The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1908-02-06
GOOD MORNING, SIR

following letter.
GOOD MORNING, SIR"
Constituent: How are you? Well, /
am glad to see you are not smothered
under an avalanche of bills to cure fin
ancial ills. / feared that you would not
give me few minutes attention, and
might throw me into the waste basket.
| Representative: Yes, lhave been busy,
and must say that the many financial
bills, expansive, elastic and flexible,
were so slippery that could not get a
| firm hold on them, and so elastic and
tough that could not digest them and
| they made me sick.
Const. This is just what imagined.
1t can't be otherwise. You are in a
sitting atmosphere, surrounded only by
high tinanciers, hearing only the self
same story, without variation; that is
enough to make any one sick, and so l
thought to give you some clear, crisp,
| northwestern air which might be re-
freshing to you and give you relief.
Rep: Very kind of you. Well, how
are all the folks at home? l suppose
the financial affairs are adjusting them
selves to normal condition again.
ConSt Yes, they are, slowly. AS to
the folks at home, they sympathize
with you, they realize your position,
they know you will gladly carry out
their wishes if you know what these are,
and they thought it would be best for
me to tell you, that at least ninety. five
per cent Of your constituents would like
you to labor and vote for the DdridSOn
Deposit Bill. BY this you will endear
yourself with the voters more than by
anything else you can do. This is quite
natural, rs there is hardly family
which has not at one time or another,
lost by 81 failed bank. They insure
themselves against most any other kind
of loss, but they can't insure their
money in the bank, or at home. You
can readily see how such insurance
would relieve the people of their most
harmful worries.
Rep: Yes, see this plan is coming
into favor. | cannot find much relief
in any of the bills aiming to increase our
currency | believe we have enough of
it if it can be kept in circulation, and
not boarded.
COnSt: Just so, feel sure that an elias
tic currency will be stretched at times
to the breaking point, aud at other times
shrink to nothingness. Nearly all the
bills proposed will draw the suspicion,
even if wrongly, that such proposed leg
islation favors corporations, which
would be most unpopular in these times,
and all supporting such measures would
commit political suicide.
Rep: | think that is correct. But
why not have Postal Savings Banks in
which the people would have absolute
confidence as a safe depository?
ConSt: This would apply only to a
limited number, and to small amounts,
aud would exclude all others. 1t would
create over eighteen thousand new gov.
eminent banks, a difficult intricate sys.
tenn for the government to control. 1t
would draw the money from certain To-
calities, or if redeposited in banks of
such localities, would be subject to loss.
They would pay the people a less rate of
interest than other b nks and would
not prevent bank runs.
Rep: Then why not let each state
protect its own people?
COnSt, This would require forty five
different laws, enacted at different times
would not be as safe and would be more
expensive
Rep. Why not let each bank insure
its depositorr which am told can be
done2
ConSt: Because this would cost the
banks over three times as much Ms the
DaeidS0n pidH, and would not inspire
the contidenc, so essential Now what
next?
Rep: Well confess | am pumped
dry. don't know. How can l when
the bankers don't know and can't agree
on a certain plan, | am really at sea.
and wish all the financial rubbish were
Mt the bottom of it. l must recuperate
and wait for something to turn up.
COHSt. Wait for what, another at
tack If the gripl Haven't we had o
uough Of this, and often enough, so that
we are enabled TO determine the cause
and effect, and the remedy We know
the cause is fear, and the remedy to re.
move fear is to instil confidence and in
sure everyone against possible loss The
simplest cure on earth Just think of
the manifold benefits the insurance of
deposits would effect 1t would he the
most popular act ever passed by any
congress No class legislation, but pro
tecting all alike; it would eliminate
bank runs business distdrbances-tin-
ancial worries and save the govern.
ment from going deeper into the bank
ing business 1t would remove the ak.
listing prejudice against bankers, ingra
tiate them in the hearts of our people,
revive the old saying, as good rs a
bank, and create banking system su.
perior to any.on earth. Why not pass
such an act? You can do it easily.