The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-08-28

TOPEKA. Kas., Aug. 2S.-Wm. Jen
nings Bryan argued for a bank deposit
guaranty law before an immense
crowd at the Auditorium, last evening
Prior to his main address. he had de
livered three other speeches-twC
from the hotel veranda and the third
at Garfield park. where ne attended q
picnic OF the Knights of Pythias.
Here are some of the telling points
made by Mr.. Bryan in his principal
address:
why not make the depostor secure
The United states government requires
the deposit or spectrC security wtrrtr +
entrnsts money TO national bank, al
-++e++s +t-e-t ~ -Il3alnAa-ihe bank Al any
time; the state requires security when
II deposits money in "a bank. the eoun-
~ requires security and the city re-
.auires security even the banks Lequlrc
security from the officials Who handle
money. why should the deposition be
left 10 take chances
Not only Is the depositor without
protection. but the security given 10
nation. state, county and city lessons
his security. They are preferred cred
itors: they have a mortgage on the gilt
edged assets and the deposition must
get along as best he can with what re-
mains. Why are the interests or ds-
positors thus neglected?
A bank asks deposits on the theory
that the deposition is sure of the return
of his money and the laws ought TO
make the facts conform TO the theory.
The deposition. the community and the
banker himself will be benefited by leg =
islation which Will give To every de-
position the assurance that that which
is committed to the keeping or the
bank will he available to meet mis-
needs at any time Such is not the
case today. for while all banks are rea =
sohably secure. they are not absolute
~ SO.
Confess B.nks Insecure.
National bankers confess that their
banks are not secure when they oppose
the guaranty of state banks on the
ground that IL would lessen the de-
posts in national banks; and state
bankers confess that their banks are
not secure when they oppose ma :
tional guaranty system on the ground
that II will draw deposits away frol1
state banks IL you want To nnd
whether banks are absolutely secure,
ask the directors to give YOU their per-
sonal note To secure your deposit ana
YOU VIII learn that they VIII not bear
the risk which they ask you 10 bear.
For many years efforts have been
made in congress and in the various
states to secure a law guaranteeing de-
posts, but the influence of the great
banking institutions has been sufficient
TO prevent action. Last fall. however,
suspended payments on checks. the uc-
positors were everywhere brought To a
realization OF the fact that their dc
-pcsils are In fact loans payable nt-ea-
mand under ordinary circumstances.
but payable at the viii of the bank In
emergencies. The depostors suffered a
considerable loss during the suspension
OF payments. and they have not forgot
n ter the lessen which they then learned,
The Democratic party, being more free
than the Republican party to respond
To the needs of the masses of the poo
pie. inserted the following plank In It's
national platform:
1--WE pledge ourselves to Legislation
by which the national banks shall be
required TO establish a guaranty fund
for the prompt payment Of the depos-
itors Of any insolvcnt national bank,
under an equitable system which shall
he available to all state banking insti-
tutions wishing TO use IT,"
Oklahoma's Test.
This principle has been applied in
Oklahoma and the results have been
very satisfactory. The average annual
loss to depositors in national BANKS
during the last 40 years has been less
than tenth of / per cent OF the
deposits and the loss to the fund in
CONTINUED on Pnge sevcn.)
Busfness-Iikc Printing. 80 fuss and
no feathers. TIE plain, neat kind. that
looks right. Times Printing Co. Is
John R.-st Phone ;t9s.