Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-10-24

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most sacred trust. and not a COM
modify to be sold by high pressure
craftsmanship.
I agree with him about this. Will
he not join me in putting that
thought firmly in the minds of Boss
Flynn. Boss Hague and the Kelly
Nash machine of Chicago? Will he
not tell them that the presidency
is such a sacred trust? That they
should not use the manipulations of
machine politics in order to secure
it for the third-term candidate?
I have a notion that they don't
like the national advertising they
have gotten in connection with their
tale-to dishonesty win this election.
A very interesting thing in con-
nection with the talk of last night
was this: Here is man who is
seeking to violate tradition of
$50 years standing, tradition that
has been upheld by every thoughtful
leader in American life. and yet he
offered not one single argument as
to why he should be permitted to
violate that tradition.
Opposed Bank Insurance.
I was also very much interested
in his claims of accomplishment
during his administration And one
of those that he put particular
stress upon was the matter OF bank
deposit insurance.
AS matter of fact, the third
term candidate opposed bank insur-
ance when the legislation was
passed. The Republican Senator
Arthur Vandenburg of Michigan was
responsible for bank insurance.
Just to show you how clear this is,
Leo T. Crowley. appointed by the
President as chairman of the Fed
eral Deposit Insurance Corp. wrote
to Senator Vandenburg on February
IS. 1884, after the passage of the
bank insurance law as follows:
Il consider you to be the father
of the Federal Deposit Insurance
Act"
And Mr.. ]. F. T. O'Connor, con-
troller of the currency at that time,
wrote to Senator Vandenburg:
You have rendered great serv-
ice to the country in connection
with the Banking Act"
And also, addressing the Mich
igan Bankers convention in June
of 1884, L. E. Burdsall, general
counsel of the Federal Deposit In
surance Corp, said of Senator Van
denburg:
I'VE are under obligation to Mich
igan for having sent to the Senate
q gentleman who understood the
necessity for putting banking insur-
ance into effect at the earliest pos
sible moment"
That man is Senator Vanden-
burg.
He is perhaps more responsible
than any other individual for put
ting into the Banking Act of 1888
the provisions which made it pos
sible 10 insure deposits in banks be-
ginning last January. So we are
under debt of gratitude to him for
his leadership.
The facts are, that Mr. Roosevelt
himself was opposed to deposit in
surance. In a letter that he wrote
in 1882 he said, with reference to
the Federal Governments guaran-
teeing deposits in all national banks:
Work Gain Is Tragedy.
II believe that such action would
be quite impossible"
Another interesting claim made
by the third-term candidate was in
connection with recent employment
of men in armament industry. He
boosted last night that in the month
of August this year 100000 men
were added to private pay rolls and
he tells us that in September
another 100000 went to work. That
Is good, but it is a tragedy that
it took a war and the consequent
demands for ornaments to start our
people back to work.
I'd like to give to you the third
term candidates own description of
that kind of employment. That is
what he said in 1886. Listen to it
very carefully:
I'VE know that vast ornaments
are rising on every side, and that
the work Of creating them employs
men by the millions. It is natural,
however, for us to conclude that
such employment is false employ