Mountain Home maverick. [volume] (Mountain Home, Idaho) 1906-1911, 1908-10-08

subject ny Bryan heartily cham.
pions the plan; Mr. Taft Is strong,
opposed to IT,
MIR. Taft and Guarantees Deposits.
In his speech of acceptance Mr.. Tan
puts himself squarely on record as be
ing opposed TO guaranteed deposits.
He says "The Democratic platform
recommends tax upon national
banks and upon such state banks az
forced insurance to raise a guaranty
fund TO pay the depositors of any
bank which fails. The proposal f.
wholly impracticable unless It is n
be accompanied by a complete reyc
hutton in our banking system, with
supervision so close as practically to
crc~te a government bank. II the
l suggests J;
t.s.il te.as tie whole banking system
Of the country down in ruin"
Why seek to confuse the people on
n simple proposition? We are sup
posed to have Government SUP
vision of national banks now. SUI
vision does not mean government
bank It simply means that the ma
lional bank inspectors will do just as
they are expected to do under exist
ing law-make their examination OF
banks thorough and make prompt and
effective correction OF any irregulari-
lies discovered SO It will be difficult
to brighten the people by the claim
that guaranteed deposits means tho
rough supervision OF banks. That's
,ast exactly what the people want
It Is absurd to say that guaranteed
deposits would bring the whole bank
Ing system OF the country down to
ruin"
What does guaranteed deposits"
mean? 1t means that the savings OF
The masses shall be secured SO that
when men and women deposit their
hard-earned money in banking insti-
sutions. thev need not worry for fear
It win be lost through the reckless
ness and dishonesty of bank officials.
The Federal Government demands OF
these hanks security for the money
II deposits AS rule state govern
ments and county governments and
municipal governments make similar
requirements But now that It is pro-
posed that depositors generally shall
have some such assurance for the
safe Keeping of their wealth, we are
hold by the Republican candidate for
the Presidency that the adoption of
such plan ''would bring the whole
banking system OF the country down
to ruin"
oklahoma's Object lesson
Oklahoma has the guaranteed de-
posit plan and the following Associat-
ed Press dispatch tells OF its opera.
lion in the first bank failure since the
law went into effect
rGuthrie. Okla, May 81. 1905
within one hour from the time II RI
smock. Oklahoma banking commits
sioner. had taken charge Of the In
icrnational Rank OF COLGATE he had
t~~'' - ~a~ the eeYas,sors in full.
ihe h~~ir'- c@rt end available
n o,ner banks Tell s22 900 short
pl the total amount of deposits The
commissioner was enabled to do this
under the operation of the new bank
Ing law. and this is the first time II
has been called into use Under the
operation OF the guaranty banking
law OF Oklahoma tariff OF | cent Is
levied upon the average annual de
posits OF the banks and this money
Is used In payment in full of all de
positors OF an insolvent state bank
nfter the funds have been exhausted =
VIII the Banks Answer This?
In addition to the arguments al
ready presented in favor of the guar
nnteed bank the following is sub
mitted
The United States Government re
quires a deposit OF specific securit,
when II deposits money In nationa
bank; the state also requires secur
ity and the county and city depositi
ARE secured either by bonds or by tn,
deposit OF specific securities
Now the question arises II tn,
United States Government. which cal
at any tine inspect a bank and fin,
ont Just what it is doing and how It
business is being conducted. require
security for its deposits. why shoul
not security be given to the depos
iior who cannot examine for himsel
and does not know anything abou
the banks solvency or methods? An
loss to the national government. I
the state, 10 the county or TO the cit
would be borne by all the people an
thus be small upon each one. Will
The loss 10 the individual has to b
horne entirely by himself and ma
wipe out his entire savings Is ne
fhe argument stronger in favor OF tn
protection OF depositors than 1t is |
favor OF the protection OF the natiol
The state. the county or the city?
But the case is even stronger whe