The Topeka state journal., 1909-02-26

| Understanding deposits dangerous? p
| said Senator Quincy.
| las banker replied Senator
Cambern, 81 prefer not to answer tha
| question 1 am not here as a banker
| but as the representative of the peo-
pie of the state and my action shall
| be as such representative Personally
| as banker, 1 wish this question OF
bank guaranty had never been raised
But the people want this law and il
we do not pass it, as the senator from
Shawnee said the other day, the peo-
pie will send men here who will pass
law that will have teeth in it,
Senator Anderson: "Did the plat
forms of the political parties ask for
guaranty of deposits or of invest
ments?''
Senator Cambern: "I do not know
what the Democratic platform asked
for, but the Republican party asked
for the passage of a guaranty law
and not merely as juggling with the
question. l can't see that it is any
more dangerous for banks to pay 8
per cent interest on deposits and
guarantee the interest and principal,
than to pay interest as they do at
present"
Continuing, Senator Cambern said
Il want the senators here to realize
that every vote for the resolution of
the senator from Saline, is a vote to
kill this legislation. The lobby main
tained here got busy last night as
soon as the conference report became
known and sent out kilograms to
bankers all over the state urging them
to try and stop the bill as agreed upon
by the conference committee"
Senator Quincy declared that he
wrote the bank guaranty plank in the
Republican party platform and he de-
clared he 'did not dream of including
interest bearing deposits of any sort
in the law
eff the Republican party desired to
guaranty only part of the deposits" "
asked Senator Cambern, ''why did
they not state it definitely?''
Senator Quincy replied that he had
no idea interest bearing deposits
would be considered in the legisla ton.
The legislature, he said, had previous
ly rejected that proposition.
'How many voters in the state knew
such a distinction had been drawn ?''
asked Senator Cambern.
cat least 80 per cent of the people
were informed of it, I am sure" re-
piled Senator Quincy. The speaker
then pulled the definition of deposits
as contained in the Century dictionary
on. the senators. He opposed the
principle of guaranteeing any inter
esting bearing deposits and declared
that if savings deposits up to 500 are
included in the law, the scope of that
provision will later be broadened.
Concerning the charge that a big
lobby has been maintained here by
the bankers, he stated that the bank
ers have realized that a guaranty law
will be passed and the association has
had lobby here for only one pur-
pose, to permit commercial state
banks to continue to do a safe busi-
ness.
In reply to a question of Senator
Cam bern's, the senator from Saline
stated that he would have voted for
the bill if the per cent interest on
depositors' certificates had not been
eliminated and if savings deposits had
been cut out.
People Expect a Law.
Senator Cooke believed that 80 per
cent of the people of the state ex-
pected the passage of a guaranty law
that would guarantee all deposits. On
such platform he had been elected,
he said, and it required some Repub-
lican votes to elect him, too. How
ever, he favored allowing 6 per cent
interest on certificates given to de-
positors in inSolVent banks, and he
supported the Quincy motion to dis
agree and have new conference COM
mittee appointed.