The Mena weekly star., 1908-10-01
TIE BANKERS MEET
THE AMERICAN BANkERS' ASso. CATION IN SESSION AT
 DENVER, COL.
OPPOSED TO POSTAL SAVINGS BANKS
The Savings Bank Section Also Adopt ed Resolutions Against the Guaran- ty of Bank Deposits-One Speaker Said It's Guarantee of Deposits or Postal Savings Banks.

Denver, Sept 30.-The most impor. tant discussion in the Savings Bank section of the American Bankers as- sociation occurred at the afternoon session Monday, when the questions of postal savings bank and the guar anty of bank deposits weer taken up. While 1t was evident that the senti- ment was practically unanimous against postal savings and overwheIm- ingly against the guaranty idea, a respectable minority tried to prevent action on the latter question, contend ing that it was a matter for the con- vention of all the members of the association to decide upon and not for single section.
 John Schuette of Wisconsin was the only speaker in favor of the guaranty of bank deposits. He opposed the es- tablishment of postal savings banks on the ground that 1t would establish lS,000 banks in the country to com pete with the other banks of the country. He favored the guaranty bank deposit plan in order to avert the establishment of the postal sav- ings banks and declared that the bankers of the country would have to face one or the other of these issues.
 Former Gov. Myron T. Herrick of Ohio then offered the following reso- luton:
 Whereas, This savings bank sec ton of the AmeT.can Bankers asso- ciation represents the savings people of the United States. and
 Whereas, The record of these banks for conservatism, stability and unselfish devotion to the interests of their depositors is unparalleled in any country in the world. and
 Whereas, The loss to their deposit ors has been so small as to be abso- lutely a negligible quantity,
 Therefore, Be it resolved, that in asmuch as any plan or scheme to make each of these banks responsible by taxation or assessment for the acts of one another or to connect them with the national banking system, is economically unsound in principle, confscatory in form and inimical to the best interests of its depositors. stockholders and borrowers. It would discourage individual initiative the best product of the American mind. It is a spacious form of paternalism and socialism It would tend to en- courage speculation and an undue ex- pansion of credit.
 Therefore. Be 1t resolved, that we enter the most solemn protest against enaction into law either by states or the nation of any principles so sub versiye to sound economies and so revolutionary in character"
 After a heated debate, c. E. Breck- enridge of Fort Smith, Ark, offered a substitute to the effect that action on the resolution be deferred until after the question came up before the general convention. This substitute was voted down. 32 to 49, and Gov. Herricks resolution was then adopted
 After a discussion of postal savings banks motion was carried placing the savings bank section in opposition to the establishment of postal savings banks and asking the support of the American Bankers association in this opposition.
 J. P Johnson of Detroit was elected president of the savings bank section and Wm. k. Greer first vice presi- dent; William Hanhart was reelected secretary by the executive committee.