Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1908-10-30

Until he gets to this point I do not
Dnow how to reach him. I take it for
granted. however, that you are ill
)ufhc1ent1y advanced to be able to
Understand that when you put your
money In q bank you ought to be able
10 get it OUT again. Now. my friends,
there are just two queet!ons to be con-
Dtdered In this matter. One Of these
I have given you. The other question
ls, who must make it secure? Our
position is that as the banks make
their profits out of the peoples money,
the banks ought to give the insur-
ance the people require. Now, had
supposed that that was a self-evident
truth and that it would not be denied.
4 have made no speech without dis
cussing the guaranty of bank deposits
In all parts of the country. After I
had made my speech in Baltimore, ex-
planning our system and presenting our
arguments in support of it, my atten.
t1on was called to an advertisement in
one of the papers. In my speech I had
Bald that you could insure your house,
you could insure your life, you could
insure your buggy or your barn, but
that you could not insure your money.
And In this advertisement my Ian
guage was quoted and the advertise
ment went on to say that l was mis-
taken, for certain fidelity company
was prepared to insure deposits. And
then found out how they do it down
there. You put your money in a bank
and then go and get somebody to in
sure it so that you can get it out of the
bank again. 1 believe the time has
come to compel all the banks to stand
back OF the banks and make good the
presumption upon which you deposit
your money in the bank
"Now, my friends, you may ask if
the banks are not now sufficiently Sc
rured. That IS what the bankers say.
They will even tell you that only occa-
tionally bank fails, but the trouble
Is that we cannot tell in advance which
bank is going to fall. Look at the no.
fce they hang up. Does it say, this
bank will fail?' No, the notice says
this bank is closed and if bankers
follow out this plan Will agree not to
urge this insuring Of deposits. Let
the bank give notice three months in
advance of failure so the people can
get their money out before the failure.
do you think tho banks are sum-
cfently secure now? The postmaster
general says, in his report in favor
of the postal savings bank, that We are
sending millions Of dollars to Europe
to be deposited in government saw
ings banks there, and the people who
send their money there would rather
send it across an ocean three thousand
niles wide than to risk the banks of
mis- country. I say to you that We
ought to make our banks here 80 So
cure that money will not be driven out
of the United States to ind a safe
place of deposit. That money which is
driven to Europe ought to be kept here
and used in the business of this coun-
try. Not only does money go to Eu-
rope, but money goes into hiding, and
this is about the time of year when We
discover some Of it. You will see in
the paper every once in a while that
Mrs. So-aud-So for the first. time this
fall made fire and was mortified to
find that her husband, without her
knowledge, had used It as a bank
IF any man says that the banks are
sufficiently secure l will remind him
that there is not a national bank in
the United States that can get a dollar
Of Uncle Sans money without putting
up security. The state demands Sc
curity; the county demands security;
the city demands security; and each
village demands security: and the fra
ternab orders are now demanding Sc
curity, and believe the time has come
when the farmer, the merchant and
the laboring man should have security
when they put their money in a bank,
In Oklahoma they have had this
plan in operation for now some six
months. I learned Of one failure there
and in forty-two minutes after the
bank suspended the man in charge
had an order from the government to
pay every depositor in full, and tho
business went on without interruption.
And when he telephoned out to the
farmers and said to them, The bank
has suspended, come In and get your
money they answered, We are busy
with the crops now,>w we will be In In a
few days Is it the way you do here
in your state when a bank gets shaky?
Is it the way you do when a bank sus-
ponds? No! the very rumor that
bank is little uncertain makes u
rush of depositors, and they make it
lpsolvent whether 1t was insolvent or
not.
.'This plan protects the depositors;
It protects the community, and it is
good for the bank as we'll.
~ would rather see the banks attend
to the banking business than to have
Il transferred to the government, and
because prefer to have the banking
business done by the banks rather than
by the government, urge the guar
anty>of deposits as the easiest solution
Of our difficulties"