The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-03-07
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be restrained and the good bank isn't anxious to
have the other ones restrained, because the good
bank point to the reCkleSSneSS OF the other and
draw away deposits.
I am not supposed to know anything about bank
ing and yet these distinguished men, who have shed
lustre on the banking business, admit that | have
put my finger upon the sore place in the banking
system. New when make all the banks response
bic for each bank then they will be interested in
effective regulation. We will find them favoring
legislation that will protect the public funds We
have been asking for this regulation all the time.
introduced bill in Congress to increase the penalty
for embezzlement where the amount was large; |
supposed that | would have unanimous support. |
supposed the stockholders would be glad to hold
over their officers the danger of longer penal term
if they were dishonest and took money, but | could
not get that through. (Laughter)
| welcome the prospect of guaranteed banks, be-
think it will enable us to get regulation
that we need. For instance, | think it might help
to pass law to make than directory the rule
that bank shall not loan than one-tenth of its
capital and surplus to one person. A man testl-
fed in the case of a Chicago banker last summer
that that law merely directory; that if an ex-
amner found that bank loaning more than
ten per cent to one man, the department would send
him formal letter calling his attention to it, and
then if he did not correct by the next examination,
he might expect to be forcibly reminded by another
courteous letter Is that good banking? Is that
safe and sound finance? If one-tenth of the CAPT
tai and the surplus is all that ought to be loaned I'M
der our present SYSTEM if it is the judgment of those
who make the law that the loan shall not exceed that
then I insist that ought to make criminal law,
to compel the officers to do that which they
directed to do by the authorities. (Applause.)
Wouldn't that be good law Mr.. Gage?
Mr.. Gage: Yes, sir.
Mr.. Bryan: Would not that be good law Mr.
Baker?
Mr. Baker: Yes, sir
Mr.. Bryan: My friends, if I keep on will be in
standing after a while. daughter and applause.)
Now think there is another thing that we ought
to have. [ think more of the reserve ought to be
kept in the bank and less loaned. Isn't that right?
Voices: Right again daughter and applause.)
If more of the reserve is kept in the bank the
bank can be allowed to keep a part of it in bonds
upon which emergency notes can be borrowed from
the government 1t was the deposit of western and
southern reserves in New York that caused the
stringency to spread throughout the country. Now
[ want to remind you that for forty-seven years
laws have been made by financers and yet reach
the condition which confrontS us today and eminent
bankers admit here in your presence that |, farmer
from Nebraska, suggest changes that your fl
nancers did not think of, or at least did not put
into law. Oaughter.) Why?
Voice: You ought to be right part of the time
Oaughter)
Mr.. Bryan Thanks it is a concession that I ap-
preciate, and I wish l could return the compliment
by saying that fnanciers have been right even
part of the time. (Great applause and laughter)
Now there is another safeguard. | would like to
a law that would make it a criminal offense for
any bank official to become gambler upon the stock
market Don't wait until he has lost committed
suicide, but make it criminal to begin. Save the
mans life, and his honor and his family by protect
ing him from the temptation
Now have said what have upon this question
because [ believe it should be presented 1t is not
necessary to wait until the election to find
what ought to be done Take plan that appeals
to the common sense of the average man and you
need not be afraid to present it before election The
people of this country the most intelligent people
in the world. They want to do what is right. Some
of you misunderstood our people G4aughter.)
You think we are anarchists. You think we want to
injure the country. I think I am fair representa-
tive of the average man out in the west at least
have been able keep touch with him in spite of
all the newspapers. He and I get along pretty we'll