The Holly chieftain., 1908-10-02
ARE BOTH STRONGLY OPPOSED
IN AMERICAN BANKERS
ASSOCIATION
AT DENVER MEETING
GREAT NATIONAL ASSOCIATION
ASSEMBLIES AND GETS DOWN
TO BUSINESS.

convention of the American Bankers
association. that promises to be the
most important and most interesting
convention In the history of the asso-
Ciation, is under way.
The meeting began Monday with
LESSONS of the savings bank and
clearing house sections. and meetings
ot the currency commission, bills Of
lading and constitution and bylaws
committees.
The convention is the largest in
point of attendance that has ever been
held by the association. Nearly 1900
delegates or visitors were registered
at the Brown Monday and trains that
were delayed will bring several hun
Gred more to the city.t
The leading questions to be con-
sidered by the convention are the
bank guarantee plan and the postal
savings bank plan, which are issues
in the present campaign.
The bank guarantee plan is in
Gcrsed by the Democratic party, and
the postal savings bank plan by both
ltrties.
Bitter opposition will be made to
both plans, and it is expected that the
association will go on record positive
y against the adoption of either.
The first gun in the fight was fired
yesterday at the meeting of the saw
.ngs bank section, when John Schuette
81 Manitowoc, Wisconsin, introduced
e proposed guarantee law that en-
bodies many of the provisions advo-
Gated by William Jennings Bryan.
The postal savings bank and uni
form savings bank committees OF the
lranch introduced reports against the
postal savings bank law, and advo-
Gated uniform laws for the government
IF savings banks In all states and for
federal control ultimately.
schuette's proposition was fought
bitterly by former Gov. Myron T. Her
rick and Col. ]. J. Sullivan of Cleve-
land. Herrick declared that the vast
majority of the bankers were against
the proposition. The general express
eioh vi oPlLiou uAloue LIe uCItsdltS
bears out the assertion.
The bankers take the position that
The guarantee. law would offer an in
centive to. unprincipled men to engage
III the banking businessmen who
would have no trouble in obtaining
business. ina}smuch, as. with guaran-
teed deposits. their institutions would
Elesent the same inducements from
the viewpoint OF safety to the deposit
tors as would institutions established
that: had built up regulations for hon.
osty and integrity. They declare that
the "wildcatting" that would follow
would result in bank failures in every
section of the country until the whole
financial world would be thrown into
e state of chaos.
The Postal Savings Bank report
says: Although, in our opinion, no
great detriment will result to the exist
ing savings bank system from the es-
tablishment of postal savings deposi-
taries, inasmuch as the present facili-
ties are superior to any that could be
afforded by the government, or to
those of the country where postal saw
ings banks now exist. yet the previous
experiences of the United States gov
ernment in conducting banking insti-
tutions. and notably in connection
with the Freedman's Savings and
trust Company, do not encourage us
tt believe that the proposed postal
savings system would be managed
more wisely Or with better success
than the existing savings institutions.