The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-03-07
Mr.. Bryan on Finance.

delivered a remarkable address the subject of
finance and currency Seven hundred guests of the
club were assembled and among them were many of
the bankers and fnanciers of New York and other
cities. Among them were Lyman J. Cage former
Secretary of the Treasury, Victor Morawetz and
Andrew Carnegie and the president of the First
National Bank of New York City, Mr. Baker The
speech entire was choice contribution to an inpor-
tant issue. The Scmitar has space for only por-
ton of 1.-THE portion relating to guaranteed de-
posits-Mr. Bryan saying
What we need, [ think, even more that an increase
in currency is confidence. Think of it Gap
plause) | am now the evangel of confidence. [ am
now the advance agent" of confidence. If we can
bring money from hiding and boarding and get it
into the banks, the banks will have money to
loan than possibly furnish them by any emer-
gency currency What we need today is to restore
confidence in the depoSltorS. John Wanamaker
quoted as SAYING not entirely rely what the
newspapers say-but he quoted saying that
billion dollars hidden under carpets. The
government only loaned the banks about $50 million
dollars and if Mr.. Wannamaker is right have four
times as much in hiding. The Postmaster general
in recommending postal savings bank, says that
sending out many millions every year to be de-
POSTED in government banks in Europe, by people
who not willing to trust our banks The people
of this country being driven to the postal savings
bank because they need place to deposit their money
where they get it when they want it. Some of
you have thought me very anxious to enlarge the
work of the government. [ have never insisted that
the government should undertake any business that
could be done satisfactorily by the individual I
believe in individualism [ want the individual to
have the largest possible sphere of action
And only where it is impossible for the individual
to act, or unsafe for the community that he should
act, have suggested that the government should act
have believed for years that if the banks did not
allow the banking to be made safe they would drive
the country to the postal savings bank. would
rather have the banking done by the bankers than
by the government. (App1ause) I am in favor of
the postal savings bank, but postal savings bank is
only alternative to be selected if not get
the security that the people demand
And today, the greatest need we have is legislation
that will make people feel that when they deposit
money in the banks they go and get it when
ever they want it, the stringency that has spread
over this country in night has taught the people
the necessity for this protection.
They tell us that the ti1nidity which people have
manifested is not justified. That is generally true
but I that in the west there is no reason
able excuse for this timidity (Laughter.) Our
crops have been bountiful Our prices have been
good; Our people have money; they fill the banks
with their money, and there much that they
sent large part of it down here to New York to be
invested, and they have been waiting, waiting, wait
ing for its return. Oaughter.) Our banks
good and yet my friends, when bank suspends
payment on checks you need not be surprised if
the ultratimid become alarmed and want to get their
money out Qaughter) If | were banker [
would not be proud of system that had to run r1v-
airy with carpet safety deposit vault and have
the carpet perferred in times of stress. Laughter
man does not hide money under a carpet if he
can find any safer place. Oaughter.) [ repeat
that what we need today is to make the bank safe
You may laugh down here in New York, but in
Okahoma-you call it wild western state-the first
thing they did was to pass law to guarantee bank
deposits How did they do it? They authorized a
banking board to collect assessment on the 18th
of this month off per cent the deposits OF the
banks. I think it is higher than necessary: one
half of per cent would have been enough, even
fourth of per cent would have been sufficient
but they said one per cent and they empowered the
board to at any time and to any extent neces-