Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1908-05-28
DEMOCRATIC LEADER ADDRESSES
BANKERS CLUB or CHICAGO
ON BANKING BUSINESS"
FOR EMERGENCY CURRENCY
Declared People Would Demand Gov
eminent Bank Unless Assured
Of Absolute Security
Of Deposits. sss

Bryan made q plea before the Bankers
club Of Chicago Friday night for an
emergency currency that would enable
state as well as national banks to re-
lieve money stringency and sounded
a warning that the people would de-
mand the government bank unless alb
solute security for deposits can be as.
sured them. s
He spoke on THE Banking Bust
ness" before several hundred mem
bers on the occasion OF the one hun.
bred and fourth regular meeting OF
the club.
On the subject OF emergency cur.
rency Mr. Bryan said that he believed
that this currency should be issued by
the federal government and loaned to
the banks. One reason advanced for
the belief was that the state bank
could be given the same assistance in
times Of need as the government in.
stitution. Il do not know" he said.
why a state bank should not be thus
aided In the matter Of relieving dis
tress. In my opinion the state and
the national bank should be placed
on the same footing when 1t comes
to the question Of securing emergency
currency"
He said that he believed that our
present banking system, with 10000
Independent banks, more nearly meets
the needs Of the people Of this coun-
try than a system like that of the
Bank Of England would do, but he de-
clared that the system needed a gen.
eral overhauling.
"The thing for us to do" he said,
lis to take the system we have, ex-
anime 1t, correct Its faults and make 1t
respond to public sentiment, for II
anyone thinks he can ignore public
sentiment that person will learn his
mistake when 1t is too late"
On the question Of affording security
To- the depositor, Mr.. Bryan declared
that the temptation to gamble was
he source Of most Of the great bank I
,ailures, and suggested the necessity
or law that would remove this temp
alton from persons who handle other
Peoples money. 1t is not enough, he !;
Iaid to make banks reasonably Sc
,ure. We must provide a banking
ystem, he said, not only for 'rea- G
enable" people, but for "unreason-
bile" ones, and called 1t a short-sight-
ID policy on the part Of bankers to
esist a just demand from 100000 +
eople for absolute security.
III the banks Of this country refuse
0 give this security" he continued, 1T
J they and they alone who will be re-
ponsible II this government is driven Q
D establish a government bank. II J
be government savings bank comes, I
be $500 deposit limit will not last a
trough more than one session of con- P
ress. II you bankers refuse to give u
he security the people demand, there a
an be no doubt Of the future popu- G
Irity Of the government savings bank. q
would rather have guaranteed banks "
ian government banks, but when the O
me comes will stand with the 49,
10000 depositors Cor the bank Of alb
,Iute security" :,
Among other cures for the banking I.
Is Of the country Mr.. Bryan suggest !,
l adoption Of the system recently =
in Oklahoma where. he !,
lid, every bank in certain district 4,
ands behind every other bank, the =
an being worked out through one !.
iarter Of per cent on the amount :,
all deposits. :,
with the guaranteed bank" he ~
i'd, there would be no need for the
'vernment savings bank, except In q :
strict where there was no guaran-
ed bank. l believe 1t is possible to
ing about this measure Of security
Ithout injustice to anyone. The :
mixers themselves will secure enough
ditional profit through increased de-
sits to justify them IN the addition \