The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-10-03

ure cf FEASIBILITY OF suggestion. Il
appeais 70 millions OF deposItors who
naturally desire to have their deposi-
tors sefegl9rded. 10 not regnni il
as vital issue in this eampaieu. The
fundamental issue IS far aifere1.
The fnndamental issue Is whether VIZ
shaii nave money 10 deposit a.aneh.
~ aud appiausea Bnt. notwHhs,an,l.
ing. we aag THE 4 under cbnsidefa.
don and test the yalte 81 die sugees.
tion.
Guarantee Pan Riaienisps
NY dtst objection 10 II Is mat II
= nnsound n principle We have
goserpment restricticns IN nation i
and "a STATE. under Rhica bankine
enterprise IS condueted Indigflual Is
ore Invited nndsf fine Iaws to invest
their MONEY in eotporate baukins en.
terpfises. Ihe are given die oppor
tltnity - ensage IA that iatyftii bas
ness prpyided thes combIy with t4s
regulations impose d by the govern.
isIaent SO, engaging N that business
IS they do comply with the govern
ment requirement. ana conduct their
sPnsiness tsnesty they are eatitIed "a
me credit q tneIr conservative and
spruaeIit n1anag cement They are ens
titledSt the good VIM which may al.
eflse 60 them the prop cpndiict of
their llsifiess They are emit tiled 81
Their lust p1tation by reason 81 The
prudence and skill AMI 3its Isl nnfaI.
g saddle upon them IA any part the.
losses attributable 10 the Sreck iessness
and the neglect Of ethers oven whom
t they nave no control Applause
But pass beyond object lon. we
desire our governmental system to M
80 devised ana administered ID g "a.
llIee banking losses to IA nj mum.
sSWe desire 70 giye no place for atlyen.
stqEss: We do nat wish to encourage
s1tlmlproyident and speculative enter.
Prise I Nor do We wish to nut too,
heavy g strain upon government 81.
peryision. iis
Nov IT IS inevitable that IL fsIis.
pia1i were adopted great encourage
1s1ent wopla be given to reckless bank.
3itIpg. AlGrteady IN oklaho,ma, ~ M
Tat pointed cut the other dlay3 AZ.
Yenturefs are taking adsant 81 the,
adj rttsement that depositors are SIS
cured q guarantee fund, 10 engage .la
I'm the banlktn business in COM petition
with conservative, prudent bankers
thus attracting the unwary and sure
ISly leading to increased bank losses
Disastrous Consequences.
At is q bad policy 1t destroys the
repatati ton ri II initiates against tbs
Just erect Of the epdtatIon SISntct US
Sppilt up BY consery tfstn and by wise
mans cement; and Il puts into tiia.
hand Of the unscrnp9 lous a means for!
build ling up a business with improp.
er aim, and Undoubtedly leading Is.
disastrous consequences.
Now I do not know what your exc.
;pefienees3in Maryland may be. but 1
want to give you a Leaf out 81 the ex
perIenee o. ew York 50 \ that tyotl
may Judge by your own compaf sons,
what l 5z the real exigency witch would,
lead to the adoption OF such a BRO 70,
granms. 50 that You may determine
What reason there Is for making Il
matter Of this description an issue il
g; great presidential campaign So.
tnat you may ascertain why we should
depart from sound principles and surisl
alertake these risks Of promoting rack
lessness and increase banking losses.
rs there q sufficient warrant in any any,
danger that now exists for such q
course otherwise obviously fatlans9
Now. we have in the State Of New
York in our national and State banks
and In our savings banks and trust.
companies aeposits aggregating about
100000. IL we impose a one per
cent tax In order to deprive a guar
3a1tees fun q, we should have a fdnil.
,aggregating about s44 100000. a
~ ~ Now. what are we to do with IT.
How should It be inSesteda sshould it.
be invested at allg The object Is TO-
provide immediate payment for de-.
3posltors in case of financial disturb
.aree. Shall the fund be locked up So
tint i can be realized upon, though
It gives loss Of interest: or SHAH III;
]De treated as cash reserve to be.
drawn 'ipon "a ( will at any time It'd
we treat II as a cash reserve Of had
done SO In the four years from jam
airy I, 1905 to the end Of the year
1905, We should have lost at the rate
.oefi;fopr per- cent. per anaum, about So.
100000 8 &
Let Well Enough Alone
Nov, let us see what the banking
situation has been during these four
years beginning January !, 1905, isl
the State Of New York. Between IAN: