The Bemidji daily pioneer., 1908-01-04
SHOULD GET INSURANCE
OF THE DEPOSITS In BANKS
Representative j. Opsahl Issues Statement Relative
to Securing Federal and State Insurance in Order
to Maintain Confidence.

J.J, Opsahl of this city, represent
ative from the 61st Legislative dis
trict, has issued the following letter
concerning the insurance of bank
deposits:
Bemidji, Jan.2.
To the people of Minnesota, anc
Fellow Members of the 35tt
Session of the Minnesota Legisla.
ture:
From careful observation of hap
penigs during the past sixty days in
our banking business and along in
dustrial lines, am firmly con
vinced that we, as a progressive
state, should take immediate steps
to secure federal and state insur
ance of bank deposits, in order to
aid in maintaining confidence be.
tween our different classes of people,
on money and banking matters.
Confidence in your friends, and
in your business associates and Gus
toners goes in most cases further
than mere dollars and cents; shake
that confidence, and what effect will
it have on your friendship or on the
credit basis of your business deal.
ings with your customers?
Our 1907 stringency in money
matters was principally brought on
by shattered confidence, and resto-
ration of the same is matter that
vitality effects both poor and rich.
The laborer, no matter how
small or large his wages are, or
was, should consider carefully that
the money locked up in safety de-
posit vaults or hidden in a stock
ing, no matter how much or how
we'll guarded, will not help his
employe to keep his industrial plant
in operation and pay off the coming
months pay roll; and thousands of
our citizens areidle atpresent because
a large amount of the bank de-
posts at the first alarm jumped its
job of usefulness and went into
hiding; and more was threatened
to follow suit as soon as the limit
was up on time deposits, placing
the banks into such shape that no
matter how safe and sound a Gus
toner was, who had been regularly
used to getting extra funds at the
banks in the fall to carry on their
usual extra winters work, the banks
could not safely do so. The oper.
ators could not buy supplies and
hire help without funds, resulting
in shutting off large industries, lay
ing off men, which in turn affects the
farmers, grocers and numerous others
in decreased demands for their
goods.
An an example: Suppose we, on
Jan. 1st, marked two 1O-dollar bills
and take to our bank, lock up
one in safety deposit vault, to
stay there until January 1st, 1909,
and the other bill attach a mem
orandum on, with orders never to
stay in one mans possession over
twenty-for hours, and to have each
user note on it's memorandum
what business it had helped move.
Then, on Jan. 1st, 1909, these two
bills were brought back to give an
account of themselves for the past
year; which one would have con-
tributed most to the general well
fare of the people,?
Money was made to be used as
a circulating medium, not to be in
cold storage, and it is up to the
people to make such safe regulations
that Dare Money will not bolt the
track; and another point each one
of us, who is citizen of the United
States, should mark down and
remember fully, that ours is gov
ment, both federal and state, by
the people, not by few, except
when through our own individual
neglect and lack of interest, we
allow a few to usurp our rights,
and that the US. legislature are
merely the servants of each indi-
vidual citizen, elected to do the will
of the people during the new year;
I e.