Monroe City Democrat. (Monroe City, Mo.) 1888-1919, 1908-08-13
BRYAN AND THE BANKS
Advocates Measures For the Protec-
tion of Depositors One Plank
to Democratic Platform.

Oiyuh oIISuSIH, anu lndl 10 ITO
promise to have the banks guaran-
tee their depositors. 1t is the most
foolish thing in the world for the
banks to fight this measure, because
all the expenses of doing business
are in the end borne by the business
community and are not paid by the
banks. This slight tax of one TWEEN
ty-fourth of one per cent, which is |
all that is necessary to protect the
depositors, would be repaid many
times over in the increased depos-
its. Probably every bank in the
country, loses rs per cent in abso-
lutte cash by people who hide it in
old stockings, under carpets, in
mattresses and other receptacleS.
All the effort of a bank is to try and
draw this money from its hiding
place. To this end they publish
their statements. They show how
strong they are by the confidence
which the public reposes in them.
Now, how foolish it is for them to
refuse to adopt a measure that will
increase this confidence and add
enormously to their resources while
it decreases their liability in case
of a panic. t...
Bryan in drawing up the Denver
platform, incorporated this measure
as one of the planks. He was in
duced to do this by the success of
experiments in Oklahoma. In fact,
the nervous energy of that state
early manifested itself in managing
the convention and in debating the
railroad expressions in the plat
form. The Oklahoma men could
come to the work with a feeling
that they had been. Bold enough to
adopt this protection in their state,
and that the effect had : been sol
great as to surpass all expectations.
1t was therefore with the assurance
of victory that they persuaded Bfy-
an to adopt it.
This measure is founded upon
good sense. AS we have often
shown. the banker is the great Dor
rover in the community. 1t is the
height of absurdity' for him to de-
mand security for all the money he
loans and to refuse to give it on
the money he borrows. 1t is sim
ply a matter of pride with him, and
yet, if he would but look at it in
the proper light, it is his greatest
protection. He insists that it will
lead to reckless banking, but no
banking can be more reckless than
that which we have seen practiced
in the last few years by such men
as John R. Walsh, of Chicago. He
deliberately violated every regula-
IHion designed to protect his custo-
mers. He borrowed money out of
his own bank and put in memoran-
dunn notes in a way that is express
ly forbidden by law. Every banker
in Chicago knew that he was doing
it. 1t they had been interested in
protecting his depositors, they
would have put stop to his per-
formances long before they did.
Ultimately. they had come to his.
relief If they had not done so, d
panic would have been precipitated
that would have swept them all of
the face of the earth. Even now
they say it would have been better
for them if they had come to his
relief sooner and not forced him to
close his bank. This, too, was a
question of sentiment. Walsh in
his day of prosperity had been die
torial. arrogant, naughty and des-
potic, Perhaps it was not in hui
man nature to resist the tamnta.