Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-07-29
Maintenance of Full Power Of Courts
Necessary to Avoid Anarchy.


the foundation of government. The
maintenance of the authority of the
courts is essential unless we are pre-
pared to embrace anarchy. Never in
the history of the country has there
been such an insidious attack upon
the judicial system as the proposal to
interject a jury trial between all
orders of the court made after full
hearing and the enforcement of such
orders.
The Currency System.
The late panic disclosed lack of
elasticity in our financial system This
has been Professionally met by an act
of the present Congress permitting the
issue of additional emergency bank
notes, and insuring their withdrawal
when the emergency has passed by q
high rate of taxation. 1t is drawn in
conformity with the present system
of bank note currency but varies from
it in certain respects by authorizing
the use of conmercial paper and bonds
of good credit, as we'll as United
states bonds, as security for its re-
demption. 1t is expressly but tempo
for the appointment of a currency
commission to devise ard recommend
4 new and reformed system of cur-
rency. This inadequacy of our present
currency system, due to changed con-
ditions and enormous expansion, is
generally recognized. The Republican
platform we'll states that we must
have "more elastic and adaptable
system to meet the requirements of
aGriculturiSts, manufacturers. mer-
chants and business men generally,
must be automatic in operation, reCog-
nizng the fluctuations in interest
rates" in which every dollar Shall be
as good as gold, and which shall pre-
vent rather than aid financial stlin-
gency in bringing on a panic.
Postal Savings Bank and Its Ad
vantages.
In addition to this, the Republican
platform recommends the adoption of
a postal savings bank system in which,
of course the Government would be-
come responsible to the depositorS for
the payment of principal and interest.
1t is thought that the Government
8
places much money which may be
turned into wealth producing capital,
and that it will be a great incentive
for thrift in the many small places
in the country, having now no savings
bank facilities which are reached by
the Post Office DEPARTMENT. 1t Will
bring to every one, however remote
from financial centers, a place Of per-
feet safety for deposits, with interest
return. The bill now pending in Con-
gresS, which Of course the Republican
Convention had in mind, provides for
the investment of the money deposited
in National banks in the very plat es
in which it is gathered, Or as near
thereto as may be practicable. This is
an answer to the criticism contained In
the Democratic platform that Under
the system the money gathered in the
country will be deposited in Wall
Street banks. The system of postal
savings banks has been tried in so
many countries successfully that 1t can
not be regarded longer as a new and
untriad experiment.
Objections to Democratic Proposal to
Enforce Insurance of Bank De-
posits.
The Democratic platform recon-
mends a tax upon National banks and
upon such state banks as may come
in, in the nature of enforced insurance
to raise a guaranty fund to pay the
denositOrs of any bank which fails.
How state banks can be included in
such q scheme under the constitution
is left in the twilight zone of States
rights and Federalism so frequently
dimming the meaning and purpose of
the promises of the platform. If they
come in under such system, they
must necessarily be brought within the
closest National control, and so they
must really cease to be State banks
and become National banks.
The proposition is to tax the honest
AMI prudent banker to make up for
the dishonesty and imprudence of 9TH
ers. No one can forsee the burden
Which under this system would be i'm
posed upon the sound and conservative
bankers of the country by this obliga-
ton to make good the losses caused
by the reckless. speculative and dis
honest men who would be enabled to
secure deposits under such system
on the faith Of the proposed insurance;
as in it's present shape the proposal
would remove all safeguards against
rectlcasness in banking, and the chief.
and in the end probably the only bene-
fit would accrue to the Spectator, who
would be delighted to enter the bank
ing business when it was certain that
he could enjoy any profit that would
accrue while the risk would have To
be assumed by his honest and hard
working fellow. In short, the proposal
is wholly impracticable unless it is to
be accompanied by a complete rcvolu-
ton in our banking system. with a
supervision SO close as practically to
create a government bank. If the pro
posa We're adopted exactly as the
Democratic platform suggests, it
would bring the whole banking sys-
tenn of the country down in ruin. and
this proposal is itself an excellent il
lustration of the fitness for national
control Of party which will commit
itself to scheme of this nature with
oct the slightest sense of responsibility
for the practical operation of the law