Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1908-10-01

ana III iris way they do guarantee
every bank note issued by them. The
conclusion from the experience of
New York, that the guarantee of bank
deposits is not justified is not only
a non -sequitor. but the exact Op-
Announcement of the fact that
Judge Taft would include in his
spcoking itinerary the State of Kan
saa, where political conditions have
given Mr.. Hitchcock and Republican
campaign managers no end of worry,
was followed by ihe publication of a
signed statement from Goveronr Hoch
Of that State. in which he earnestly
anu unreservcdly endorsed the plank
in the Democratic platform, declaring
for the guaran,1" Of bank deposits. 1t
VIII be recalle.. mat Republicans of
Kansas in their state council gave
approval to this Democratic banking
Plan over the protest of Senator Long
who, standing solitary and alone, de-
cl;,red that the &ction of Kansas Re-
politicians would he regarded in the
rttiOn as a reputation of the Repub-
lican candidate for the presidency.
This situation has not only inter-
ested but amused politicians here
What Mr.. Taft will say to the Repub-
licans of Kansas on his forthcoming
visit to the Senate remains to be seen
but it is reasonably certain that he
will make no reference to the follow
ing paragraph in the campaign text
book issued By the Republican ma
tiOnal committee, in which the guar
ante of bank deposits is denounced: :
mo feature of the Democratic plat
| form met a more vigorous and scath-
| ing denunciatiOn at the hands of Mr.
! Taft in his speech of acceptance than
did this proposition, which he declar-
ed, if adopted exactly as the plat
| form suggests, would bring the whole
banking system of the country down
in ruin"
Governor Hoch, in a signed inter-
view, tells of the growth and popu-
larity of this guarantee of bank de-
pOsits, and backs his statement with
strong argument. BY his support of
this Democratic principle, Governor
Hoch is made victim of Mr.. Taft S
'scathing denunciation" referred to
in the Republican campaign textbook
Among other things, Governor Hoch
says in his article:
"One state has already adopted
this policy and the statute providing
for it has just been sustained by the
Supreme Court of that State. The
legislature of another State rejected
| it by the narrow margin of only two
votes in the upper house. Many emf
nent financiers have endorsed the
plan, including such gentlemen as the
Hon. Chas N. Fowler, chairman of
the House Committee on Banking
and Currency; the Hon. Chas. G.
Dawes, ex-comptroller of the cur
rency; the Hon. A. B. Nettleton, eX-
treasurer of the United States, and
the Hon. Lyman ]. Gage, eX-secre-
tary of the treasury. Many able and
successful merchants like Alexander
Fl. Revell and Tom Murray, of Chi
cago, also have indorsed it. One of
the great political parties has incor-
porated the proposition in it's plat
form. Both parties have done this in
Kansas.
"The opinion recently expressed by
Attorney-General Bonaparte that ma
tional banks can not participate in
this guaranty scheme under state law,
forces the issue into national promi-
nence. The adoption of the plan by
Oklahoma is rapidly compelling ma
tional banks to denationalize and in
corporate under the State law.
"The several hundred national
| banks in Kansas will confront the
same dilemma next year, for the leg
islature which convenes in January,
undoubtedly will enact this law, both
parties having pledged themselves to
do it. Other states doubtless will
follow the example, but If they should
not these two states alone will be
sufficient to force the question upon
the attention of congress.
| "If congress should adopt this
policy for the national banks then all
the states would be compelled to
adopt it or else the state banks would
be in the same predicament that the
national banks now are in Oklaho-
ma, and soon will be in Kansas"