Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-07-29

of the present congress permitting the
issue Of additional emergency bank
notes, and iusuring their withdrawal
when the emergency has passed by IA
high rate OF taxation. II is drawn in
conformity with the present system Of
bank note currency but varies from 1t
in certain respects by authorizing the
use of commercial paper and bonds
of good credit, as well as United
States bonds. as security FOR its re-
demption It Is expressly but "A tenn
porary measure and contains a pro-
vision for the appointment of a cur
rency commission to devise and rec
ommend a new and reformed system
of currency.
Postal savings Bank and It's Adj
v%antagcs.
In addition 10 this. the republican
platform recommends the adoption of
a postal savings bank system In which,
OF course. the government would be-
come responsible to the depositors for
the payment OF principal and interest.
1t is thought that the government
guaranty win bring out of boarding
places much money which may be
turned into wealth producing capital.
and that it will be a great incentive
fer thrift in the many small places
in the country having now no say
ings bank facilities which are reach
ed by the postoffice department
The system OF postal savings banks
has been tried i'm so many countries
successfully that it can not be regard
ed longer as a new and untried expert
ment.
Objections to Democratic Proposal To
Enforce Insurance of Bank Deposits.
The democratic platform recon-
mends a tax upon national banks andl
upon such state banks as may come in,
In the nature of enforced Insurance TO
raise a guaranty fund to pay the de-
positorS of any bank which fails. a.
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 the prom
ises Of the platform. II they come in
under such a system, they must neccs-
sarily he brought within the closest
national control, and SO they must
really cease to he state banks and be-
come national banks.
The proposition Is to tax the honest
ftN AA'AANAA NAh'h ~ NN vi go
the dishonesty and imprudencc Of
others. If the proposal were adopted
exactly as the democratic platform
suggests. it would bring the whole
banking system of the country down
in ruin, and this proposal is itself an
excellent Illustration Of the fitness for
national control of a party which viii
commit itself to a scheme OF this ma
t.Y.L t.4tl...t H. -TF-ftaat .A... 80 81.
spousibility for the practical operation
of the law proposed.
Postal Savings Banks Much To Re
Preferred.
The democratic party announces it's
adhesion to this plan and only rec
ommends the tried system Of postal
savings banks as an alternative If the
new experimental panacca is not avail
able. Tho republican party prefers the
postal savings bank as one tried. safe
and known 10 be effective. and as
reaching many more people now with
out banking facilities han the new
system proposed.
Voluntary Plan for Guaranty.
A plan for a guaranty of deposits
by the voluntary act of the banks in
vowed has been favorably reported to
the house of representatives. This Is.
Of course, entirely different from the
scheme In the democratic platform,
emitting as It does, the features of
compulsory participation and govern
mental guaranty. This proposition
will unquestionably receive the
thoughtful consideration of the ma
tiona monetary commission.
tB...ITt.. g.ts.sa. ~. - n...n.I,..
Cies.
The republican party has pursued
consistently the policy originally
adopted with respect to the de%pendeu
cies which came to as as the result Of
the Spanish war.
Veterans of CountrN's Wars.
Both platforms declare, as they
should. Ia favor of generous pensions
the veterans of the civil and Span
ish wars. / stop to note the presence
here of "A body Of veterans of Ohio
and to express my tnanKs Tor the hon
they do me in coming. I am lack
ing i'm one qualification of an republic
can presidents since Lincoln. that of
been exposed 70 danger and
death on the field Of battle in defense
Of u country. | hope that this lack
Will not make the veterans think am
less deeply thrilled by the memory of
their great comrades gone before
Grant. Hayes, Garfield. Harrison and
Mckinley, an sons of Ohio, who left
records rejecting glory upon their
and station. or that my sympa- &
.hies with the valor and courage and
patriotism of those who faced death 7
the country's c~risises are less {
and sincere tlau tncy would ,
be- had / the right to wear a button q
the Grand Army or of the veteran G
association OF any of our country's
y
rlIc Rights and Progress of the Nrgr"
The republican platform refers to
hese amendments 10 the constitu- a
that were passed boy the republic 3
IAN party for the protection OF tho "a
The negro. Ia the forty ycarsJ {