Republican news item. [volume] (Laport, Pa.) 1896-19??, 1908-10-29

of inestimable value in advancing the
work of the campaign in this state
Mass meetings have been planned
for every night until the night before
election day. and the attendance at
these gatherings Is but another indi-
cation Of the enthusiasm that has been
aroused for the Republican standard
bearers.
Knox On Bank Deposit Guarantee.
Senator Philander Chase Knox. b,
bis speech delivered in Philadelphia
last week, called forth communication
for his words from President Ro0se-
veit, whs Immediately wrote letter
junior senator from this state.
Senator Knox, in discussing the
Bryanite scheme to guarantee bank
deposits said among other things:
What are bank deposits? They are
sums of money that the depositor
lends to his banker and which his
banker agrees to repay to him on de-
mand unless there is some contract
for notice There is not particle of
difference in law between a deposit
with q banker and loan to an indi-
vidual. OF course, 1t Is claimed that
there Is q difference. and | was Sc
verely criticised in some sections for
disclosing this view In the senate last
winter but this criticism was politics.
Some editors and orators say the PEG.
pies deposits belong to the people be-
cause that sounds well.
THE law, however, says they are
loans by the people to the bankers
and create the relation of debtor and
creditor between the bank and the
deposit0r, and 1t is upon this theory
that the affairs Of inSolvent banks are
settled. No man can walk into a sus.
pended bank and lay his hand on a
note and say. that is mine, | deposited
It. All he can do is to present his
claim for his deposit to the receiver
and he will get his pro rata Of the
assets with other creditors Of his class.
II this indisputable truth were more
generally remembered, ii might make
people a little more careful in select
ing the bank to which they loan their
money.
Now 1t is proposed that this prl'
vate contract between banker A and
depcsitor p shall be guaranteed by
others who had no hand in making it,
no voice in controlling the use of the
money, and no responsibility for or
check upon tine dishonesty or incom.
potency which caused its loss.
Question Of Everybody's Debts.
.'Upen what basis of sense or NOR
ais, to say nothing of constitutionality.
does such a proposition rest; and why
II bankers are compelled by law to
pay other bankers debts should We
stop there and not require all other
classes Of business to guarantee the
debts Of the members of their class?
"Is there anything particularly sa-
cred about the surplus money a man
accumulates and deposits with his
banker? II stands upon no higher
ground than the claim Of the mill
worker who has given his labor, his
ALL not his surplus, to the mill owner
who fails to pay him, and yet | hear
of no suggestion to conpc' the mill
owners to guarantee each others pay
rolls.
Does It stand upon any higher
ground than the debt due to the widow
and the orphan by an insolvent In
surance company to which for years
annual premiums have been paid
pinched out of an all too slender in
come by self-denial and sacrifice to
provide against inevitable loss? Yet
have heard of no proposition to make
insurance companies guarantee each
others policies"
A Tribute to Pcnrose.
In his peroration Senator Knox
said:
81 conclude as l began by urging
you to fully consider the import OF
what you are about to do. The issues
Of this campaign present great op-
portunity for the people of Pennsyl-
vania to give fresh proof of their pa
triotism, intelligence and loyalty to
the great party of Lincoln. Grant, Nc
Kinley. Roosevelt and Taft. Locally,
let us indorse the splendid admins
tratien of Governor Stuart. return to
congress the party's nominees and
elect legislature that will keep IN
the senate my modest colleague who
manfully ignoring unjust criticism. has
by his arduous. useful and devoted
service to the nation and the state.
won for himself the hearty goodwill
admiration and respect of right think
ing men"
Rvanitca Get Sef-Eack