The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-09-09
FOWLER ENDORSEMENT
BRYAN HASKELL MEASURE
New York Banking System and
Bankers Criticized BY
Acknowledged Expert
AN Thomas ]. pence.l }

Chicago, III, Sept. 9.-Geofge NJ.
Coffin, former deputy comptroller Of
the currency has come forward as
defender OF the Democratic declara-
tion IN favor Of the guaranteeing cf
bank deposits. In q statement dated
New York, Mr.. Coffin takes issue
with an editorial IN the New York
Times on the subject Of guaranteeing
bank deposits Mr.. Coffin shows the
advantages 10 be derived by bank de-
posit0rs In big cities from the Dem.
ocratic plan OF bank protection He
says IA his Article:
Your editorial on Government
Guarantees is very interesting, and
] trust Il will start serious discus
sion OF two issues which are bound
10 lead in the presidential campaign.
namely; the revision Of the tariff
and tae guarantees OF national bank
deuosits by the federal government.
Because Air. Bryan advocates the lat
ter. there Is no reason why ii should
not be discussed fairly and squarely
And Mr.. Bryan Is not the only adj.
vocate. for. at the last session OF con
gress Mir. Fowler, Republican chair
man OF the committee On banking and
currency introduced bill No. 1871
which provided for the guarantee of
''all individual deposits. all bank
notes, all Bank deposits, and all gov
ernmant deposits without discrimina-
ton or preference This bin was re-
farred to the banking and currency
committee with its Republican ma.
iority and by Il fayorably reported 20
The house on February 2S, 1908. SO
Mr.. Bryan Is moi unique in his advo-
cacy Of this bank deposit guarantee
iGea.
What Mr., Sryan, Mr. Fowler, mer-
chants and depositors generally want
~ something which viii prevent a
repetition Of the financial catastro.
lsile OF last October, when the busi-
mass OF the whole country was pros.
lrated You say that mot single
aeDositor IA any New York bank lost
anything by the "embarrassment" OF
last October. but how long did these
derosltors nave their funds tied M
where they could not use them? And
vao can measure the suffering and
sl0rdships caused by the huge bank
ieilares Ia New York City last fall?
As matter OF fact. In New York
*it1 otiit AilkttH HdllpNdl banks
state banks and trust companies, with
an aggregate of quarter of billion
dollars Of deposits either failed ol
had serious runs on them And II j.
strange fact that while this was
happening in New York city there
was only one little bank failure IL
the great city Of Chicago.
Your statement that not q single
deposltor IN any New York bank losi
anything, and that no depositor eyer
lost a dollar IN any New York trus
company since the establishment d
The system is the seyerest arraign
menl yet made OF the management
OF financial affairs in New York las
fall. Ii these banks and trust com
panles were all so good that the de
posiiors Will all get their money, wh!
We're they permitted 10 close thei
doorsg Was II because the financia
inagnates did not know what TO do
or was L because some of them want
ed things that could only be had b.
bank failures or the threat of itY
Whatever may be the merits o
The demerlts Of the guarantee OF banl
deposits, Il ought TO be and win b
thoroughly discussed"