The Sauk Centre herald., 1926-10-07
CAPITOL CHATTER
G. B. Wollan


his keynote speech at Cambridge, but
! am reliably informed by the proven
bial little bird that Friend Magnus
isn't going to say much more in his
keynote" than he has been handing
out to his hearers almost daily since
the primary election.
There's one Hhing, however, he may
discuss that he hasn't previously
touched ON, at least so far as have
heard, namely, the open revolt of
the leaders of the once quite power
full Non-Partisan League and their
bold attempt to swing their followers
in line for the Democratic state tick
ct.
If the leaguers quit the present
third party" what's the result going
to be
Most of them were Republicans be-
kind of economic and efficient admin
them have been Republicans at heart
all the time. Can the leopard change
his spots?
1t was quite evident that thousands
of former Leaguers came back unto
the G. o. P. fold at the June pri-
maries. Not the would-be leaders or
self-appointed bosses, naturally, but
the rank and file.
Are these going to shift again, this
time to the tail end of the procession
behind the Democratic donkey, just
because Brekke, Quigley and "a few
others say so? Doesn't seem logical
or sensible, does it?
Hardly, not so long as Gov. Ted
rs giving the people of Minnesota the
kind of economc and efficient admin
istration they like and have been
wishing for.
incidentally, that statement or ap-
peal or whatever you want to call 1T,
which was issued last week by Pres
ident Oscar Brekke of the Minnesota
Non-Partisan League, contained at
least one fundamental truth, namely,
that it is futile to seek or hope for
amelioration of conditions complained
against through the medium of "a
minority third party"
Mr.. Brekke said whole quart
when he said that. History has dem
onstrated the truth of it often. One
needs but to hark back to the days of
Grange, the Farmers Alliance and the
Populist party. What happened to
them? Their existence was brief, yet
not always without some result-but
the results were brought about by ac-
tion of one or the other of the old
parties, usually the Republican party,
which has always been the party of
real progress. The only trouble has
been, at times, that the G. o. P. may
not have moved in the desired direc-
ton quite so rapidly as some of the
more Jealous desired. But it always
"gets there"
Six years ago, when Jake Preus
made his first campaign for governor,
he advocated cooperative marketing
as partial remedy for the ills of the
farmers. Townley and his SATELLITES
pooh-poohed the idea-yet came
around to it. Nobody today ques-
tions the fact that much good has been
accomplished and more can be
through cooperative marketing.
Give the Republican congressman
and other leaders of the Middle West
a little time and they'll convince the
industrial East that simple justice de-
mands that agriculture be put on a
parity with industry and labor. No
third party, hoover, is in position in
this country to put this thought over
and translate it into legislation.
Magnus johnson is now shouting
just as loudly for guaranty of
bank deposits as Tom Davis was
before the primaries. He seems to
see things more clearly now.
Anticipating that Magnus will an
nounce this in his key note address
as oneo his principal "planks," it
may be interesting to look into this
proposition bit from the practical
standpoint.
It seems, according to those best
posted, that Nebraska has the best
law of any state guaranteeing bank
deposits. 1t has been in effect since
1911. Under this law three funds
are provided for, namely, depositors'
guaranty fund, bankers conservation
fund and administrative fund. Brief
ly stated, every state bank must set
aside, and pay when demanded, sums
aggregating six-tenths of one per cent
yearly of the daily average of de-
posts.
The last available figures show av-
erage daily deposits in all Nebraska
state banks of $286,000,000. The
total annual assessment paid by the
banks into the guaranty fund, there
fore, will amount to $1,700,00O
which is equivalent to seven per cent
of their total capital stock of $685.
923, 700. Quite a drain on banks dur
ing a period when so many of them
aren't able to pay dividends.
Suppose Minnesota now had a SINH
lar law.
On June 80, 1926, the deposits of
the 973 state banks in Minnesota
were $332,122,495, and the capital
of the banks botalled $23,33S,5 500.
An assessment of 6-10 of one per
cent against the deposits would be.
$1,992,734, or 81a per cent of the
capital of the banks.
Can anyone who stops to consider
this proposition seriously be at all
in doubt as Ito what would have hap
pened in Minnesota if the banks
would have been compelled in the last