The Oakes times. [volume] (Oakes, N.D.) 1906-current, 1908-01-02
NOT A NEW IDEA
WITH MARSHALL
Had Plan Ten Years Ago fol
Security Of Funds.
Those Who Criticised the Idea Then Are Nov
Favorins the Proposltion-Public !:
Sentiment Aroused.


shall Of North Dakota is one Of the
pioneers of congress in the matter Of
proposed currency legislation, and in an
interview he set forth in an interesting
way, showing that the proposition to
have the government guarantee bank
deposits was taken up by him ten years
ago when a member of the North Da-
kota senate. He said:
Il am very glad that the recent cur
rency stringency has made the question
of security for bank deposits a decid-
edly live issue.
'"Ten years ago as a member Of the
state senate of North Dakota, intro
duced what was, as far as know, at
that time, the second bill providing for
the security Of deposits in state banks;
the first having been introduced by the
legislature in the state of Indiana.
During the years since Ihave never lost
an opportunity, in season and out, to
create sentiment for such measure,
realizing that it was an uphill PROPOSE
tion-that the conditions were not
right-that it would take something
like the present currency stringency to
bring about a full realization that the
primary cause of our financial troubles
is the lack of confidence-and that with
proper legislation securing deposits,
complete confidence could be maintained
at all times; that all money that is now
in hiding would be brought out, depos-
tied in banks, and go into legitimate
channels Of trade to stay there rather
than to take fight at every little cloud
in the financial sky.
II believe that we have about $S6 per
capita currency in this country, which
is more than we have ever had before,
aud it would seem an abundance to do
cur business with if it were all kept at
work all the time.
From the fact that, as. we have
state banks and national banks, it il
hard to harmonic their interests; but
when we fully realize the importanco
Of the question, way will be found to
harmonic these conflicting interests.
The people are manifesting deep
interest in the question, and if con-
gress would pass legislation providing
for the security of bank deposits, in my
judgment no further financial legisla-
tion would be necessary at this time.
The state banks should not be dis
eliminated against, and some provision
should be made so that state banks who
desired could come under the national
supervision, so far as their deposits
are concerned, and become subject to
the provisions and entitled to the bene-
fits of the law. Or perhaps it would be
necessary for each state to pass laws
conforming to or supplementing the
national law.
"When introduced my first bill in
the state senate, I was subjected to
very severe criticism, but am very
glad to note that those who criticised
me then are writing to me now favor
ing the proposition.
IA number of bills have been intro
duced, and among them one by my col
league, MIR. Gronna, who has given the
matter great deal Of study and is an
earnest advocate of such measures.
Up to this time it has been impossible
to secure consideration by committees
of measure Of this kind, but believe
that under pressure of public sentiment
the committee will be inclined to give
the question the consideration to which
it is entitled"