The Detroit times., 1908-09-23

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drawn from hfdfug ard hoer1
and put into the banks ana
by the people Il would mu<A
sen the need or ~ emsfgency -
rency. u, ,.
And yet wnflsgfhs Rpsblieen
leaders did not have time % ~
tect 100000 OF depositorss ~
did have time to provide an emeI
gency currency at the demand ok
the spectators OF Walist.r "a
Now, want TO present sug-
gestion In regard to security. Inc
national bank has to put up bonas
before II can get money from the
national governments ana ,ete2
bank has to put up security pc
fore IL can get money rom the
state or county or city or village,
and We insist that II these banks
are not safe enough for the gov
eminent and the states and the
cities and the counties TO deposit "
without additional security, tnat
the poor man and the poor woman
ought not TO be compelled to take :
chances on a bank failure.
Answers Objection.
"One argument that IL made
against the system Is that X ~
had all banks secured, then q new
bank would start up across the
street for an old and CONSERVATIVES
ly-managed bank and by Offering
a higher rate OF interest than tho
old bank, would draw the deposits
away from tho old bank. That. ~.
very easily. answered. 1t would =
not be fair for new bank to take
advantage OF the security given
by the other banks TO pay high
er rate OF interest than they could
afford TO pay. and 80 down in
Oklahoma they already have
rule that prohibits the paying Of
more tain fixed rate by the
banks which enjoy the guarantees.
And the experience In Oklahoma
has been that the guaranteeing
banks were drawing money from
those unsecured until the unse-
cured ones had to offer a higher
rate OF interest than the secured
banks were permitted to pay.
They say that we will have reck-
less banking IL we have this plan.
deny it. Under this plan, there
will be no excuse for recklessness,
: no inducement TO recklessness,
for under this plan the stockhold-
ers OF bank will lose evety thing
and 100 per cent penalty -besfdes :
before the entire bank can lose
anything on account OF that
banks failure.
But oru point is this: Occa-
sionally they put man in a bank
who is willing to commit crime
in order to use the banks money.
The deposition is not responsible y
for that mans appointment. The
depositor cannot put him out, and
we believe that the depositor
should not be made to suffer from
the criminal carelessness or crime
OF an official or a director.
Democracy for the Masses.
"But. my friends. I have only
called attention to these questions
briefly, recognizing that it is i'm
possible to discuss all these ques-
lions In a single evening and dis
cuss them with elaboration. I
want to remind you now that
there Is consistency that runs
through these questions. l want
to remind you that our party on
all OF these questions is seeking
to protect the rights and guard
the interests OF the average man.
The Democratic party insists that
h4
by the refinement -happiness
OF a few, but by the prosperity
and by the progress of the mass,
and in our platform presented
an ideal toward which our party
has striven am in harmony
with that ideal
And | am glad. my friends. as
the representative of my party
to present these things to you and
ask you TO consider them. | owe
my nomination not to president,
but to the voluntary acts OF the
millions OF the Democratic party.
who went to the primary and
made the selection themselves.
IF | am elected | shall owe
my election to the unpurchased
SURFACES OF the American people.
II enter that office, il will be for
four years and no longer. II
am elected shall enter the office
pledged to nobody but the people.
and for four years | will devote
every energy I possess, ~ the 'fe-
storation OF government. In y
which the people will rule and
under which every citizen shall
be rewarded in proportion to the
merit and the service that he rem