The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-09-30
SUBSIDIARY TO BANKERS ASSo
CITATION ON RECORD AGAINST
GUARANTY PLAN,
POSTAL SAVINGS BANK
Also Disapproved But Vote on This
Matter is Not Taken Col. Fries
Speaks Against the
Project.

pany section tine American Bank
ers. Association by vote of IA to 5
went on record this afternoon In on
position to the bank deposit guarantee
proposition, making the third subsi-
IGiaTt association . fthe American
Bankers to declare itself on this sub
ject The motion to vote on the propo-
sitlon for the postal savings bank was
defeated. All speeches, however, were
against the postal savings bank plan
Officers were elected as follows;
r. j. Parker, of Quincy, member
executive committee.
President, A. A. Jackson, vice
president of the Girard Trust con-.
pauy Of Philadelphia.
! Col f. r. Fries, president of the
Wachcvia Loan e Trust company, of
Winston Salem, N. c., spoke on
"Radical'sm and Conservatism in
Financial Measures and Legislation.
He devoted considerable part of his
address to the proposition of Postal
Savings bank and the present much
discussed principle of guaranty of
bank deposits. He said In part:
Breakers Ahead.
Grave dangers are looming up on
ct; norzen, evidences of an approach
ing storm, that may be quite beyond
our control The gravity of these dam
gers lies in the fact that an enlight-
enoI public Is largely influenced, II
not controlled, by active and ener-
|get'u politicians, who themselves, are
either deceived or who are seeking
their own advantage regardless of the
consequence.
'The grayest danger lies in the
present tendency to put the govern
ment In the banking business for the |
supposed good of the people For the |
want of a better name we designate |
it 'raGcalsm' meaning thereby. the
of the radical ideas con
corning financial matters, that have
been advanced by politicians and
thai are now presented to the people.
Postal Savings Banks,
Here Col Fries took up the project
Of the Postal Savings bank, saying;
The Postal Savings bank IS
recommended by the president and
his postmaster generals. II is per
hapS Of more concern to the savings
bans section than to this and yet a
majority Of trust companies carry /
savings fund accounts and interest
bearing deposits These savings fund .
recount represent largely the saw I
ngs fund accounts represent largely !
he savings of communities I'm which
he Institutions are located and most !
r. ~ Of such institutions are invested
II these localities. and are instr1i /
mental In building up and advancing $
he interests of the towns and sec r
ions of country in which they are q
situated. II carefully loaned these :
Investments are quite as safe and ,
more bnefiecial to these communities, q
nan if collected by the postmaster .
ind sent away to be invested by the g
postmaster general or other govern
melt official in some government ,
'tat" or municipal bonds OF the more
,cpulcus sections Of the country nj
his H. not done, It is proposed to take
be moneys gathered in the Postal 7
savings bank and deposit them IN the
.earest United states depository or
ONE National bank 10 be- designate
- the postmaster general such de-
usits 20 bear two or two and one q,
ar yer cent interest The practical .,
osult Of this will BE-. that each postal ..
money order oCiCe win become ~ f-
seTcy for gathering deposits az al 8,
oars that these Offices are open. b. n
ome cases As tate as 2 O'Clock a. ,..
igat fer the benefit of the nearest
.n.ied States depository or desiznai- -r
d National bank o. would weaken -
ic banks already there ami make it D..
aree- 10 organize Others. bf
Enormous Savings Deposits. "a,
81; Is claimed that Postal Savings g.
anFs are needed e. cultivate q spirit
f economy and thrift among TIE PEG
j.. What are the statistics In regard
, thisg The savings bank deposits IN
BE- United states aggregate the sun n
Z = $4,000 600 an amount equal . a.
nrfhiri the savings hank deposits su
TIE entire vcrld and the average ~
pCsit Is 81 PER cent larger than in 81.
nv ether country. The deposits here -
yeFage 1905 per capita % cur popu