The Detroit times., 1908-09-23

because tho men VINO oon1 the
money abroad did not have sum
Client faith In the banks OF this
country.
Dvery time e,pan1c approaches
people begin to dSaw money out
Of the banks. If there 10 q rumoP
that q bank n shaky, the deposit
ors immediately 90 and shake tho
bank And BY running to 1t they
sometimes destroy the solvency
OF q bank that would be good II
II wsse allowed 10 uQuidats In the
ordinary Wv. Ono man said last
fan that q billion dollars were
hidden under carpets. We know
thak there ID . large sum, and we
believe that II that sum could be
drawn from hiding and boarding
and put into the banks and used
by the people It would much les
sen the need Of an emergency cur
rency.
And yet while the Republican
leaders did not have time to pro-
tect 100000 Of depositors, they
did have time to provide an emer-
gency currency at the demand OF
tho spectators of Wall-st.
Now, want to present a sug-
gestion In regard to security. The
national bank has To put up bonds
before It can get money from the
national government, and every
bank has to put up security be-
fore 1t can get money from 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 In
without additional security, that
the poor man and the poor woman
ought not to be compelled to take
chances on bank failure.
Answers Objection.
One argument that is made
against the system is that II we
had all banks secured. then a new
bank would start up across the
street for an old and conservative
ly-managed bank and by offering
a higher rate OF interest than the
old bank, would draw the deposits
away from the old bank. That Is
very easily answered. 1t would
not be fair for a new bank to take
advantage OF the security given
by the other banks to pay a 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 than a fixed rate by the
banks which enjoy the guarantee.
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 higher
rate OF interest than the secured
banks were permitted to pay.
They say that we will have reck-
less banking II we have this plan.
deny 1t. Under this plan. there
will be no excuse for recklessness,
no inducement to recklessness.
for under this plan the stockhold-
ers of a bank will lose everything
and 100 per cent penalty besides
before the entire bank can lose
anything on account OF that
banks failure.
But our point Is this: Occa-
sionally they put man In bank
who Ia willing to commit a crime
In order to use the banks money.
The depositor IL NOT Responsible
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 director.
Democracy for the Masses
But, my friends. I have only
called attention to these questions
briefly, recognizing that 1t Is Inn
possible to discuss all these ques-
tons In a single evening and dis
cuss them with elaboration. /
want to remind you now that
there Is a consistency that runs
through these questions. 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
progress must be measured. not
by the refinement and happiness
of a few, but by the prosperity
and by the progress OF the masses,
and In our platform we presented
an ideal toward which our party
has striven. am In harmony
With that ideal.
And | am glad. my friends. as
tbA representative OF my party
20 present these things TO you and
ask YOU 10 consider them. | owe
nv nomination not to q president.
with the power Of his patronage,
hut 70 the voluntary acts Of the
millions OF the Democratic party.
-whe-went TO the primary and
made the selection themselves.
II am elected I shall owe
nv election 10 the Impoverished
SURFACES OF the American people.
II I enter that ONCE, II will be for
four years and no longer. III
am elected l shall enter the ONCE
pledged to nobody but the people.
and for four years I will devote
every energy possess to the re-
storaion Of a government in