Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-09-09
Shaw and Cannon Vent
Feelings Upon Bryan
and Democrats.
TRY TO BE REAL MEAN
0ecry Bank Deposit Guarantee
Plan as Espoused by
Opposition.

Springfield ILL.,, Sept. 9.-The repub-
licans of Illinois met here today in
state convention and nominated four
trustees of the University of Illinois.
selected presidential electors and
adopted a platform. Roy o. West,
chairman of the state central commit
tee, called the convention TO order at
10 o'clock in the state arsenal and in
troduced Joseph G. Cannon.
The convention was not as largely
attended as in former years becatlse
there were no contests of any conse-
quence. for the primary election held
Aug. determined the candidates for
state offices. The convention was
more of harmony meeting and ef-
forts were made to smooth over the
feeling engendered during the recent
primary election.
Pleads for Harmony.
Cannon urged that all differences be
forgotten and that there be unity and
harmony all along the line and that
everybody work for the success of the
state and national tickets. Leslie NJ.
Shaw also made an address. His
speech dealt mostly with national is
sues. Senator Hopkins, Governor De-
lneen ana, the republican congressman
fpreseiff At also made isshoit addresses.
Touches on Panic.
Shaw touched on the financial crisis
| of last year Since the panic the
question of remedial legislation has
been the all-absorbing. Bryan again
seems to have studied sentiment and
popular prejudice instead of condi-
tions. He has rushed in, as is his
custom, where statesmen fear to tread.
He promises in his platform the ere
alton of fund for the relief of de-
positors in failed and failing institu-
| tions. national and state.
Must BE Available EARLY.
"The fund for the relief of deposit
ors to be of any value must be avail
| able when the-panic is at its height.
] Those in charge of such a fund would
find it advisable to respond in some
measure before the bank actually
closed its doors or it would be COM
PEELED to respond in full measure i'm
mediately after the suspension.
Did Not Lose Penny.
| Trust companies of New York
alone lost in deposits $500, 100000 in
40 days, yet no depositor has or will
lose a penny, and no stockholder will
realize less than par for his stock.
1t would have required $780, 900
to have safeguarded the banks of New
New York City alone and at least
$500. .000.0 for the entire country dur
| ing the panic of last year. for with
fund created by assessment and under
government control. directors would
never sacrifice their individual for
tunes as they did last winter to save
their institutions They would throw
the responsibility for suspension and
widespread disaster upon the govern
lment.
| Must Face Consequences.
Let the government assume such
responsibility and the government
will be called upon to make good 1t
might well be understood the. govern
ment will have to keap out of the
| banking business or race the cOnSe-
quences of banking
Addresses Questions to Party.
Does the democratic party intend
to draw s500.000,0 900 from the channels
of trade and lock it UP against day
of disaster. which comes once in 10
or Is years. or do they propose that
this guarantee fund shall be invested
and securities sold in the hour OF
calamity? If SO, to whom shall they
be sold? Their sale would be in very
nature of the case create a demand
: upon the banks exactly equal to thu
relief afforded.
II From Pocket to Pocket.
'You can never extricate yoursel
from financial straits by changing tn
insufficient money you happen to hav
from one pocket to another
y Nor is this all. Banks never fa
3 except when unable to realize o
loans they have made. II the bank
= of the country could have collecte
their loans and realized on their $,
curities there would have been a
CONTINUED on Page. six.,