The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-08-28
w. j. BRYAN DECLARES
> FOR GUARANTEED DEPOSITS
In an Eloquent Address Democratic Candidate
Explains Proposed Reform in
Banking System.
lhongS OF Cheering KansanS Crowd Auditorium at Topeka
to Hear Speech of Commoner

Topeka, Kan. Aug. 27.-Before an
audience which filled the Auditorium
20 overlooking. w. J. Bryan, Demo-
cratic candidate for president tonight
spoke on the subject of guaranty of
bank deposits. Previously he had de-
livered three other addresses. two from
the veranda of the hotel and the third
at Garfield park, where he attended a
picnic by the Knights of Pythias, his
latter theme being Fraternity"
AIhe Democratic candidate and his
Pfrty arrived here at l o'clock and were
~ once taken in hand by a reception
committee composed of leading Demo-
Gratis of the city and state, and con-
Quoted TO the hotel in automobiles. A
great crowd greeted Mr.. Bryan at the
station and at the hotel.
Answers All Objections.
As announced by him before his de-
parture from Kansas City, Mr.. Bryan
In view of the action of the Kansas
republican state convention, which en-
dorsed the guaranty of deposit prop
ositlon. made some remarks supple
mentary to his prepared speech on that
subject. He took up the advantages Of
the guaranty system and then an
swere dthe objections made to it by
Mr. Taft and others. He began by
asking why the depositor should be
left unsecured when the national gov
eminent demanded security of any
bank with which il deposited money.
He pointed out that the choice was be-
tween the postal savings bank and the
guaranty bank, and accused Mr. Taft
OF favoring an unnecessary extension
OF the sphere of government in advo-
a no toll wi, 4
of the guaranty bank. Mr. Bryan de-
clared that he preferred the guaranty
bank proposition. which would allow
the banks TO attend To the banking
business, and yet compel them to give
their depositors necessary security.
Upon the conclusion OF the prepared
speech Mr.. Bryan said:
Bankers Favor Plan.
Il asked Mr. Briedenthai. a banker
OF Kansas City, to make inquiry among
the bankers of Kansas and ascertain
VIII proportion of them favored the
"a" .ity law. ! learned that of the
bankers that had expressed themselves
on this subject about -fourths of
them favored guaranty law and one
fourth opposed il. This is an excellent
showing Among the depositors there
IS no opposition at all. and it is evil
nize, first. that something must be
done. and second. that the guaranteed
bank is better than the postal saving
bank. ! also inquired of Governor
Haskell in regard To the number of
national banks which have surrendered
their charters and become state banks
I'm order To have the benefits of the
guaranty system. l have a telegram
from him saying that four national
10 oil Z Il. H. Il.
and are operating under the state bank
laws. and that sixteen other national
banks have applied for state charters.
This is conclusive proof that the Ok
lahoma law is a success. A national
charter is supposed 70 have some ad-
over a state charter. and the
benefits of the guaranty law must be
admitted when twenty national banks
will in n short time change from the
national system TO the state system
I'm order to give their depositors the adj
vantage furnished by the guaranty
system.
= Kansas Republicans Endorse 1t.
since the preparation Of my speech
on this subject. the Republicans of
Kansas have held a convention and
adopted n state platform. The plank
on the guaranty of banks is n recogni-
ton OF the necessity for security. but
the plank is so Worded as to be prac-
tically useless so far as the protection
of the people Is concerned. The Re
publicans propose TO enable the state
banks to mutually and voluntarily
guarantee deposits. But that is not
enough. Suppose that the banks mu-
tually agree not TO do it. Must the de-
positors be left unsecured
The Kansas Republican platform
also requests the Republican candi-
dates for congress and the United
States senate to favor a law in aiding
a national bank to participate in the
proposed mutual and voluntary sys-
tenn. But what chance is there of Sc
curing such a law when the Republi-
can national convention refuses to paw
any attention TO the subject and wher
the Republican candidate opposes the
whole principle of the guaranty? Mr..
Taft's denunciation of the guaranty
system is so sweeping that no disin-
person can for a moment be-
lieve that he will either encourage or
permit a law enabling national banks