The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-11-01

BECAUSE lie Hds Seell iudN the aih1il-
can people shrink from destroying
the system of representative govern
ment under which they have grown
SO great and under which a larger
measure of liberty and justice has
been attained than under any other
form of government the world has
known.
He has repeatedly and totally de-
clared himself in favor of the gov
eminent ownership of railroads and
he stands by that declaration. In his
speech at the great reception given
in New York upon his return from
Europe in August 1906, Mr.. Bryan
declared:
Il have reached the conclusion
that there will be no permanent re-
lief on the railroad question from
the discrimination between in
dividuals and between places and
from extortion in rates until the rail-
roads are the property of the govern
ment and are operated by the govern
ment in the interests of the people.
He has repeated that declaration
many times and in many places. He
refrains from pressing it now because
it would not help to elect him, but
he houlds to it. He does not believe
in the regulation of railroad rates or
in the laws to prevent discrimination
in rates. He believes those laws to
be futile and sure TO fail of effect.
He would like TO see the national
government become the owner of all
the great railroads of the country,
and an executive officer. under his
direction as president, controlling
their operations with the enormous
horde of federal officers necessary
for their administration, and with the
tremendous power over every state
that such control would give to him
skilled politician as he is.
He proposes in his latest platform
a bank deposit guarantee scheme
under which all the national banks of
the country shall guarantee the pay
ment of the depositors of all the
other banks.
We have in this country a system
of perfectly safe and sound savings
banks in which over eight million
and half of depositors have deposits
to about three billions
and half of dollars. These deposit
tors are for the most part wage earn
ers, clerks, thrifty persons of small
means not engaged in business. For
the use of such persons in part of the
country where savings banks are not
accessible the Republican party pro-
poses to establish potal savings banks
which the government will
take charge of their savings and keep
them securely. Mr.. Bryan's scheme
does not touch this class of people or
provide for the safety of this kind of
deposits. IL relates to the business
banks. through which the business
people of the country transact their I,
business. bank deposit is in effect
a loan of money by the depositor to
the bank 10 be repaid at such time
and in such amounts as the depositor
indicates by drawing checks against
the bank. We now have a free bank
ing system under which any group of
men who can raise $4,000 can start
a bank and invite deposits; that is,
can ask people to lend them their
money to be repaid in the way |
have described. As matters stand
now. ordinarily no man undertaking
to start a bank will get any deposits,
that is TO say. will get business peo-
pie TO lend him their money, unless
he is known and has good reputa-
ton in the community. Business peo-
pie will not entrust their money to
unknown or unfavOrably known adj
venturers. As a result our banking
is as a rule honest and conservative
and the losses by depositors are ex-
ceedingly small II. however, Mr..
Bryan's scheme were to be adopted
any set of scoundrels who could raise
$25 900 could start bank and could
borrow money on the credit OF the
entire banking capital of the United
States for the depositors would know
that it made no difference to them
whether the men who asked for their
deposits were incompetent or reckless
spectators, or dishonest rogues. be-
cause if their deposits were lost in
speculation or stolen nevertheless
the other banks of the country would
pay them. Furthermore, the bust
ness of banking Is conducted under
widely different eonditionsin different
parts of the country. Bank money
can be loaned at twelve per cent in
Oklahoma; in New York. Boston and
Philadelphia four per cent Is a good
rate. Some banks are content to get
four per cent with the good security
that can always be had with a low
rate of interest. while other bankers
prefer TO take the chances OF a very
high rate of interest together with
the risks that always accompany high
rates of interest. Under Mr.. Bryan's
scheme the conservative, cautious,
safe banker who is contented with
four per cent would have to be at the
risks incurred by the twelve per cent
banker. while the latter would take
the twelve per cent profit, II all went
we'll. Under Mr.. Bryan's scheme the
sound, conservative bankers of the
country would have no control what
ever over the risks which would thus
be imposed upon them. The burden
of these risks would not be imposed
upon the stockholders of banks alone
but upon the great body of the de-
positors and borrowers from banks