The Bemidji daily pioneer., 1908-01-04

or state servants, first ask ourselves
if we did our duty as the boss or
employer of such official to advise
him what we wanted, or if we had
been too careless and Indifferent
and left it to be done by few.
Insurance of bank deposits is
just as feasible as fire or life insur-
ance, and of more Importance to
our business world. Will our con-
servative business men, who deal
largely in extentive credits recon-
mend doing away with fire insurance,
as safeguards and security?
1t would not be political party,
or one-man measure, but the best
ideas of our whole commonwealth
brought together and enacted into
laws.
Our state bank insurance should
be under the supervision and control
of bank examainer's department. a
reserve or emergency fund created
from light assessments on each
bank, according to their capital
and deposits, to beused by
the state in paying off
the depositors of any failed bank,
and to have power to levy extra
assessments, if needed against all
state banks, provided that the fund
on hand was not enough, in other
words, place the states credit
(Which is the people) as we'll as the
assets of every state bank united
under state supervision behind the
safety of every depositor's money.
This method will cost the bank
only in cases of failures, and if
each banker is held responsible
for the slack or unsafe methods
of his brother banker, self-interest
will make the banks clearing
house associations more careful
and strict in reporting and taboo
ing promptly shaky loans or
deals.
while the penalty should be
made severe for bank wrecking, both
against bank officials and outsiders,
where proof could be brought of
1atter's blame.
Let each individual citizen of
Minnesota, the press, and the
members of the legislature take this
matter up and bring out it's good
and bad points, and if found to
have most in good features, so that
the people of Minnesota think that
insurance of bank deposits by the
state and the federal government is
a needed and wise business policy,
then demand of your governor to
convene the legislature in extra
session to adopt such measures.
First discuss and mould public
opinion so that we know what we
want, an then, if an extra session is
called, it is merely to ratify in a
legal way the peoples wishes.
If that was done Minnesota,
with its general prosperity and it's
three large banking and commercial
centers, would hold a keynote to
the northwest in such a way that
other states would promptly follow
our example, and if several states
adopt bank deposit insurance for
their state banks, it will speedily
break down the opposition of cer=
tain cliques in Washington against
federal insurancefor national banks,
and itcan be depended on, that if their
home state adopts it, the congress-
men and senator's will heed their
peoples wish and work for it.
Therefore, if the measure is a
good one which few can deny,' let
us take the lead in adopting it
before the first half of 1908, is past;
don't let Minnesota be tagging on
the heels of congress to see what
they will do; but put our shoulder to
the wheel and make congress heed
popular demand, instead of few
old heads that hold back for political
causes, or special class interests.
Respectfully yours,
J. ]. Opsahl,
r 4