New-York tribune., 1908-08-24
4 CAMPAIGN DANGER
WARNING NOTE SOUNDED.
and OUerconfdence To Be
Feared, Says Mr.. Meyer.
rpv 1.lex-anh to The T11bune. !


ditions to-day, sounded q note of warning, the
same which was referred to In these dispatches
several DAYS ago. General apathy and over
confidence according to Mr.. Meyer, are the
things most to be feared In the coming earn
paign and election and he describes them as
great danger
There appears to exist a prevailing sentiment
in the East that Republican success IN the
coming election is a foregone conclusion" said
Mr. Meyer ''and that in itself is a grave dan
ger for there thousands of voters in every
state who will not come to the polls unless they
feel that their votes are actually needed. IL
popular interest is not sufficiently aroused ana
the people are not made to realize the impor-
tance of the coming election several states may
be lost by default
Asked if he believed Mr.. Bryan's claim to the
fatherhood of the policies which have charac-
terized the present administration and to when
Mr. Taft stands pledged would deceive many
persons Mr.. Meyer said: ''Of course, MI Bryan
has sought TO create the impression that fresl-
dent Roosevelt and his party have stolen Bryan
policies but intelligent persons know better.
American voters are not easily deceived. Why,
look at Bryans record! He is identihed with
free silver which means the dishonest DOLLAR
a policy of reputation of national debts ana
obIigations: with anti-imperialism and with
Roosevelt has never advocated free silver He
has ALWAYS believed IN the honest dollar Ger
tainly no one would ever accuse the president
or Mr Taft of anti-imperialistic tendencies;
and both have been most emphatically opposed
to government ownership of railways, Whlch Is
a radically different thing from such tederal
supervision is necessary to secure absolute
justice to all. 1t is only natural for MT Bryan
absolutely without definite policies within his
own party, TO seek to appropriate those of the
Republican administration and platform
A PANACEA FOR PANICs.
What of the Democratic advocacy Of the gov
ernment guarantee of deposits In national
banks?'
THAT is Democratic short cut. a sort or
Bryanistic panacee for panics- The guarah-
feeling OF deposits IN national banks at hrst
glance is plausible for It appears TO be sort OF
insurance Insurance, however is contract
whereby one party voluntarily pays to anotner q
fixed sum for indemnity against loss not 10 e&-
ceed fixed amount. Tie Bryan proposition
would compel the banks to pay some unknown
sum for future losses OF unknown amounts, the
result of unknown risks over which the banks
yvouId exercise no control. This is what the
Democratic platform pledges the party to, with
a provision that the proposed law snaI De Inaoe
applicable to all state financial institutions
which desire to avail themselves OF its pro
visions. It is a chimercal proposition. incapable
of reconciliation with sound business principles
'sThe guaranteeing Of the deposits in all the
national banks would mean nothing less than
compelling conservatively and honestly man
aged banks TO pay the losses and debts of those
which were badly and dishonesty managed.
Under such law It would be impossible TO pre-
vent not prescriptions bank officials from
securing an unwarranted share Of deposits by
offering excessive interest or accepting doubtful
collateral, while they pointed TO the fact that
the depositor could lose nothing because OF the
federal guarantee. OF course, bank so con-
Quoted would be compelled to take unwarranted
risks in order to make profit. and then If loss
occurred the more conservative banks would be
compelled TO make 1t good. Such a scheme. IL
temporarily successful. would inevitably increase
speculation, which is already Of the evils Of
the present day. and such wildcat schemes and
high finance as precipitated the last financial
stringency would flourish under il.
The Democratic proposition would revolu-
tionize the methods Of banking. state banks and
financial institutions would be compelled TO avail
themselves Of the law, which would prove
Injustice TO the stockholders in national banks
who are already subject to double liabilities for
deposits, which is not true OF state banks.
WOULD WORK GREAT INJUSTICE.
And then the greatest injustice would he
worked to savings banks, whose deposits amount
to about S3 800 100000 What greater injustice
could be conceived than that these deposits
which represent the savings of wage earners and
individuals Of moderate means should be made
TO pay for the losses Of mismanaged banks? In
New England and in New York there are no
stockholders in savings banks and all the money
earned is paid TO the depositors. Such scheme
in these states would, therefore. constitute di-
rect tax on the deposito-s, as it would directly
reduce their returns from their savings"
You believe. Mr.. Meyer, that postal savings
banks constitute a wiser and safer method of
protecting small depositors?"
Most assuredly. As MIR. Taft said in his
speech of acceptance: The Republican party
prefers the postal savings banks as a. method
tried safe and known to be effective and as
reaching many more people now without bank
ing facilities than the system proposed
In the postal savings bank, the government
guarantees the deposits because 1t has received
the deposits and so make itself responsible
for them. while they restored to the chan
nels OF trade by being deposited under ample
safeguards, with the national banks in the To-
caities where they have been brought to the
postoffice The fact is the system Of guaran
teeing deposits in all national banks. as nro-
posed in the Democratic platform, is long stem
toward socialism
GOVERNOR MAGOON ON CUBAN AFFAIRS.
Charles E. Magoon, the Provisional Governor
of Cuba. came to Hot Springs to-day to pay his
respects to his former chief, and incidentally
to consult him concerning certain details of the
transfer of the republic TO Cuban administra-
tion which is to be chosen at popular election
on November IA. While not definitely fixed il
is probable that the new President will be in
augurated on January q. and on February l
Governor Magoon and his suite viii leave the
island.