The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1908-07-31
Postal Savings Bark and It's Advan-
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Postal Savings Bark and It's Advan-
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~ In addition to this, the Republican
plat torn recommends the adoption. of
II postal --sa Wings bank ystem In which.
Of course, the Government would be-
come responsible to, the depositors for
the payment of principal and interest.
It is thought that the Government
guaranty will bring out of boarding
places much money which may be
turned into wealth producing capital,
thrift in the many small places In the
country having now no savings bank
facilities which are reached by the Post
Office Department. 1t will bring to
every one, however remote from finan-
cial centers, place Of perfect safety
for deposits. with interest return.
Objections to Democratic Proposal to
Enforce Insurance Of Bank Deposits.
The Democratic platform recon-
mends tax upon National banks and
upon such State banks as may come
in, in the nature of enforced insurance
to raise guaranty fund to pay the de-
positors Of any bank which fails. How
State banks can be included in such a
scheme under the constitution is left
In the twilight zone of States rights
and Federalism SO frequently dimming
the meaning and purpose of the prom
ises OF the platform. II they come in
under such system, they must neces-
sarily be brought within the closest
National control, and so they must
really cease to be State banks and be-
come National banks.
The proposition is to tax the honest
and prudent banker to make up for the
dishonesty and imprudence Of others.
If the proposal were adopted exactly
as the Democratic platform suggests.
1t would bring the whole banking sys-
tenn Of the country down in ruin.
The Republican party prefers the
postal savings bank as one tried, safe,
and known to be effective and as
reaching many more people now with
out banking facilities than the new
system proposed.
Another plank of the Democratic
platform refers to the failure of the
Republican Convention to express an
opinion in favor of the publicity of
contributions received and expendi-
lures made in elections. Here again
we contrast our opponents promises
with our own acts. A'resident of New
York has been selected as treasurer of
the Republican National Committee.
who was treasurer of the Republican
State Committee when Governor
Hughes was elected in New York. and
who made complete statement with
in twenty days after the election. as
required by the New York law, of the
contributions received by him and the
expenditures made by him or under
his authority In connection with that
election. His residence and the dis
charge Of his duties in the State of
New York subject him to the law of
that State as to all receipts of the
treasury Of the National Committee
from whatever source and as to all its
disbursements. His returns will be
under the obligations and penalties Of
the law, and a misstatement by him or
the fling of false account will sub
ject him to prosecution for perjury
and violation of the statute. OF course,
under the Federal law, he is not per-
mitted to receive any contributions
from corporations, st