The Republican. [volume] (Oakland, Md.) 1877-current, 1940-04-04

Unable successfully to attack any of
the major contentious of the Republic
can Program Committee report, the
New Dealers have undertaken to laugh
it off by asserting that it constitutes
an endorsement of the Roosevelt OBJ
iectives and policies in the last seven
years.
Of course, it should be perfectly
obvious to anyone reading this report
in full that it is a severe Indictment
of the New Deal taken as a whole
an Indictment which has not yet been
answered. 1t is true that certain New
Deal detectives and undertakings re-
ceive the reports approval, but in
many instances such detectives and
undertakings did not originate with
the New Deal.
Nevertheless the New Dealers insist
that nothing decent or humanitarian
was ever proposed in government until
they came along. Mr.. Roosevelt, on
one occasion, contended that the me-
chanics of civilization did not COM
mence until March 4, 1888. More re-
Gently he made the contention that
during the twenties "you can't find a
single statute enacted for the re-
straint of excuses, enacted for the
good, the betterment Of the permanent
security of the individual" ABOUT that
we shall have agreat deal to say
later on in this place
Claims Bank Deposit Insurance
Our main theme this week, how
ever, is a contention appearing in the
Democratic National Committees clip
sheet. Reviewing the annual report of
the Federal Deposit Insurance Cor
poration, the New Deal propagandist
agency asserted that losses would
have been sustained by tens of thous.
snds of bank depositors OF IT HAD
NOT BEEN THAT THE NEW DEAL
SET UP A SYSTEM OF BANK De
POST INSURANCE."
This statement simply is NOT
TRUE-it is unauthorized twaddle
| and fakery of the crudest sort. The
New Deal did not "set up" system
Of bank deposit insurance. Indeed, un-
til Congress, under the leadership of
a Republican Senator, forced the leg
islation on him, President Roosevelt
strenuously OPPOSED Federal insur-
ance of bank deposits. He did so over
his own signature.
In a letter to an Ohioan during the
1892 Presidential campaign, the then
Governor Franklin D. Roosevelt wrote
as follows:
with reference to the Federal Gov
ernment's guaranteeing deposits in all
national banks, believe that such ac-
ton would be QUITE IMPOSSIBLE.
1t would lend to laXity in bank man.
agement and carelessness on the part
Of both banker and depositor. | be-
lieve that it would be an IMPOSSIBLE
DRAIN ON THE FEDERAL TREAS
URY TO MAKE GOOD ANY SUCH
GUARANTY. FOR A NUMBER Or
REASONS OF SOUND GOVERN
MENT FINANCE, SUCH A PLAN
WOULD BE QUITE DANGEROUS"
Roosevelt Again" Opposed Plan
AS late as June, 1888, Mr.. Roosevelt
still opposed insurance of bank depos-
its. After Senator Arthur H. Van
denberg, Republican, of Michigan, sue
ceeded in having the Senate attach to
the Glass Banking Bill an amendment
providing for bank deposit insurance
Mr.. Roosevelt sought to have this
amendment eliminated in the confer
ence committee. He wrote Senator
Carter Glass as follows:
81 must therefore AGAIN express to
you my very definite feeling that the
Vandenberg Amendment MUST BE
REJECTED IN TOTO, even as re-
vised, and AGAIN repeat that no mod
ification of this Amendment proposed
so far will avoid a serious situation