Pine Bluff daily graphic., 1912-05-29
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lnVlOlate our flduclary relationship to our patrons i'll the same way that IaN5 CTS are required to guard the secrets of their clients. Were we to do otherwise we would have little business to transact, even if we were worthy of it.
 In country administered by poli- ticians in aid of rival political partics it may be asking too much in a pre- sidential year that only orderly and well-considered legislative action be taken. But as Democrat, I marvel that a Democratic House of Represen- tatives should be so lacking in polite al sagacity as to justify the policy Of the Republican party for an enlarge ment and concentration at Washing ton of the Federal power. MT. Rooso welt may be the nominee of his party. If that shall be the case Democrats may attack him as fiercely as they will. They may say that as President he protected his corporate friends and punished his corporate enemies; they may point out that he never blaZed the way for tariff reduction, and that his election for a third term woull upset all the precedents of the pas; but all these fade into insignificance compared with the one great issue which would have destroyed him and his party and upon which all Demo- crats could have agreed, namely the usurpation by the Federal Govern ment of the powers constitutional vested in the respective States and the concentration of that power at Washington.
 The New Nationalism of Theodore Roosevelt promulgated at Osawatc- mic startled the country. It resulted in the election of Democratic House for the first time iii many years, and in the election of Democratic Govern ors in all of the doubtful states. What terrors will this vicious scheme of New Nationalism now have for the electorate of the country when the very Congressmen who were elected on that issue justify it all by assum- ing to give to one of their conmlt- tees the outrageous and unconstltC- tional power to inquire into the bust ness relations of the citizens Of the several States with the banking insti- tutions created by those States?
 If Congress has the right to compel banking institutions to disclose rc- lations with their patrons under suca circumstances what single power now exercised by the several States re- mains which cannot be taken from them by the fiat of Congress?
 If Congress has the power to ln- quire into the relations of State Bank or Trust Company with it's pa- irons it has the same power to in wade the States and compel disclosure of private transactions carried on ty citizens wholly within sovereign State. For more than year Demo- cratic representatives struggled against proposed Constitutlonal amendment presented by a Repuoil- can United States Senator that re- cognized the possibility of FcderGl interference in the election of United States Senators in the several States, and having recently fallen back from that intrenched position they no" forever silence the voice from CsaWa- tonic by proclaiming that Federal power can supersede State authority even in purely domestic affairs.
 In no sense of the term is this Con- pany national banking institution The activities of national banks are regulated by National Law, but trui' companies and State banks are only subject to examination and regulation by the legislatures of the sovereign States who created them; and as Democrat who hopes to vote for a Democratic President next autumn and as an official of a State Banklr institution, l consider it my duty tc direct your attention and the atten- 1 ton of similar institutions and the millions with whom they transact business to the scope and destructive consequences of your proposed ln- quiry.
 Respectfully yours,
 ROBERT l.. FRYER