The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-09-14

the constitution providing for the d.
rect vote of the shrdlutaemfetahrd
rect election of the president. the
people of any state with airy particu-
lar man to be chosen as senator, they
have only to instruct their legislature,
as the people OF considerable num-
Der of the states make it thcir practice
to do now. ad no legislature will ever
for a moment think Of aiGobeying the
instructions any more than presiden-
tial electors violate their obligations.
The proposed amendment is simply TO
enable the people of eacn state to es-
cape from the duty of clecting leg
iclature that can be trusted. Are we
prepared to a.bandon tho performance
Of that duty?
Trust Question.
"Mr. Bryan charges tcat the repub-
lican party Is responsible for abuses
Of corporate wealth. AS well might he
charge that man who plants cotton is
responsible for the boil wecvil, or that
the man who plants fruit trees is re-
sponsible for the San joe scale. I'm
til the millennium has brought the Grad
ication of human selfishness and greed
social abuses will come according to
the shifting conditions of the times.
Adversely and prosperity, wealth and
poverty, have each their own kinds of
abuse. Constant vigilance and constant
activity to meet and put an end to
abuses as they arise Is the task of gov
crnment and good citizenship; but the
work is never finished. The republic
can party has produced the condition
which has made our great prosperity
possible, and it Is dealing with evils
which have been incident to that pros
perity with vigor and effectiveness.
Upon the course to be pursued regard
ing these evils, upon the attitude end
action of tho government towards
trusts, railroads and all the great cor
porations, there is no substantial issue
between the two parties. Questions OF
detail and of minor tactics In the con-
Duct Of government procedure alone re-
main for discussion. The great differ
ence between the two parties is that in
dealing with these evils the republican
party shows efficient performance and
proved competency, while the demo-
cratic party tenders nothinr but cam
paign promises"
Guarantee of Bank Deposits.
The other proposition of the demo-
cratic platform is to require all nat
ional banks to guarantee the payment
Of deposits by all other national
banks. This is another patent finan-
cial mostrum, advertised to catch the
fancy of the multitude: and it should
be suppressed under the pure food
law until it is correctly labelled "a
measure to compel legitimate business
to bear the risks of speculation" 1t
might well be called measure to de-
stroy the national banking system,
for who will wish to invest his money
in a business where it Is not merely
subject to the risks assumed by the
men whom he and his associates Sc
lect to manage it, but is subject also
to be called upon for the payment of
an indefinite number of persons over
whom and whose obligations he and
his associates have no control whatev.
er?
A bank deposit is very simple
business transaction. The depositor
in effect loans his money to the bank,
which borrows it upon promise to
repay 1t on the lenders order, with or
without stipulated interest. Banks
seldom fail to pay the debts thus con-
tracted. Although the deposits are
ordinarily many times the capital,
losses are exceedingly small. The
principal reason why this is so is, that
bankers are ordinarily men who have
established a good reputation in the
community for honesty and business
sense. People ordinarily will not risk
their money by lending it to men who
have not these claims to confidence.
Under the law any one who can
furnish $4,000 can start bank, but
in practice, as arule, no one can start
a bank who cannot also furnish a
character which leads the community
to trust him and deposit their money
with him. If, however, the sound and
honest banks OF the country guaran-
tee the debts of every bank, a we'll
earned reputation for honesty and
business Judgment will no longer be
necessary as part of the bankers
capital. 1t will no longer be neces-
sary for the community to consider
whether banker is honest or not.
Any scalawag can start a bank and
obtain deposits on the credit Of all
the banks of the country Any one
who wishes to use funds in specula-
tive enterprises can start a bank. in
vite deposits and thus borrow money
on the credit of the entire banking
capital OF the United States. With
such opportunities, who can doubt
that the standard Of character of the
bankers of the country would deter
iorate.
Is 1t to a dishonest purpose that
Mr.. Bryan claims to be the heir, and
Is 1t possible to ascribe a desire to
perpetuate personal power to the man
who held the highest power in his
grasp and rejected it?
What evidence of Democratic fit
ness to be entrusted with power is to
be found in the record of it's candidate
for the presidency? 1t is with pro-
found satisfaction that we recognize
the purity and uprightness of Mr.