The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1908-09-30
DEMOCRATIC TICKET.
GUARANTEED BANK DEPOSITS.

interest in the minds of the people
and caused as much comment from
different sources as the matter OF
guaranteed bank deposits as set forth
In the National Democratic Platform
and as advocated by Mr.. Bryan, the
Democratic nominee for President. 1t
is a matter which touches the inter-
ests of everybody, the rich and the
poor alike-all who have or expect
to have money deposited in banks.
There is nothing which comes closer
IT, the material welfare Of the average
individual than his money. He feels
q proprietorship over 1t which is alb
solute, and he guards it with jealous
care. In some instances it represents
the toll and savings Of many years,
II not of himself, of somebody else,
and in the latter case he feels almost
the same interest and proprietorship
as If It had come by his own hard
and ceaseless toll.
When a man deposits money in a
bank, he feels that it is yet as much
his very own as it ever was-in fact
It is-but the developments of late
years have shown that in some instan-
ces at least. he lost the absolute con-
trol of 1t which he felt he possessed.
Within the past year many persons
have gone to banks with checks for
theil money deposited and were told
that this money could only be had
in such amounts as the banks decreed.
Iii other instances banks have failed
and the depositors have lost all their
money involved No doubt many read
ers of these lines can testify to these
facts.
1t was to guard against just such
contingencies and calamiues that the
Democratic National Platform took
up the matter and put the instrument
in the hands of its chief advocate in
the present campaign with which to
battle for the interests of the people.
There is no claim that banks as bus
mess institutions are in general or in
an alarming degree dishonest, unre-
liable or prone to failure. In most
instances banks are safe and entire
ly responsible. But the few that
fail and the lessons of the panic,
taught by banks which were no doubt
working for the best interests of their
patrons in withholding certain per
cents of deposits, have begotten in
the minds of the people universal
desire that there shall be some sort
OF guarantee that their money, once
deposited, shall not only be subject to
call. but absolutely immune from any
misfortune which might Overtake the
banking institution which has 1t in
charge. They do not mistrust any es-
pecial bank, but would prefer to have
a guarantee of deposits which obtained
with all. The Federal Government re-
Quires Of National banks guarantee
for the return Of Government funds.
Why should net the depositors be in
sured?
In some sections Of country this
plan has been tried with gratifying
success. Depositors in the State banks
of Oklahoma are secured by fund
raised by levying a tax upon all the
State banks. This is done under a
State law and it is an absolute guar
antee to the depositors, because all the
banks arc responsible for the failure
of any one of them, and must con-
tribute, pro rata, as much rs may be
necessary TO pay in full the depositors
of any one of them that may fail.
Mr.. Bryan and the National Democratic
Platform propose to extend this plan
10 all the National banks and State
banking institutions. That part of
the National Democratic Platform re-
ferring to this matter, says:
I'VE pledge ourselves to leg
islatiOn under which the Ma
tiOnal banks shall be requlr-
ed 10 establish a guarantee
fund for the prompt payment
of the depOsit0Ts of any insOl-
vent National bank under an
equitable system which shall
be available to all State bank
ing institutions wishing to
use It. We favor q postal sew
ings bank if the guaranteed
bank cannot be secured, and
that 1t be constituted so as
to keep the deposited money
in the communities where it is
established"
Mr.. Bryan has not pushed any ques-
ton involved In the present campaign