The Cairo bulletin., 1909-09-14
SUPERVISORS Of
STATE BANKS
IN CHICAGO YESTERDAY
PIERRE JAY MAKES PRiN-
ClPAL TALK.
POSTAL SAVINGS BANKS
important Part of His Speeeh--Says
II Is Local Issue to South and
West--segreqation CT
Savings deposits.


Chicago, Sept t3.--The State Bank
Supervisors Association convened
here today vita n large attendance.
Among the speakers was Pieare Ja,
who. in Gecommanairs uisi 'or q ban
ing laws in all states, spo. ia fay r
of legislation which VIII "A al cas- J
separate the savings DEPOSITS #
commercial accounts. Mr daF SAD
IN part;
Since we met In J.:ue ta9S. ! qtf7-
tion In which we are glta II iatcrs
ed. the safety Of lanf deposits. has
been made ene OF the major i9sues
OF a great political campaign. The
result has been tho election Of
president, pledged by his platform to
create a postal savings bank. IN
South Dakota, Nebraska, Kansas and
Texas, laws have been enacted guar
antoeing safety Of depositors. Thus
IL Is plain that public opinion In some
pagts Of the country, ut least, Is not
satisfied with the conditions under
which banking is now carried on, or
with the measure Of protection which
bank supervision has managed to
give,
Il think II III clear that the M
tional bank act and most Gf the state
banking laws only empower tile sn-
perpisor Ia see that the Law Ii 9 eyed.
I
| It remained for New York. how.
| ever after the panic OF 1908 TO give
| 10 tho supervisor power not only ~
direct the diseon, Gaance Of unsafe
and nnsouna practices, but after GER
Itan step to take possession Of and
1 lliauiaate any bank which neglects
i nnder directions
Il "rn addition 10 recommending THAT
l, Trrg sifa eilgiiar | d taese existing
tin New York be enacted Hi every
state 1t n also recommended:
/ + That the supervisor shauld he
d practical banker OF sh0nld haYe
some other recognized qualification
fer the office.
2 That politics should play nt
part IN his appointment.
4, That he shorld have frei
hand I'm selecting his assistants.
(. That hts staff should be large
. enough to make thorough semian
tlnnal examinations,
:. And since I am no longer su
pervisor | may add that the salaritl
paid should be large enough to No
cure high grade Of men as sn
Irewisors and examiners.
r. Among the various regulation
approved by your association Their
y one which seems to me 9
ranseendant Importance at this time
7 is that savings deposits, whei
AIKEN by commercial banks and trus
companies, should be required b
r aw TO be segregated from other ID
l. uosits and invested In those secur
i ties in each state which are consit
I cred safest and hest We are fac
i to face with postal savings bank
/. legislation 1t IL safe to say tha
( none Of us would favor this eXfenslo
3 3f government activity II safe 4,
oosiaries for savings could be pr
ided by individual effort,
In my opinion the postal saving
bank N not a national but q LOCI
,e ssue. The call for it comes from tt
q west ani the south where there III /
If savings bank legislation, aud whe
.. banks are far realoved from sett'
a nents. New York, New Engan
4. New Jersey and Pennsylvania q
n. for them very little because the leg
of latures OF those states nave provide
savings bank legislation
III state banks all over the cou
try were made safe denositaries I
the savings of the people there
10 little doubt that the agitation for \
postal savings bank would cease
There is simple way Of acco
plishing this aud Il has already be-
,"
n