The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1908-10-22
rAFr eAanLEs eUARANrY ISSUE

TAFT GAR7LEs GUARANTY ISSUE.
Down in Kentucky Mr. Taft tried to
tell the people that Mr.. Bryan is advo-
eating the guarantee of bank deposits
as a .panacea for verything"; and then
Mr. Taft so far forgot his dignity as a
candidate for President that he inn
pugned the honesty of men engaging
in the banking business in Oklahoma
He also declared that to guarantee
banks was a scheme ito make every re-
spectacle honest banker become the Sc
curity of anybody that desires to go
into the banking business with the
idea of getting large line of deposits
with very small capital" adding also
"and the result of that don't think it
takes a very clear headed man to see."
Mr.. Taft seems to be just about as
reckless in his statements as candi-
date for President, as our own popular
.(D Ex-Governor Myron Herrick has
been in discussing the same subject,
the difference being that Herrick is
actuated by selfish motives, while Mr..
Taft is merely playing the part of
bugler for others having such selfish
motives.
For some reason Mr.. Taft does not
tell those who listen to him that the
Fowler currency bill before congress
last winter provided for the guaranty
of deposits, and that it's author,
Charles N. Fowler, Republican con-
gresham from New Jersey, while dis
cussing the bill on the floor of the
house, said to the congressman of this
nation: 81 assert again AFTER THE
MOST NATURE DELIBERATION that
if there is one reason for insuring life
and home there are more than a
thousand good reasons-more than ten
thousand good reasons-why the de-
positors of the banking institutions of
the United States should be insured"
Mr.. Taft also neglects to tell his hear
ers that after the Walsh failure in Chi
cago all the other Chicago banks
through the clearing house voluntarily
guarapteed depositors in the Walsh
bank against loss to prevent runs On
the other banks in Chicago. Does Mr..
Taft think the Chicago bankers were
not clear headed in taking this action
voluntarily to save themselves and the
city of Chicago from a financial
cataclysm?
Unfortunately for Mr.. Taft, former
secretary of the treasury, Lyman ].
Gage, was clear-headed enough to say
before the house committee on banking
and finance that as a result of this
voluntary action by Chicago banks, Il
can tell you as a safe prophecy that
we are at the end of disastrous fail
ure in the city of Chicago by clearing
house banks since this regime has
come in"
If this plan is good for the clearing
house banks in Chicago. why isn't 1t
good for all banks and for the whole
nation under proper regulation by the
government?
Nor does Mr.. Taft tell his hearers
that the Merchants Association of
New York City took three separate
actions while the Fowler currency bill
was before congress, to express its ap-
proval of that feature of the bill which
provided for the guaranty of deposits
Surely Mr.. Taft cannot believe that the
business men in the Merchants Asso-
citation of New York City were not
clear-headed in this matter.
Mr.. Taft cannot answer Mr.. Bryan's
arguments in favor of a bank guar
antee by ridicule or Misrepresentation
Mr.. Bryan does not advocate bank
guarantee as a "panacea for every
thing" but he does agree with high
authorities that it would be panacea
for the people in time of financial
stringency as well as panacea for
the bankers under just such condi-
tions as followed the Walsh failure in
Chicago,
If Mr.. Taft doesn't believe it, let him
GO talk to the people of Niles and Dres-
den and Newark and Norwalk and a
number of other cities in Ohio where
both bankers and people have needed
a panacea of this kind.