Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-30
Repudiate Pet Schemes of
Candidate Bryan
TODAY'S DENVER SESSION
Guaranty of Bank Deposits Is De-
clared Dangerous.
PRESIDENT POWERS ADDRESS
Finds Some Benefits in the Recent
Financial Panic-Refers to
Theoretical. Financiers.

DENVER, Col. September 3O-Toda,
the regular business sessions Of the Amer
| lean Bankers Association opened in tn,
| city auditorium. and the vest hall. which
echoed with the cheers of the democrat:
when in national convention they adopted
a platform favoring guarantee Of banl
deposits by national law or, if this is i'm
possible. the establishment of postal saw
1ngs banks. witnessed a scene Of a body
Of men representing the wealth of the
nation repudiating these ideas as danger
Gus to the prosperity Of the country.
President ]. D. Powers in his annua
address devoted practically his entire tim,
to the recent panic and his opposition t.
the proposition to guarantee bank de.
posits. which, he said. would not have
been heard of In the present poiitica
campaign had there been no financia
panic.
OF tho panic he said that few financia
storms occur without attending benefits
frequently greater than he disaste,
wrought. The unhealthy conditions thai
surrounded many banking institutions ir
New York required just such heroic treat.
ment to allay the money-mad lever which
had possessed them.
Where the Banks Suffered.
The banks suffered by allowing the Dor
rover rather than the lender to fix the
price of collaterals pledged for loans.
Now that the panic is behind u.s." hi
said. let us look to the needs Of the
present. Let US do this by a calm and
dtspassionate examination into our gen
erai banking and financial policy and es.
peciaIly our currency system"
He did not believe this could be done
through the ordinary channels of mere
legislation. 1t must be the work of ex.
perts. and not Of the theoretical t1nanciers
They should be-" he declared, men who
understand the necessity for and impor.
lance of Kidding the government of the
dangerous legal tender greenbacks BY
their final redemption and retirement; BY
sane and safe means Of gradual change
from our bonds-secured currency to 6
system that has proved sound by the
experience of other countries
The banking and other commercial in.
terests of the country have met and over
come many vagaries which had been pu,
before them for political effect but one
OF the most serious. if not dangerous
propositions was that of government
guarantee of bank deposits.
Fallacy Of Claims.
Col. Powers made a strong argument
against the proposition. taking up eacf
favorable claim'made by the advocates Of
the system and showing wha: he called
the fallacy Of each of these claims.
The president said he was we'll aware
that many good men at this time, without
| reference to political affiliations or party
tie, believe that the guarantee of bank
deposits is just and right, but. he said
many men in the early stages of the
free silver heresy'' also believed thai
cause just
But there was soon a great awakening
when the fallacy of Is to 1 became thor.
oughly exposed and SO 1t will be with the
guarantee of bank deposits"
Col. Powers closed his address in an ar
Nal for a vigorous campaign of educa.
ton Of the bank depositors to defeat the
proposed plan.