The Cairo bulletin., 1910-10-27

|, sia9tild fi0t wait until they are force,
|el,y law to make their banks safe. BAL
s.. ould take the initiative In the maj
. ter II ought to be absolutely NiF
: possible for a bank to fail andAbaM
srs should make ii So"
~ good California banker, address
Ing their feceat state association
aeeting sail IN commenting u
ll,eir state Bank Act Of 1909; s,,
n mast be plaln to the rractica
nina, that the day is past when ths
hanks may be conducted exclusivel,
as though they were in the line 0
ordinary business. without regard Il
che dependent interest Of the publi'
III their p,oliei@ and management
"What then,sis the manifest duty g
II ose in whose hands IS COMMITTEES
the responsibility Of meeting tht
ciauged conditions; for IL must y,
caaceded, whatever may be ind
stttual judg nent, that the time u
gone when banks may hope 70 opes
ate without regard 10 public regi,a
ton: II were folly, in my opinion, rc
derry the new order in the direction
OK cur financial institutions. Is y
nit more TO the purpose, and a more
enlightensa policy, TO lend the a.d
uf orr experience in so advising the
degree and nature of public regula'
tioa that Ii will be developed on
f.Mes OF reason and business discrf-
tiGn and not fall under the control
OF the uniformed, the impractical Of
tie scheming ~demagogue? am fully
convinced that publlc direction, nm
der reasonable festnictions as to the
rights of all concerned, viii not on.g
l4yive advantageous TO thg banking
Lusiless in the end. but that il VIII
! rnsrit in .restofiRg an intimate re-
~laiionsAip between the banks and
the public. and thus bridge the
i chasm that seems to exist in tho
1Minds of many. between the baali
and those who have business with II.
III other words. | hold, that our best
interests win be %suhserved by taking
th1% public into a closer confidence.
ahd helping to guide opinion along
troad lines of business sagacity and
common sense. Surely We shall
avoid q strife. rather by working
with public sentiment. than by cling.
ing to the isolation. that no longer
has a place in our modern system,
wherever private enterprise assume
to serve a large public interest.
There is not one thing that will be.
speak for the California law the -.
speci and confidence o fthe publ"
as much as the results absolutely oh
tained. operating under its whoi,
I'M ana sound influence"
All but five of tine states MAKE.
scme requirement. OF those who go.
irto the banking business, or use the
term bank or broker" Illinois is
one Of tie five, that does not, an
nc ether fctr are Kentucky, South
Carolina. Virginia and Vermont.
Now | don't mean to say that lots
OF our private bankers are not as
capable and strong as the organize
baTkers-for- some # them afe-thelta
equals In every respect and superi6s
in some-but. the lack of some RI
qnitements in this state. on this
rcint, has already done harm and
stands as a constant menace.
Not alone that, but. there is con
slant agitation and it would he
strange indeed, if amidst all this pres
Cnt day outcry the banking interes'
should escape some wild and vision
ar$ legislation.
Building aud loan associations, in
sutances companies, Warehouses. rail
reads, doctors. dentists, osteppths,
tafbers. horse doctors, etallions. etc.
etc. must pass muster in Illinois, but
any cid concern can hang out "a
hs mixers sign-disgrate our business, |
our citizens. and perchanc2
destroy financial credit and shafei
confidence in our community and in
tire sound banks, for the time being |
as Mr.. KaHaker says: Why
should we wait TO he forced by law?'I
Why shouldn't " e anticipate by pref
rating a broad liberal banking law
that will be a cred to us and our
state and a bulwark q financial
credit aud confidence.
We should DO, not as IN railroads
did-fght any and all legislation. but
,ijrect and accept all proper safe
guards and restrictions, 1t Is by s.cht
a policy, that we may ward off the
fsi acies of, guaranteed ~deposits anil
What not.
Better 10 this ourselves than have,
G,e other fellew do ii for ms, for rest
assured, II will be done by come Que
lit ~ only a question Of very short
time, and we should follow the lead
Of many progressive State Bank ASH
spciations In this work.
The legislatures responded to tire,
expressed wishes OF the Minnesota,
California and other associations,
and they would gladly respond to us.
I have no specific idea to urge, ex.