The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-10-09

the Democratic party prefers the guar,
ati,eed pank because II Is better for the
! oepositor and better for the banker-it
! gives the depositor the security which he
needs and yet leaves the banking busi-
ness In the hands of the banks But the
re n platform declares for "a pos
} tai savings bank II the guaranteed bank
can not be secured" and in November
more than ninety per cent of the voters
Viii 20 by IN their ballots demand either the
ssaaLaht S bank or the postal savings
carrying out OF this dcmand7
me republican platform does not go
INTO detail but 1t is fair to assume that
the postal savings bank plank is intend
ed as an Endorsement OF the postal saw
ings bank system proposed by the Presi-
aent ana reimbursement. Under this
p ie ne the federal government would In
yite the deposit OF savings. limit
being placed upon the amount that
each person or each family could de.
post Aecordin,g to this plan. the BUSH
ness man would not be protected, for
he uses n checking account instead OF a
savings account; but no one can doubt
mat the successful operation OF n gov
eminent savings bank would ultimately
lead TO an extension OF the plan until the
government bank would include the or
binary checking account and be open
to deposits without limit. 1t would mean
a long contest between the depositors
ana the bankers, but contest which
must IN the end be decided on the side
OF the deposttors, The bank must de-
a
| postal savings bank which, in the alb
sence Of the guaranteed bank, viii grow
nnti IT absorbs the banking business,
! or preserve the present system OF hank
Ing by giving to the people, through n
! guaranty law, the protection which they
must otherwise find In government
! bank.
The Democratic plan, therefore. con-
templates less radical charge than the
l Republican plan In his notification
speech Mr.. Taft charged the Democrats
with icing socialistic In some of their
remedies. The charge was not well
founded, but / might reply by charging
MN with advocating an unnecessary ex-
tension or the governments sphere OF
| activity IN the establishment Of the pos
tal savings bank. when the guaranteed
Z hhnk would answer the same purpose
without any considerable increase In the
number OF government employees | would
rather see the banks attend 10 the bank
| ing business than to have II transferred
70 ne government and because / prefer
To nave the banking business done by
lhe banks rather than by the govern
ment. ] urge the guaranty Of deposits
as the easiest solution for our difficulties
mere are only 90 900 banks, while there
Hic lb,UJ,Uoy depOsltors, and | do not
hesitate to declare that in a conflict be-
tween the two. the depositors have n
nilor claim TO considerations. II we es-
innate the average number OF stock-
holders OF each bank at seventy-dve-
ana that Is n liberal estlmate-the total
number OF stockholders would only be a
as there are deposltors. The stockhoId-
cr IS not compelled to buy stock, while
,hr depositor Is compelled to use the
banks, both for hts own sake and fnr
the sake of the community, for only bv
using the banks can he keep his money
part OF the circulating medium. The
g E,on ,eat Gay law; therefore, brings the
wei as those who have the greater
equity upon their side
There Is another reason why the claim
N Ia 10 V,s.rH...
of the stakeholder. The stockhoider ms
II voice IN the selection OF the bank
OFFICIALS; the deposltor has not II any
t,nS must lose, therefore, rs the result Of
etockholder rather than the depositor
ana, venture to ask, II the bankers
VIII not trust each other, why should
banks? ~ Va"
We are fortunate, however. in that we
are not compelled to choose between
me stakeholder for, as has been shown
before; the plan which we propose not
o PIE, does does justice to both, but brings
I hbHeu mag to both More than that
Dahker-and 1t Is his only protection
lgalnst the establishment of a govern
l n,oi,,, Dank with Indefinite encroach-
ne guaranteed bank established govern
mem savings banks would only be needed
n the towns and villages where there
mere is another advantage which the
iHarahty OF deposItors brings to the
, "a protects the reserves deposited
n other banks. During the manic Iast
all the reserves caused the most OF the
roIple. The small banks wanted 10
'ithufaw their reserves from the city
'anhs, ana the big banks in the cities
we're not prepared to meet the strain,
' I'm deposits guaranteed, there would
e no runs on local banks and no sud
en- withdrawal Of reserves
hut
l Kansas as the most appropriate place
or the delivery of speech uuun this
hblgct, because your neighbor upon IN.
putin Inr mas been pioneer In this reform.
itl l'lal, hS you know, has been such n
lgnal success that deposits have been
ru"I across the line from your state
no oklahoma The alarm caused by
ms M, INVASION OF your banking territory
iusSu your governor to include in his
NJ Tor q special session a recommenda
on Oh the passage Of a law similar 10
ire not 0i oSS nann When the legIsla-
.rse banks was sufficient to prevent
if needed legislation and your state
"a suiers' Inc people of Kansas have
~ an OBJECT lesson they know the
ecessity for law guaranteeing depoa-
:; ihey nave seen its benefcent re.
us IN sister state; they have seen
-S-four national banks taking odven-
ge OF the state system and reaping n
en- reward l have made inquiry and
~ mat many Kansas bankers favor
Va u guaranty Systpm-threp-
ufths OF those who have replied have
ciared for the guaranteed bank They
we heard the echo of the blow thnt
Is been struck at the national banks
oklahoma by the attorney generaTs
ing. which denies to such banks the
sht TO share In the beneflts of the
ate guaranty system-that echo being
9 surrender of charters by natIonni
hks which prefer to become stat
hks rather than surrender the Dement'S
the guaranty system. Four national
fiks nave surrendered their chartera
q are now conducted as state banks
lile sixteen more have applied for
tie charters Your people have also
IN now the influence OF a few big
nks, concentrated upon a Legislatures
n defeat the wishes of the smaller
hks ana the desire CT the depositors
over the state.
submit that In this effort to make nil
lks secure. the Democratic party il
champion of the farmer the labor.
man, the business man, the profes-
MAJ man, the champion OF the banker
Wen. NO class Is outside OF the bene-
OF this law. for 1t bestows its bless
Is upon all.
WY has the Republican party been an
OK to respond to the demands OF Wall