The Montgomery advertiser., 1908-03-05
A PANIC PREVENTION
THIS KS DEFINITION OF ALDRICH
 CURRENCY BILL.
Senator Albert Hopkins Speaks in Fa- yer of the Bill and Points Out
 It's Many Good
 Features.

Washington. March 4.--Senator AL bert Hopkins of Illinois. today spoke in favor of the Aldrich currency bill.
 This is not the time." he said, 'to attempt to revolutionize our present banking system. Indeed 1t is not the time to discuss the question as to whether the present banking system of the United States consists of patchwork Legislation as is contentfed by some Senators. or as to whether it embodies as good a system, if not better. than any that has heretofore been had or can be devised for the American people"
 All, that the Aldrich bill purports to do. he declared. is to provide means for prevention of the financial panic that commenced in the last days of Octo- Der, 190z- It throws no obstacle in the way of development of State and saw ings banks or of the national banks. If this measure is beneficial to the banks of New York and Chicago. he said, its is Beneficial to every national bank that is In existence today or that can be organized in the future under the present banking act.
 If the New York banks are affect ed, all banks of the country are in- volved in trouble" he said There will never be, he contended, another panic so long as the banks of New York are in normal condition. He was opposed to pending amendments for guarantee ing deposits of national banks.
 This idea" he added, that a man who parts with his money must have a guardian. in the Government of the United StsteB or in the State. as some, of the Senators have argued. with the State banks to insure a return on the contract that he makes his deposit, is rank socialisD. It destroys all individ- ual responsibility in the depositor and responsibility in the bank"
 He pointed out that such legisIation would affect adversely State banks, savings banks. private banks and loan and trust companies.
 There is no more reason,' declared Mir. Hopkins, why a man should be guaranteed the return of his funds that he placed under contract with a State or National bank, than that there is a person should be guaranteed a good crop return who makes investments in planting his crops, hoping that the season will bring forth a bountiful fe- turn. The man that deposits his money in the bank under contract should him self assume whatever hazard there is in getting that money back, precisely as the farmer has to assume hazard of the expense and the time and labor that he is put to in planting and sow ing his crop in the spring, hoping for the return ip midsummer or fall.
 Financial panics are not produced by depostors withdrawing their funds from banks. either State or National, The action of depositors in withdraw ing their funds from bank Is only one of the evidences that a financial panic is already on the community or the country. Financial stringency and in- deed. panics. are incident to all com mercial countries. They are, an inevit- able part of the commercial history Of every civilized nation. That they have been more frequent in this coun- try than others is due to the fact that we have developed more rapidly in pop. ulation, in industries and commerce and trade than any other civilized country. f"