The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1908-09-25
PROTECT DEPOSITS
GUARANTEE PLANK ONE or MR..
ERYAN'S WINNING cARoS.
The object Lesson in Oklahoma and
Convincing Men that their Savings
In Banks Should be Protected a.
We'll as Government Deposits.

IANofS guaranteed Donk ueNoSllSs tn'
Republican platform is silent on that
subject Mr. Bryan heartily cham.
pions the plan Mr. Taft is strongly
opposed TO IL.
Mir. TAFT and Guaranteed Deposits.
In his speech OF acceptance Mr. Taft
puts himself squarely on record as be
ing opposed 10 guaranteed deposits.
He says The Democratic platform
recommends a- tax upon national
banks and upon such state banks as
may come in. In the nature of en-
forced insurance 10 raise a guaranty
fund TO pay the deposi;ors OF any
bank which fails. The proposal is
wholly impracticable unless II is to
be accompanied by a complete reyo
luton in our banking system. with a
supervision so close as practically 10
create a government bank. II the
proposal were adopted exactly as the
Democratic platform suggests. il
would hrinc the whole banking system
Of the country down in ruin"
Why seek 70 confuse the people on
simple propositions We are sup
posed % have Government super
vision OF national banks now Super
vision does not mean a government
: bank II simply means that the ma
tiona bank inspectors will do just as
they are expected TO do under exist
ing law-make their examination Of
banks thorough and make prompt and
] % of IRE mi
ties discovered. SO II will be difficult
to brighten the people by the claim
that guaranteed deposits means tho
rough supervision OF banks. That's
Just exactly what the people want
1t is absurd 10 say that guaranteed
deposits would "bsing the whole bank
Ing system OF the country down TO
ruin"
What does "guFanteed deposits"
mean II means that the savings OF
the masses shall be secured so that
when men and women deposit their
hard-earned money in banking insti-
buttons, they need not worry Tor fear
n will be lost through the reckless
ness and dishonesty OF bank officials.
The Federai Government demands OF
these banks security for the money
II deposits. As a rule state govern
ments and county governments and
municipal governments make similar
requirements But now that IL is pro
posed that depositors generally shall
have some such assurance for the
safe keeping OF their wealth we are
told by the Republican candidate for
the Presidency that the adoption OF
such a plan would bring the whole
banking system OF the country down
to ruin"
oklshoms's objest Lesson.
Oklahoma has the guaranteed de
post plan and the following Associat-
ed Press dispatch tells OF its opera.
ton in the first bank failure since the
Law went into effect:
Guthrie. Okla. MAY 81. 1908
Within one hour from the time r. II.
snock. Oklahoma banking commits
sioner. had taken charge OF the In.
ternationa Bank OF Colgate he had
authority to pay the depositors in full.
though the banks cash and available
funds in other banks fell s22. 900 short
OF the total amount OF deposits The
commissioner was enabled TO do this
under the operation OF the new bank
has been called into use Under the
operation OF the guaranty banking
law Of Oklahoma a tariff OF cent is
levied upon the average annual de
posits OF the banks. and this money
is used in payment in full OF all de
after the funds have been exhausted
VIII the Banks Answer Thls7
In addition 10 the arguments al
ready presented In favor OF the guar
anteed bank. the following is sub
mitted
The United States Government re
CURES a deposit OF specific securit,
when II deposits money in a nationa
bank: the state also requires secur
ity. and the county and city deposit.
arc secured either by BONDS or by tn:
deposit % specific securities.
NOW the question arises. ~ the
United States Government. which car
at any time inspect a bank and finc
out just what il is doing and how 1t.
business is being conducted. require,
security for its deposits. why shoult
not security be given to the depos
tier who cannot examine for himsel
and does not know anything abou
the bank. solvency OF methods? An,
loss TO the national government. {,
the state. 10 the county or TO the cit,
would be DO ne by all the people anC
thus be small upon each one, Will.
the loss to the individual has to b.
borne entirely by s'mself and ma,
wipe out his entire savings. Is no
the argument stronger In favor OF tn,
protection OF depositors than 1t is il
favor Of the protection OF the nation
the state. the county or the city?
But the case is even stronger wher
the bank is required to put up specia,
security for the protection OF national
state. country. or city deposits. IL