Arizona republican., 1908-07-29


 street banks.
 The system of the postal savings bank has been tried in so many countries successfully that it cannot be regarded longer as a new and un- tried experiment.
 GUARANTY OF BANK DEPOSITS.
 The democratic platform recom- mends a tax upon national banks and upon such state banks as may come in, in the nature of enforced insurance, to raise a guaranty fund to pay the depositors of any bank which fails. How state banks can be included in such a scheme under the constitution is left in the twilight zone of states rights and federalism. so frequently dimming the meaning and purpose of promises of platform. If they come in under such a system they must necessarily be brought within the closest national control and so they must really cease to be state banks and become national banks. The proposition is to tax the honest and prudent banks to make up for the dishonesty and i'm prudence of others. No one can foresee the burden which would be imposed upon the sound and con servative bankers of the country by this obligation to make good the losses caused by the reckless, specu- lative and dishonest men who would be enabled to secure deposits under such a system on the fare of the proposed insurance. In it's present shape the proposal would remove all safeguards against recklessness in banking and the chief. and in the end probably the only benefit would accrue to the speculatOr who would be delighted to enter the banking business when it was certain that he could enjoy any profit that would accrue while the risk would have to be assumed by his honest and hard working fellows. In short, the pro pOsal is impracticable unless it is to be accompanied by a complete revO- lution in our banking system with a supervision so close as to practically create a government bank. If the proposal were adopted exactly as the democratic platform suggests, it would bring the whole banking sys- tenn of the country down to ruin. The proposal is in itself an excel lent illustration of the fitness for national control, of a party which will commit itself to a scheme of this kind, without a sense of re- sponsibility as to it's practical oper- ation.
 The democratic party announces it's adhesion to this plan and only recommends the tried system of pos .. ,lf if the new experimental panacca is not available. The republican party prefers the postal savings banke as one of the tried, safe and known to be effective, and as reaching many more people now without banking facilities than any other system.
 VOLUNTARY PLAN FOR GUAR
 ANTY.
 plan for a guaranty of deposits by the voluntary act of banks in volved has been favorably reported to the house of representatives. This is, of course, entirely different from the scheme in the democratic plat form, emitting as it does, the feature of compulsory participation and gov ernmental guaranty. This proposition will unquestionably receive the thoughtful consideration of the na- tionaI monetary commission.
 REPUBLICAN POLICIES IN THE
 DEPENDENCIES.
 The republican party has pursued consistently the policy originally adop- ted with respect to the dependencies which came to us as the result of the Spanish-American war.
 PORTO RICO.
 The material prosperity of Porto Rico and the progress of it's inhabi- tants towards better conditions in respect to comfort of living and ed ucation should make every American proud that this nation has been an efficient instrument in bringing hap piness to a million people.
 CUBA.
 In Cuba the provisional govern ment established in order to prevent a bloody revolution has so admins tered afafirs and initiated the nee essarv laws as to make it possible to turn hack the island to the law fully elected officers of the republic in February next.
 PHILIPPINES. In the PnlllpplneS the experiment. of a national assembly has justified itself both as an assistance in the government of the islands, as an ed ucation in the practice of self-gov- ernment of the people of the islands We have established a government with effective and honest executive departments and a clean and fear less administration of justice; we have created and are maintaining comprehensive school system which is educating the youth of the islands in English and in industrial branch es; we have constructed great gov ernment public works, roads and harbors; we have induced the pri- vate construction of 500 miles of railroad; we have pOliced the islands f so that their condition as to law and order is better now than 1t has ever been in their history It is quite unlikely that the peo- ple because of the dense ignorance of 90 per cent will be ready for complete self government and in dependence before two generations have passed. but the policy of in creasing partial self government step by step as the people shall show themselves fit for it should be con- tined.
 CHAOS PROPOSED.