Washington telegraph., 1920-04-09
Bank Guaranty

Bank Guaranty
At every regular session Of the legis-
lature for number Of years, an effort
has been made to enact what is called
the Bank Guaranty Law" But not
withstanding the insistcnt demand for
the passage of this bill, some of the
bankers Of the State have busted them
selves in opposition to it, and have uE
| to this time been successful in effect
| ing its defeat The most conservative
class of bankers, however have never
opposed the enactment Of a reasonable
and conservative bank guaranty law.
| think the demand for this law is not
only fair and reasonable, but it is
mark of progress and Advancement
that cannot be further ignored or
longer delayed. shall be the last man
to make war against the banks. They
are not only engaged in a legitimate
business, but their existence is abso-
lutely indispensable to the conduct and
progress Of the commercial world of to-
day. However they should be willing
to abide by the golden rule, DO unto
others as you would have them do y--c''
you" The universal rule of all banks
is to require approved security for all
moneys loaned by the bank TO its GUS
toners Then why shouldn't the banks
be required to furnish some kind Of
security for the money deposited il
their vaults At present all banking
institutions, as well as all other classes
Of business, are unusually prosperous
and of course, as long as present condl-
tions continue the bank guaranty law
would be Of little service. Neither is
FIRE insurance Of any service as long
as we don't have a fire. 9
The prosperity and 1 might say, the
its deposits. The lending Of the de
positor's money by the bank at the
highest rate of interest obtainable, ia
practically its only source of revenue.
and no bank can continue to exist that
don't receive any deposits Those who
take their hard earnings and deposit
them in a bank, should not only be.
made to feel, but should know, that
in case Of financial trouble or the fail,
ure Of that bank their interest will be
protected, and their money returned to
them.
Every class of people in this State,
except a few who think they should
dictate the financial policy for the ma
ton, are favorable to the enactment Of
fair and conservative bank guaranty
law. But strange to say, one IF the
distinguished candidates for Governor,
who has heretofore organized the banks
of the State, insofar as it was possible
to do so, against the passage Of this
law, and has led the E yht against it
AioAh Stoib ~ hioAii 10 INV ''NtBg lhtS
great space in the newsl 1pers over the
State, advising the pubic that he is
the peoples candidate for Governor.
His alleged fidelity to the people, when
considered in the light of his past re-
cord, affords a splendid Illustration OF
Pauls definition Of faith" "The sub
stance of things hoped for, the evidence
of things not seem
b This same candidate was a member
Of the recent constitutional convention
r from Nevada county, and his record in
: that body was so notoriously in oppO-
; sition to the interest OF the common
! people that certain labor paper in the
= State published him as an enemy to
: the labOring class. The farmers of thu
p State appealed to that convention b
? incorporate into the proposed constitu
ton a provision for a graduated land
? tax, and this same candidate, fighting
the fight Of the people" voted against
] this provision. Guess he was also
= lighting the fight Of the people" when
: he voted, in that convention, against
: the proposed reduction OF the legal in
, tercst rate in this State. Where your
= treasure is, there will your noart be
also" "By their fruits -ye shall know