The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-09-23
The Democratic Party.

1.-The Democratic party offers as a
remedy for such conditions as existed at
the inception of the panic of last year.
a practical and feasible plan 1t proposes
that by a well-considered law the money
that YOU and | deposit in a bank shall
be guaranteed so that, no matter what
may happen, we shall be sure TO get our
money back. This plan appeals to me
as one that is pre-eminently just and
practicable. A bank Is a quasi public
institutions; it is open to regulation by
law because of its public nature, and be
cause of its functions, that affect all
the public banks is necessity in our
commercial life. and il is also necessary
if we are to do business that we deposit
our surplus funds in the banks so that
those funds may be loaned out and do
their proper work in the channels of
trade. If the people were to decline to
deposit their funds in banks. and If they
were to retain them in their own hands.
there would be great financial stringency
produced and the financial fabric would
go to the wall If. therefore, the public
as well as the banks receive great bene
fit from. the deposit OF our money, why
should not the public and the banks pro-
tect us against loss. The Republicans
say: If you make the depositor secure
you will render the banks Insecure: that
speculation will rage in banking circles,
and that banks will loan money without
due caution and circumspection. / doubt
whether there will be as much specula-
ton as there has been. as much loaning
out of money upon questionable security
by the banks as there has been in the
past. for under the law each bank will
be impelled to scrutinize the manner of
doing business of its associate banks.
Answers Bankers Argument.
"A prominent banker. in an interview
in The Salt Lake Herald on Monday
said:
Under this system depositors would
slap their money into any sort of an in
stitution, never giving time nor thought
to hazard, and never seeking first to
learn the character of the concern with
which they place their money.
"Why cannot the banks be regulated
by law. and why. under the law. should
any sort of an institution be allowed to
exist? How many people, before making
their deposits in the banks. go to the
trouble of ascertaining the financial
standing or the condition of the institu-
ton? The ordinary person assumes that
the report which the bank makes is cor
rect; he assumes that the bank would
not be allowed to exist by the public Of
ficials unless it was a safe place into
which to deposit his funds But how
ever that may be, there cannot be half
the trouble brought upon the world. even
though the plan proposed is defective
that there has been brought upon the
world. as well as upon individuals, by
the system that rs in vogue at the pres
ent time. where men up to the day of
their failing take the money of children,
of laborers, of poor people, and use it,
and dishonesty fail. and carry starvation.
distress and suicide into thousands of
homes.
Dodging the Question.
Another argument that has been ad-
vanced against the plan is that you might
just as we'll guarantee the goods that
are sold by dry goods store That is
IA a ON slr-xr do CT
is not a public institution. and, so far as
selling shoddy material by a dry goods
store and impure food by the oeeries
the law is beginning to regulate that.
OF course. We did not expect this to be
met with favor by the banks or the Re
publican party, and so 1t caused no sur
prise when Mr.. Taft voiced his opposition
and offered as substitute postal saw
ings banks where the government would
guarantee the deposits. The government
thereafter to deposit the funds thus guar
anteed by il with the various banks of
the country and take the chances itself
of the loss. And this position he held
to until a Republican party of the state
of Kansas, in convention assembled. de-
clared in favor of the same plan that is
favored by the Democratic party in gen.
eral terms, and thereupon Mr.. Taft wrote
a letter, that would seem to be funny if
he had not been so serious, In which he
said in substance that when this scheme
was advocated by the Democratic party
/ opposed it, but. now that it is adve-
Gated by the Republicans of Kansas 4
endorse it, so far as the state of Kan
sas is concerned, although 1 oppose it in
the nation at large.
Against Church Influence.
81 have no doubt but we will adopt
a platform that will endorse the provis-
Ions of the national platform, because
have yet to learn of a single Democrat
in the state of Utah who opposes any
of the principles that were enunciated In
Denver.
What the Democrats OF Utah want are
just laws. honestly administered. They
want graft in high places to cease. They
want every man to have an equal chance
under the law, and they want nothing
but what is right between man and man.
In Utah they have always stood for
complete separation between church and
state They have insisted that the influ-
ence of high church officials must not be
used for the upbuilding or for the tear
ing down of any political party. They
opposed the election Of Reed Smoot 10
the United States senate. and they oppose
his reelection. because they believe, and
the experience of this state since Sena-
tor Smoot has been in office justifies
that belief that 1t Is not right nor wise
under our form of government, to place
high church officials. no matter to what
church they belong. in political office
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