The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-09-12
Not Open to Objection Urged
in Acceptance Speech.
WRITES TO MIR. STUBBS
Tells Why the General PrOpO-
sitiOn Is Bad.
Kansas Candidates Letter Ask.
ing for an Expression.

date for President of the United States,
has given to w. R. Stubbs, Republi-
can candidate for governor of Kansas,
a full, but somewhat guarded endorse
ment of the action of the Republican
party in Kansas in putting a guaranty
deposit plank in the state platform.
Mr.. Taft says that "of course" he
couldn't be expected to express an
opinion on state measure such as the
guaranty plank in the Republican
platform But that he considers that
the Republican plank avoids entirely
the objection which he made to quar-
anty of deposits.
Mr. Taft doesn't commit himself to
much of anything, but he does declare
publicans and himself is harmonious"
so far as the bank deposit guaranty
proposition is concerned.
The following is the letter which Mr..
Taft wrote to Mr.. Stubbs:
Middle Bass Island, o.,
sept. 4, 1908.
''My dear Mr.. Stubbs:
''I have your letter of August 27th,
and 1 agree with you that the action
of the Republicans of Kansas as to an
enabling act, by which banks in Kan
sas may voluntarily guarantee each
others deposits, is very different from
the proposition in the Democratic plat
form enforcing a tax against all banks
ny WHICH lIlGy are III ellSCL u guar
antee the recklessness and dishonesty
of every other bank. Under the sys-
tenn proposed, for instance, in the state
of Connecticut, Mr.. Hill has shown
that in the course of four years the
banks and depositors of Connecticut
would pay out 100000 and receive
nothing back, and that that 100000
would go TO help the depositors
in Wall street banks, which through
the manipulation of stock gamblers in
oI ha dpnneffC
the purpose of promoting wild specu-
lation. 1 do not have the statistics,
but have no doubt the same thing,
in perhaps a less marked degree,
would be true in Kansas. OF course
you could not expect me to express an
opinion on~a state. measure of this sort,
because state legislation is not involved
in the national issue; but you are cer-
tainly at liberty to say, what sincere
1y believe, that the proposition in the
Kansas platform avoids altogether the
objection, which 1 urged in my speech
of acceptance, to the Democratic prop
osition for a national enforced insur-
ance of deposits in all banks. The
Kansas proposition comes within the
saving clause which 1 expressly in
serted to show that the objection had
to make was not applicable to such a
system.
Every sincerely yours r,v,r.,
Mr. stubbs' letter to Mr.. Taft, in
which he called upon the Republican
for the presidency for an ex-
preston, was as follows:
Lawrence, Kan, Aug. 81, 1908.
''Hon VIM. H. Taft, Hot Springs, VA.
Dear Mr.. Taft:-Yours of the 18th
inst received. 1 thank you for the
direct manner in which you answer
my letter. The situation has not chang
ed in Kansas since 1 wrote you. There
is no doubt whatever that you will
carry this state by a handsome major
ity in November.
MY Bryan speaks in Topeka tomor-
row night on the bank guaranty pro-
position. The Republicans in Kansas
have agitated this question until it has
become quite popular and Mr.. Bryan
is therefore making this his paramount
issue in this state. We have declared
in our Republican state platform for
a law enabling the state banks to vol
unfairly guarantee deposits. While L
am president of the Lawrence National
bank, and interested in other banks in
and out of the state, am in favor OF
a guaranty deposit law which will en-
able state banks to unite for the pur-
pose of guaranteeing their deposits. /
believe that law can be framed based
on sound business principles that will
fully protect the depositors and also
strengthen the banks. This proposition
involves the same basic principles as
insurance Of other property and the
risk can be more accurately determined
than any ordinary fire or life risk I
heartily agree in many respects with
your sentiment expressed with refer
ence to the compulsory guaranty law
such as the national Democratic plat
form declares for. A federal law of
this character would compel the con-
servative Kansas banks to help pay
the losses and guarantee the deposits
of the reckless, speculative Wall street
banks, and in my judgment would be
and unsound
Il would be glad, II consistent with
your letter of acceptance you would
feel at liberty to indorse the paragraph
in our state platform which permits
state banks to associate themselves to-
gether for the purpose OF guarantee
deposits under the supervision and con-
troll of the state.
"I trust you will accept this letter
in the spirit in which 1t has been writ |
ten, simply as matter of information
and with the hope of getting the best
results possible out of the situation here
in Kansas and not with a desire to have
y Ou indorse this proposition if on the |
whole you think it does not fairly re-
fleet your true sentiment on this sub
ject. With personal regards, am, very
respectfully your friend,
wv. R. STUBBS."