The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-10-04

lar plank Of the Democratic platform
into great favor Moreover, the Re
publicans are handicapped in their at
tack by the fact that their own party
has Endorsed the idea in Kansas and
South Dakota, even if it has not
adopted the precise form of the Den
yer plank. Further, as the Saturday
Post points out, the bill reported by
the house committee on banking and
currency last February provided that
the national banks should deposit with
the treasury per cent of their note
issues and deposits. ITO guarantee the
payment OF all individual deposits,
banknotes, bank deposits and govern
ment deposits without discrimination
or preference"
That bill was introduced in the house
by Chairman Fowler of the banking
committee. and it bore the Endorsement
of Lyman ]. Gage, secretary of the
treasury under Mckinley; Horace
White. an eminent authority on
finance. and others of equal standing.
Curious. wasn't it, that the president
didn't see then that a bank deposit
guarantee was almost criminal in
character? Queer that such cOnserva-
tives as Gage and Fowler and Horace
White should commit themselves to
such vicious legislation, wasn't it?
Most extraordinary that they failed TO
see the invitation to speculation and
bankruptcy and crooked management
involved in a guarantee plan? And
what makes it more unusual is the
fact that Mr.. Fowler defended his bill
thus: Il assert that government super
vision, state or national, should be
withdrawn and the public left to the
terrific school of experience; or that
the government should completely per-
form its work and impose such obliga-
tions upon the banks as will truly
justify the confidence the people have
in these quasi-public institutions" Mr.
Fowler's reason for this position was
that the people. believe the national
banks are in some way quasi-govern-
ment institutions and give them con-
fidence that should be warranted by a
guarantee In fact as we'll as in theory
In the face of these facts. as the sub
iect is discussed and understood, Mr.
Tafts position must be an increasing
embarrassment for him and his party
and a distinct advantage for Mr..
Bryan. The more the question is I'M
derstood the worse for Taft.
Besides all this, there is bigger and
broader question. The American peo-
Pile the masses who pay the bills. are
suffering intoIerable exaction at the
hands of monopoly in every direction
In spite of a Republican panic which
has cut down the earnings of the Ia
borer and the salaried man, in spite OF
reductions in fixed incomes of every
sort. the price of trust-controlled COM
modities has increased until the bur-
den is unbearable. There is no hope OF
relief from the Republican party, as.
has been shown by the attitude of its
leaders whenever an effort has been
made to secure relief by legislation.
The aDOrtlVe EFFORTS 10 destroy mo-
nopoly by prosecution of the trusts has
been a farce. Even when convictions
have been secured, as in the beef trust
case. the punishment inflicted in the
shape of fines has been a bitter joke,
bitter for those who hoped for relief.
enjoyable for the trusts. which added
the cost of the fines to the toll eXacted
of the public.
That sort Of condition cannot be toll
Grated longer and the people are de-
termined to have a change. Knowing
all the conditions, understanding fully
the position of the two parties and
their candidates. the logic or the situa-
ton points to Democratic success; and
the logical conclusion is sustained by
the trend of public opinion, particu-
larly in the critical states. The drift
to Bryan in the middle west has been
so plain that the Republican campaign
managers have become alarmed, while
the united Democracy has more reason
for elation than it has had since Cleve-
lands campaign in 1892. The people
are going to rule in this election. and
they are going to assume the reisns Of
government when Mr.. Bryan is in
augurated as president next March.
MR.. KNIGHT FOR GOVERNOR.