Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1908-10-09

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......-........,.......... .-......M. j. CHTLE
Member of Board of Supervisors, Bird Dist.
OBSERVATION-DISCLOSURES. &C. H. WALLACE
Germany Guarantees Deposits.
The republicans point to Mr.. Bryan's
advocacy of guaranty of bank deposits
as proof of his "crazy craftsmanship. >
1t appears that Mr.. Bryan is about as
crazy" as the wise German govern
ment, for in that country there is pro.
lection for depositors, just as there is
going to be in this nation if Mr.. Bryan
is chosen president and Fred White is
chosen governor of Iowa.
Germany does not assume that be.
cause a man opens a loan Office or 9
bank that he should not be compelled
to guarantee depositors doing business
with him against loss. 1t requires
every loan agent to put up bond COW
ering every dollar of money he handles.
There has heen no greater scandal in
the city of Dubuque than the loss of
trusting peoples money through dis
honest and incompetent loan agents
whom careless government does not
require to give bond to protect people
who trust them, against loss. This is
one OF the things we have neglected in
our state government, just as we have
neglected to protect depositors, in ma
tional and state and savings banks and
trust companies. Is,
The German plan is little different
from any proposed here, but the prin-
ciple is the same, and it is that for
which Mr. Bryan, Mr.. White and the
democratic party are contending, and
to which Mr.. Taft, Mr.. Carroll and the
republican party are opposed.
Iae facts about the German system
of guaranteeing bank deposits are
stated by the consul of the United
States government, Mr.. Robert j.
THOMPSON, at Hanover, who, in q re-
port published in July last, said that
deposits there are guaranteed by the
pubic property and taxing powers of
the municipalities. He continued:
The savings banks of Germany
have some l9, 600, 900 pass books out
and their deposits amount to 13, $780,
vOOsvvu AAoAho \Po, HAO, UVU,VUU). l0eSe
deposits are practically ali guaranteed
by the various municipalities of the
Empire, and the condition forms a
buiwark of confidence in the security
OF private wealth and earnings that
can not be shaken by hard times,
panics, bank failures, etc.
An examination of what might be
termed the financial page of local
daily paper discloses the advertise
ments of five different institutions alb
solutely insurlng savings and trust
funds, and paying from 81 to per
cent per annum interest on the same.
These advertisements are explanatory
and helpful toward a general under
standing OF condition that is practi..
caiiy universal throughout the German
Empire and which, so far as the es-
Establishment OF confidence is concerned
and the encouragement from this
standpoint as well of the RECENT of =
good fair rate of interest for money
deposited, would seem to leave nothing
to wish for in the way of bringing into
use and circulation the SAVINGS and
cash possessions of the whole popula-
ton. 1t will be seen that the munici-
pal or city government stands good for
the deposits with its taxing powers
which put such deposits on exactly the
same OASIS, so far as security gees, as
city or county bond, which is per-
maps as good aguaranty as has been
devised. At any rate the thrifty Ger
man considers himself well secured nv
the guaranty Of his own city.
'tOf the five mentioned advertise
ments OF savings banks in the local
newspaper, twowill serve as illustra-
tive of the whole:
$3.50 a. m. to p. M and from 3 to 6
p M; depositors guaranteed by the ad-
ministratlon; interest on deposits a per
cent; withdrawals on demand: safety
vaults rented, family pass books is
sued.
go Open every working day from
. to IL q: m. and from 3 to 5 p. m. /;
also on Saturdays, as we'll as on the
first and last working days of the
month until p. M. savings deposits
guaranteed by the city Of Hanover; in
terest 81 per cent. For deposits made
on the first FIVE working DAYS Of the
month interest is allowed from the
first day of the month; in other CAGES
interest begins on the first of the fol-
$3.50 sAA0Aseai. vi dcpOSllS iT6cdllGQ on
the last working day of the month in
terest is allowed for the month. AS a
rule deposits may be withdrawn with
out term of notice. In addition to the
ordinary savings bank pass bool 8.
books for wards as well as time de.
post books and rent saving pass books
are issued.
with one exception where city
savings bank was looted many years
ago by the director, the defalcation
being at once made good by special
taxi have failed to elicit any infor-
nation regarding bankruptcy or fail
ure of any Of these savings institutions
in Germany. In speaking of the sound
hess of municipal banks the director of
the Hanover City Savings bank says:
Failures of city savings banks are now
impos. ib.e, SO that losses up to the
present time have been out of the
question, either for the depositor or
for the guarantor. -