The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1910-06-23

government 10 go into the banking
business. which this measure certain
ly contemplates. The great econom-
ical, financial and political results at
taiDed by the people OF this country
have been achieved by the free and
,qntrammeled efforts and genius of It's
citizens; a free hand has been given
individual enterprise In all the activi.
tie sof life, and for the government TO
now enter the field occupied by tho
savings banks, in competition with
$4,000 banks now receiving savings
deposits from $1,000 900 Of depositors.
Is as.raDk an injustice as il world bI
for the government TO establish 49,
600 dry goods or grocery stores in op-
position to or in competition with the
citizens who make the government
what u IS II would be Just as logIcal
for the government to assume all the
banking activities. whether state or
national. Of the country The govern
ment entered the banking business in
1871 and went out of business in 1911
IL entered tho field again In 1917 and
left 1t in 1896. and Its experiences In
both of these efforts were not such as
to inspire respect.
Following the law mentioned In
tho beginning OF my paper, that with
our free institutions all necessities
evolve into being as required. We al.
ready have the most extensive bank
ing system III the world. and come In
closer touch with all the necessities
oil the people than any other nation:
IN TACT. we have more banks than in
all the world besides, and our banks
are more closely interviewer into the
business life OF the people than those
OF any other nation; and l believe in
VeStigation would prove that q greater
percentage OF our citizens are stock
holders than can be found elsewhere.
The great majority of the stockholders
of banks recently established In all
the smaller communities are made up
OF the citizens OF the place, and thus
the vital energies that capital sets IN
motion are found operating in the
places of its origin
Instances Cited.
"As an illustration of the baneful
effects of drawing the savings of the
people away from localities where
earned, may be seen In ireland and
Italy. where from absence of local
stimulus In the shape of capital bust
nesa III tne outlying districts Is stag
nant and local development almost
unknown
The other side of this Illustration
Is found In the experience of Ger
many one OF the three European gov
ernments without postal savings
banks NORWAY and Sweden being the
other two) to draw the money from
outlying districts to the gret money
centors. The result is that here local
development is more advanced than
In any other foreign country.
1t Is quite natural for some people,
those who come from couD-
tries whose governments are 'paternaI.
10 have more confidence In the safety
Of the government than the banks
But have YOU thought OF the evil con
sequences that this might entail 10
business community for a consider
able number of people during a panic
to withdraw their money from the
banks to place II with the govern
mont. and thus unnecessarily accen-
-uate the calnmItics of the panic?
nder present conditions, nervous
people withdraw funds from bank
hey have temporarily lost confidence
II. and place 1t with another. and the
community has not lost any OF lis
unds.