Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1908-10-16
FRIDAY EvFNlVG. OCT. 10, 1903.

FRlDA1 GNF M ", OOis 10 i0Vo'
GALL sxsts," sage the crasksmsD,
sis to be LETT alone; why dOn't The per-
lice let man have rest and quiet !"
This lie not used to compare the position
of the banker aud his high and rsspon-
STOLE business calling With he crAczt.
man, bat u emphasize he tDuchy disPo-
sitlon of the captains Of finance, and the
arrogance some Of them occasionally dis
play. and the demand to be let alone In
a seeming determination TO die ate the
fiscal policies OF state and nation. Mr..
Henry Clews, the Wall street maguste,
was in Baltimore early 10 the week and
delivered su address and at the same
hour Governor Cfoihers, of Maryland,
WAS also addressing the people at West
minister in that state. The difference
in their views, one man OF great
wealth, the other poor man but the
governor of a great state, is thus ex-
planned. In assailiug Mr.. Hrysn'E gov
erumeut guarantee theory MI Clews
made the following statements;
1.-THE government guarantee OF bank
deposits Is pnsound 10 prlo-
G pie I'D irugit WITH great danger,
both to me government and the BUSH
ness of the cou TRY.
alt would, therefore, be one of those
blundsrs that are worse than crimes
cit would be long sep toward So
oislism. and socialism is antsgOnlshc to
free government and individual indie
pendeoce
"a guarantee system would destroy
the incentive for sound banking and
place a premium upon unsound bank
iog so thai The reckless and inefticieo
banker would Do on the same footing
with the prudent aud experienced bank
err, all of which is uDthinksble.
GAS radical measure 1t would be
EMIT ed ID rank with the 16 to + silve'
heresy, which was happily exploded
aud discrsdited iD time to prevent lis
enactment by Congress.
This is oil very foe, bu, Mr.. Clews is
not witness without bias in Gaze
where he has an int rest. Governor
Crothera speaking said
"There is nothing tn l have obssrv'
ed in the plstform of the democratic
party that should excite any apPreheu-
sion or alarm upon the part Of the people.
For instance, one plank 10 the platform,
known 80 the guarantee deposit plank,
has excited some interest, and the distin'
euished governor Of New York, in his
spsech delivered in Baltimore, goes
quite at leDgbt into the ba N that might
result in the application of that prime
ple, but | DO lot believe tbst ne NJ !
fad among intelligent democrats or re-
pubIicaDs anywhere any person whc
would dispute the principle that it would
be wise and prudent to secure depositors
in the banks.
CHOW, it is quite easy, instead of
meeting the issue squsrely, whether or
not the principle is a pr per ore, 10 DRIFT
of into the sounding Of alarm bells IS
to what might possibly happen, If put
into practical operation along given
liues. If the members of the democratic
party we're to follow the example set by
Governor Hughes 10 his reference TO the
guarantee deposit plank and draw on
their i'm gjnstiOns all the possible in-
iuries that might result from the appli-
cation Of The postal savings bank plank
in the plstform OF the governors own
party We might draw pictore before
which the governors groundlsss sppre-
tensions would sink iuto insigniicsnce
We might say that the postal savings
bank plank if adopted would mean that
the government is going into the banking
business pure and simple. We night
say that it would lead to the gathering |
up of the funds from the people in the
aud then under favored gov
ernmental manipulation would be de-
posted not in the community from
which they cane, but the details Of the |
law might be 80 regulated IS to carry all |
the money out of these several commu.
mites to the great 6usncial institutions
and banks of New York, and thus put a
most mensciDg power III the hands of
these great colossal mouey institutions OF
Wall street. The fact, as Mr.. Hughes
states, that national bank failures are
rate in this section Of the union is not
sufficient reason Why We ought not TO
provide for the possibility OF such things !
10 the future. The mere fact that my |
house has never burned down would
hardly be a sstisfsc Org reason why | !
should lot .ecur irsuutc &C 10 10"
Msy lsDd's z v,roor htr5 te'.ely pu's
Mr.. C!cTs's claims to shame. Strange IS
it may seem ibe correspondents on Mr..
Bryan's train commented on the fsct
that more attention was paid in New
Jersey to his reference to the guarantee
deposit plan, than to other parts of Mr..
Bry sn's speech.
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Col W, F. TUCKER. qusrtermsster