The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-09-29


Denver, Colo, Sept 2s.-The most i'm
portant discussion in the savings bank
section of the American Bankers as
ISOLATION occurred at the afternoon ses-
sion, when the questions of postal saw
fngs banks and the guaranty of bank
deposits were taken up. While it was
evident that the sentiment was prac-
tically unanimous against postal saw
ings banks and overwhelmingly against
the guaranty idea, a respectable minor
fty tried TO prevent action on the lat
ter question, contending that IL was
matter for the convention or all the
members Of the association TO decide
upon and not for single section.
One Speech in Favor.
John Schuette of Wisconsin was the
only speaker in favor of the guaranty
of bank deposits. He opposed the es-
Establishment of postal savings banks on
the ground that ii would establish 49,
OO0 banks in the country to compete
with the other banks of the country.
He favored the guaranty bank deposit
plan in order to avert the establish
ment of the postal savings banks, and
declared that the bankers of the coun-
try would have to face one or the 9TH
er of these issues.
Herrick's Resolution.
Former Governor Myron T. Herrick
of Ohio then offered the following res
olution:
Whereas, This savings bank section
of the American Bankers association
represents the savings of the people
OF the United States; and
Whereas. The record of these banks
for conservatism and stability and I'M
selfish devotion TO the interests of their
depositors is unparalleled in any coun-
try in the world; and
Whereas. The loss TO their deposit
ors has been so small as to be an alb
solutely negligible quantity, therefore
be il
Alleged Confiscation.
Resolved That, inasmuch as any
plan or scheme to make each of these
banks responsible by taxation or as
sessment for the acts of another, or to
connect them with the national bank
ing system. is economically unsound in
principle. cOnfiscatory in form and in
imical TO the best interests Of it's de-
positors, stockholders and borrowers, IL
would discourage individual initiative,
the best product Of the American mind
II is a specious form of paternalism
and Socialism. II would tend to en-
pansion of credit; therefore be it
Resolved. That we enter the most
solemn protest against enaction into
law either by states or the nation of
any principle so subverse to sound
economies and so revolutionary In char
acter''
Resolution Adopted.
After a heated debate C. r. Brecken-
ridge of Fort Smith, Ark, offered a
substitute 10 the effect that action on
the resolution be deferred until after
the question came up before the gen.
eral convention. This substitute was
voted down. 32 to 40, and Governor
Herricks resolution was then adopted
After a discussion OF postal savings
banks a motion was carried placing the
Sc wings bank section in opposition to
the establishment OF postal savings
banks and asking the support of the
American Bankers association in this
opposition.
Officers of Savings Bank Section.
]. II. johnson of Detroit was elected
president of the savings bank Sec
ton. and William Greer first vice
president. William Hanhart was re-
elected secretary by the executive COM
mittee. W. T. Ravenscrofr OF Dem
yer. A. w. tombstone of Schenectady, |