Los Angeles herald., 1908-10-22
PROTECT DEPOSlTOR
SAYS BANK OFFICIAL
CASHIER TURNER FAV0RS THE
GUARANTY PLAN
Declares Government and State De-
mand Security, and Shows Institu-
tions Will Benefit by Method
Urged by Democrats
Especial to The Herald.l

SANTA ANA, Oct. 21.-At regular
meeting of the Bryan club, held last
night j. A. Turner, cashier of the
Farmers and Merchants First Ma
tional bank was the principal speaker,
his subject being the Guaranty Bank
Deposits"
Mr., Turner is a most conservative
business man and his advent as
public speaker was hailed as q salts
factory sign by local Democrats, who
believe in him as one fully informed
on the issues of the campaign; and
although two brass bands and a South
ern Pacific train, bringing Riverside
Republicans to a meeting addressed
by Governor Gillett and Congressman
Smith, formed a counter attraction,
there was a large audience present TO
hear Mr.. Turner.
Turner is not an orator, but a thor
ough business man, and. in a business
like manner, after general summing
up of the political situation. he said
in part:
In regard to the bank guaranty plan as
laid down in the national Democratic plat
form 1 say, as most of you already know
that 1 am heartily in favor OF it. I be-
lieve it to be right for many reasons, The
government, the state, the county the city
all demand security from the banks. ano
ask, should not the toller. the wage
Garner the farmer the business man. be
protected and assured that his hard-earneo
dollars are safe-that the savings OF life-
time have not fled with a crooked BANK
president or cashier and they left penni-
less, while the government the state, the
county, or the city, steps in and claims the
assets as a preferred creditor?
Gentlemen it is not right; 1t is all
wrong. The people should be protected
and the guaranty of all bank deposits Will
protect them. 1t Is panacea Tor all PAN
les With a guaranty the people can have
their money when they call for tt-there
will be no runs on the banks. The people
will hAve confidence in the banks and the
banks will have confidence In the people
and we all know banking Is done on con-
fdence and without confidence the people
hoard their money and take 1t out OF cir
culation This compels the banks to hoard
up their money, the very thing they accuse
and blame the people for doing. Bank
guaranty will not hurt the banks, for the
increase of deposits that the banks will
get of money now buried, hidden in stock.
ings, safety deposit vaults and under olo
carpets that never goes inside OF BANK
will come forth, and the interest the banks
will get on the increased deposits VIII more
yes much more-than pay all the losses
caused by failed banks.
Statistics show that the losses by failure
of national banks are less than one-tentn
of one per cent. I am sure that on TINS
issue the Democrats are right, and tha'
their plan is much preferable to the onf
offered by the Republican party, to wit
postal savings banks If we have posta
savings banks it will take the money prac
tically out of circulation in the rural dis
tricts and it will flow to the cities INC
money centers, for the government VIII de-
posit it in the large city banks. as is done
now Thus, instead of its being Kept III
the country banks, where it properly be-
longs, it will go to Wall street ana tht
stock jobbing parts of the country to make
the rich richer and the poor poorer As
between the two, 1 am sure the oank guar
anty plan is the more preferable
The trouble with our legislation today 'A
that our national congress is-like our own
California egislature--dominated by the
railroads and trusts, and we all know the
deplorable conditions of our own state ano
how completely it is domineered by the
southern Pacific through it's hirelings. ano
of which the Lincoln Roosevelt league oi
our own peerless county has had taste
very recently.
It is to be hoped that our voters will rise
above petty partisanship and vote theif
honest convictions, whatever they may be
and the time is not far distant when the
people shall rule,