Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1908-10-02
GUARANTEED DEPOSITS

Hon. Charles y. FowleT. - ,.:AIAn al
committee um banking AMI currency ON
eth day OF January 1907 on the floor Of
congress used the following language.
II assert NJ lin. after the most mature
d~clibcration, that if there Is one reason
for insuring life or home. there are more
than Il thousand REASONS, nay more than
positDrs of thc banking institutions of
the United States should he insured"
IF. as | have demonstrated. in caSc
the proposed bill shall become II law.
guaranteeing the deposits in the ma
tional banks, panics in this country
would be at an end. They would he Il
thing of IL bitter past. May God hasten
that day"
This bill was reported favOrably by
every republican member of the COM
mittcc. However Speaker CmnoI and
the Wall street crowd that controlled
the last congress never permitted the
measure to come to Il vote.
The bill Oh. X. l2G10 provided for re-
WI iiililS W N"li'lNy nil' many u
provisions in relation to inspections and
sound banking and Lyman J. Gage
appeared before the committee and
advocated and urged 4 favorable report.
Mr.. Gage was asked, do you think
that this guaranteeing Of deposits would
lead to unsound bankingg" And his
answer was. mo sir, / think the fact
that under your bill there would he Il
penalty for neglect Of inspection, and
that there would he the machinery for
inspection would o. lead to sound
banking" a.
MeSsrs Fowler and Gage are two Of
the ablcst republicans on banking in the
country and their opinions are worth
more to the people on the subject of
guaranteed bank deposits than those
given in the Canned articles that are
now going the rounds of the republican
press.
An eastern exchange in comment.
ing upon the Fowler bill and the far
, reaching Importance Of guaranteed
bank deposits says why should the
public trust the banks, if the banks are
, not willing to trust each other. If they
can't watch each other and see that all
the banks are kept solvent, how is the
poor man, the laborcr, the orphan. the
3 widow, the farmers and others to know
which bank he can trust.
If they are not willing to stand Il
S,,nl nganGgt,nnt IN a tyIt.raNfnn ft,,l
out of their profits, why should other
people trust them with their all.
!. Many banks with Il few thousand
capital are carrying $3.50, 900 in deposits
and the dcpOsitor has no security. He
has a right to demand his money or
security. Bryan and the democracy of
the nation and state want to make
panics II thing of tho bitter past and
the republicans true to their history ana
record favor the rich md the %plutocrats.
Let tho voter take his. choice.
This is a far reaching question. The
republicans favor II pOstals savings
which means that every dollar deposit.
cd ut the post Office will bc sent away
| from home and gathered into the
D government sub trcasurics and loaned
l.. or deposited in the large national banks
Of New York"
The democratic plan will keep tho
r money at home and make the deposition
! absolutely ccurc II is up to the people
to decide between the two plans. If
, they want an absolutely safe banking
system. one that will protect the bank.
or and the dcpoSitor, and keep their
! money Mt home. they should cast their
: ballots for Bryan and Kern.