The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-16
GUARANTEED DEPOSITS.
Mr.. Bryan Proposes TO Take Ono MANS
Property to Pay Another's Debts.

GUARANTEED DEPOSITS.
Mr.. Bryan Proposes to Take Ono Mans
Property to Pay Another's Debts.
To II EDITOR OF TIE suN-Sir: For
merly The Democratic party maintained a.
o fundamental principle that taxes should
be levied only for strictly public uses ana
not in excess Of the needs OF the Govern
ment economically administered. Modern
Democrats. led by Mr.. Bryan, are departing
from that doctrine and are advocating the
levying of taxes on certain persons Tor tine
purpose OF taking money from n private
person and giving 1t to another private
person. They propose to tax all banks TO
raise q fund TO be paid to the creditors OF
any bank that fails. No man. nor any cor
poration. should be taxed TO q the debts
Of any other man or corporation. IL 10 o
violation of the fundamental principles OF
our Government that the money on prop
erty of any person, natural or artinclai'
should be taken from him or IL by law Tor
any purpose except for public use. IL 10
not Just to take one dollar from the FUNDS
belonging to the First National Bank OF
Albany. New York. to a the creditors
Of thu First National Bank OF Topeka.
Kansas; nor is Il Just to take one dollar OF
the funds OF the last named concern TO
assist in paying the debts owing by one OF
the New York banks controlled BY Thomas
that failed not 80 long since.
Every national bank Is a'prtvate enter
prise, separate and independent OF any
other national bank. Each has Its own
separate stockholders. officers and manag-
ing agents. No bank has any authority.
power or control over m other NO
bank derives benefit from the profits or
earnings Of another. or In any manner en-
beavers to induce persons to become creai-
tors OF any other bank. Why In justice
should ono bank be made In any event
liable In any sum for the debts Of another
bank? The debts of q bank are simply
private debts. due from one private party
TO another private party. The fact that In the
aggregate there are many depositors IN
banks doee not make their debts or claims
against the banks for deposits a public mat
ter. There are many citizens who have no
deposits In banks. and many have very
small deposits, and whatever deposits they
have they are individual private matters
with which, 20 far as payment Is concerned
the public has nothing to do further han to
afford q legal means Of collection. To re-
ouire one bank to pay all or part OF the debts
Of another bank thar has failed Is no more
Just and right than II A should lend money
to B. who 10 . grocer. and A be per-
mitted to get q Judgment against G for the
same money because he was o grocer. when
G did not receive the money. sign the note
or recommend A to mako the loan to B.
Laws should be based on natural Justice
and right. No consideration Of supposed
expedienoy would Justify US In departing
from tho principles Of natural Justice In
matters Of legislation. When the courts
say that the Legislature may q laws
which take the property OF one private
-lsa--- .- -l-A - 10 aanfhAr nFivnfA
citizen for no public purpose without any
consideration moving from one to the other.
no mans property Ii safe. The greatest
incentive to industry N frugahty will
be zone when that time arrives. Our
civilization rests on the protection OF each
individual In his person and property. Mr..
Bryan In undermining the foundations OF
our civilization when he In advocating the
taking Of one mans property to pay another
mans debts. Such are the doctrines OF
socialism. Mr.. Bryan 10 nearer q Socialist
than an old time Democrat.
But Mr.. Bryan says In his recent address
that the Government requires q bond from
the bank in which money is deposited for
It's safe return, and II the public requires
security why should not the private citizen
have security for his deposit? The Gov
eminent requires the particular bank In
which the money is deposited to give the
security. 1t does not require n bank
In any manner to give It security for money
deposited in another bank. At present
the depositor has the security Of the entire
assets of the bank pledged by law to the
payment OF his debt. He has the security
Of the liability Of the stockholders to pay
as much more as he capital stock II nee
essapy TO satisfy his demands. He has
the security Of the laws. civil and criminal.
npa,toA hy COn0raaq t0 insurA "A far "a
legislation may that the bank shall be
honestly and safely conducted. II he needs
more security. and sometimes he does. It
should be given him by the bank to which
he commits his money. not by some other
bank that neither received his money nor
requested him to place It where he did,
NEW YoRk. September IL r.. e. NJ.