
horde in bank at the complete dis
posal of the ring which would speedily
| form in Washington.
The proposal is so repugnant to
everything which has heretofore passed
| for Democracy that it is astounding to
have it come from man claiming to be
a Democrat All of the great men in
the earlier history of the Democracy
were tormented by fear of the de-
struction of our liberties by the growth
of the money power. 1t was this fear
which incited President Jackson's life
long bitter hostility to the United States
Bank, and his dread of such a despot-
| ism was participated in to the fullest
extent by every Democrat whom the
party honors. Hostility to any concen-
tration Of the money power in the hands
of the Government or of any close ring
has been from the first a cardinal prin-
| iciple of the Democracy. Nothing ever
proposed by the strongest centraIizers
could possibly be SO obnoxious to our
individual freedom and local self-gov-
ternment as this proposal to put all the
money in every little community direct
ly under the clutch Of a ring in Wash
ington or elsewhere
THE TEXAS TEXT book saUABBLE.
John B. Hood Camp. U. C. ", Austin,
Tex, had warmoti at its last meet
ing over the text book question. Two
reports werel submitted, and 1t was