The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-19

subject more than twenty years ago
whom we had disastrous bank failure
In Lincoln. and many people lost every
thing they had. l introduced u bill in
the State Legislature at that time to
protect tho depositors 1t seemed to
me that there should be some way to
make TIE money OF depositors safe
There seems to, me to DO no reason for
putting money into n bank save for
the purpose OF getting it out again
when YOU want 1t. If any OF you know
of any reason for putting money in a
bank save to get 1t out, / would be
glad to have YOU state It.
My bill met with instant opposition.
The bankers said IL it were adopted,
big banks would have no advantage
over little ones. National banks were
not willing to adopt a bill that would
protect their depositors, and opposed a
state bill. saying that If State banks
were make safe. people would not de-
post in national banks. That was a
disastrous failure. costing the com
munity a loss of more than $4,000
yet the man who caused 1t went TO
tho penitentiary for five years. At the
same term 4 hack driver VINO stole
$50 from patron was sentenced to
serve seven years. | offered n bill in
crcasing the punishment fol- en-
bezzlement. but could not get 1t
through. Four Statcs-Nebrask ska. Kan
sas. Oklahoma and TeXas-have adopt
ed laws for the protection OF bank
dcpositors. Some thought it such
violation of fundamental rights that
they took the matter to the United
States Supreme Court. which finally
decided that there was nothing out
rageous i'm compelling q bank to pro-
tect its depositors.
From The Ilnul<erS' Side.
IAN argument can be made on this
question from the bankers side.
have n little money saved up for my
old age. and ! am not willing that st
shall be taken away from me because
some man is guilty of 4 criminal ac-
ton, nor am : willing to be n stock
holder in n bank and lend my nanre to
it's position in the community, and
then have its depositors lose.
1T is to me a sufficient reason why
there should be an insurance of de-
posts that the stakeholder may know
that no depositor VIII lose his money
through placing il in bank to which
mis- name Is attached. / expect TO live
TO see n system in effect by which
every depositor In bank will be as
safe as the holder of a government
bond. There may he differences of
opinion as to tho method, but when you
tell me that you have no plan. | tell
YOU that the fundamental need is II
definition OF honesty-that in common
honesty n bank must provide absolute
security to those to whom it holds out
security.
Il have arranged through Mr.. Harper,
who is with me, to have copies Of tho
speech of Congressman Carter Glass on
the pending currency bill sent TO all Of
the delegates to this convention. Il is
n clear. plain, explicit Interpretation
of the law now under consideration
1t contains more information than /
could give YOU in this brief time OF the
bill which is quite certain TO become Il
law. | will only call attention TO the
features which are most important:
Complies with Platform.
First. 1T carries out the declaration
OF the Baltimore platform and the
wishes of the people of this country
so far a their wishes could be inter-
pretcd by their political action in the
last election. The Baltimore platform
expressed opposition TO the Aldrich
bill for central bank. The platform
promised relief where relief was need
ed. without placing the banking of this
country under the control OF the money
trust The bill correctly intcrprets
the Baltimore platform. and car
ries out the wishes OF the
people as shown in their approval
OF that platform. This bill takes the
best features OF the Aldrich bill, but
leaves out the central bank, which
made 1t objectionable. 1t does not pro-
vide for central bank, but for twelve
or more regional banks through which
the relief which the government is
willing TO furnish can be supplied.
1T is 10 my mind the great feature
of the report of the Monetary Commits
sion. n report which had much OF merit
in it. The bill connects these regional
banks with each other through board
which will sit in Washington. 1t does
not tend to concentrate the money
power OF the nation. already too much
concentrated 1t tends TO save the
banks from the dcspotic nominations Of
a few fnanciers in Wall Street. who
have in the past attempted to dictate
their policies.
You must not assume. because an
tagonistic to the selfish interests OF a
few bankers who desire TO use the
power Of wealth TO enhance their own