The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-28

the United States government behind
him to enforce his orders.
Ih csc eight men you elect your
selves and run your own business. You
make your own currency by converting
your tobacco and cotton into credits
and compel your banks to buy enough
gold to prove these credits. Your
chairman meets with the other nine
teen chairmen. and there you have a
great central board. Can you conceive
OF a greater conservative force for the
control of the currency?
You call this revolutionary
scheme, perhaps, but beneficial. The
introduction of electric lights was revo-
lutionary. but was beneficial
Mr.. Fowler gave a mass of figures
to indicate how bonds would be con-
verified into available currency under
this system. and to show the various
forms of income the government would
receive under this plan.
There should be no interest paid
on any check accounts" he declared.
But you are dealing with a condition
and law passed for the advantage of
the whole nation might not be de-
sirable in this respect. This law pro-
hibits any bank paying more than 2
per cent Interest on check account.
and it may If it elect pay none. Each
zone shall determine for itself how
much 1t will pay on three month and
other time deposits"
Coinsurance of deposits or guaran-
tee of deposits in national banks was
discussed at length, the bill providing
an assessment fund for this purpose.
"Will the fund be large enough to
pay the losses of all the banks that
fail?" he asked. 1.-THE income of a
single year will pay the losses for
twenty five years, This showing
should satisfy the cost doubtful de-
position.
Psychological Question.
THE question is largely a psycholo-
gical one. You must have faith In q
bank that you will get your money
do not question the safety Of the bank
except in a panic. and then you show
| your depositor the reserve fund in
Washington, large enough to cover any
possible loss. This reinsurance of de-
Iposits is like lifo insurance. co-opera-
! ton. not socialism. The best bank IN
| the world may, b. a babhler next door,
| be put in financial straiehts. If there
is one reason why you should insure
your house or your life, there are ten
Thousand reasons why the banks Of the
country should coinsure each other.
How else are we to stop panics ami
the boarding of money in the vaults
and safety deposit boxes, taking it our
of active circulation?
! Postal savings banks: What would the,
do with the money on deposit? Buy bonds
lAnd then we would be perpetually investi-
eating the purchase of those bonds. w,
don't want postal savings banks to withdraw
more money from circulation, but banks
which viii put money where It viii be avail
able for commercial purposes
What would this country do In case O
war? Before we were well started the shan
would be torn off There would be bonds
| t, maintain the war aud bonds to maintain
| tho gold reserve. So long as we have sucl
variations in our rates OF interest we vii wi
have no real part In the eNehahses OF th'
Nbils Or exchange. bearing the. eagle instead
o. the lion and unicorn, Would be seen n
| over the world The battleship OF all bat
| ,eshps tile fortress of all fortresses for TIL
protection and upbulding Of the nation Y
| peace and in war. Is the eHieiehc! OF 'h'
| trt asury Of the country,