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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Oct. 16, 1908)
imSKmmigm n . y Rww t i $ A OCTOBER 16, 1908 The Commoner NEW YORK MERCHANTS ON GUARANTEED - DEPOSITS On February 18, 1908, a committee ap pointed by the Merchants Association, of New York made a report in favor o the Fowler bill then pending in congress. Among 'the pro visions of this bill was one providing for the guarantee of deposits. , ) From this report the following is. taken: "A careful study.of the principle of co insurance of deposits, as thus established, has brought us to the conviction that the objections advanced against it are more superficial than real, and such weight as they may legitimately have is far outbalanced by the direct benefits to bo derived from its workings. To the argument that it is unfair to compel banks which havo been better managed, or have accumulated a larger capital and surplus, to aid in guarantee ing the deposits of their weaker competitors, it may be answered, while freely conceding this claim, that the bill leaves undisturbed every other advantage, such as. personality, efficiency, facilities, location, etc., and above all, the great attraction of ability to pay upon demand at all times as contrasted with the inevitable annoy- ' ance and delay attendant upon the liquidation o a poorly managed institution with the aid of tho guarantee fund. Tho positive advantages which are con-' ferred upon banks" and their depositors by the . workings of t;he guarantee fund- are: j Prevention of bank runs tho contagion of which often times imperils solvent as well as insolvent institutions. Attraction of new deposits by reason of tho additional safety that .is offered. ' So securing government deposits that'-they ? -may be safely placed with any bank, and may be UBed by it for the support of trade and in- ' dustry; and by Providing complete elasticity for the cur rency through the immediate conversion of de ppsits into bank notes in seasons of expanding . trade; and through an equally easy conversion of the notes into deposits when trade contracts. The banks derive profit from loaning their deposits, and their looses are generally due to their own errors of judgment or of management. It seems therefore no more than just that upon them should bo assessed the first cost of insur ance against those losses especially since the permanent guarantee fund is to count as part of their legal reserve. "While in theory a de positor should estimate the strength of the bank he deals with, yet in practice he is rarely able or in a position to do so, and moreover, in many localities the limitations of banking facilities seriously restrict the opportunity for intelligent choice." On February 21, 1908, the board of direc tors of tho Merchants Association held a meet ing at New York City and unanimously adopted resolutions endorsing this bill, emphasizing tho fact that it contained a provision for the guar antee of deposits. tjfc t ?i vW J REPUBLICAN STUDENTS FOR MR. BRYAN The republican national platform which was framed at the dictation of big trust interests has driven thousands and thousands of republi cans to the support of tho democratic national ticket. In every state in the west there are Bryan clubs composed of republicans who were forced to leave the g. o. p. because of its alle giance to and connection with the trusts. A striking instance of this revolt is afforded by students attending the univeisity of Minnesota who have organized a "Bryan Republican club." Within a period of three days a membership of 200 republicans who will support Bryan has been enrolled and the list is still growing. While declaring allegiance to their party, these republicans declare that the election of Bryan is above that of partisan politics. The 'Bryan Republican club of Minnesota" has set forth its purpose in the 'following circular, which aas received general distribution throughout the dtate. 1. We, the undersigned students of the university of Minnesota, declare our allegiance to the republican party, and pledge our devotion to progressive republican principles. 2. We bqlleve the Chiteago convention adopted a platform which does not embody those principles, and nominated candidates whose views do not reflect the will of the people. 3. We hold that it is the right and duty or the people to rebuke party leaders when they allow political organizations to be influenced by consideration of private interest. 4. in the Interest of this right and duty, we express our intention to vote for candidates who are pledged to further progressive princi ples without regard, to the party to which those candidates belong, and to exerc all onr .influence to secure the election of William Jonnings Bryan . as president of the United States. 5. To make our efforts in this direction the. more effective we hereby associate ourselves as the "Bryan Republican club of Minnesota.' w MR. BRYAN TO STUDENTS Lincoln, Neb., October 5, 1908. Mr. Wil liam II. Evans, Minneapolis, Minn. My Dear Mr. Evans: I am very much gratified to loarn of the organization of a Bryan Republican club in tho university of Minnesota. Tho fact that it already has two hundred members and 13 growing, is proof that the last republican na tional convention did not satisfy the demands of the thoughtful young republicans who havo ideals, and who believe that a party should bo an instrument in tho hands . of tho people for " accomplishing such work as the people want accomplished. I am sure that our .-platform-commencJs itself to these progressive republi-' cans. Whether their repudiation of tho repub lican, leadership is temporary or permanent will . depend upon circumstances. If the republican leaders are rebuked at this time for tho be trayal of the people, that party may be brought back into harmony with the interests of tho , people,, and; these young republicans may find it possible to work with that party hereafter; but a republican victory at this time would bo an endorsement of the action of those who are responsible for existing abuses, and who havo . been-deaf-to tho -appeals, which havobeen made . for reform .by the rank and file of. tho repub lican party. Please present myereetings to-the members of the club, and assure them of my appreciation of their support Very truly yours, W. J. BRYAN. t6& t5 If W "NOTHING BUT PEOPLE" ' Following is an extract from WaltoVWplf-'' man's dispatch four days prior to the Denver convention, which dispatch was printed in tho Chicago Record-Herald: "There remains nothing for the men from Wall Street and from tho 'interests' to do but make as graceful a surrender as possible. Aifd ' during tho next few days much of tho news, will pertain to the manner and method, of his in evitable bowing of the knee by plutocracy to the plowboy of the Platte. Here are the heroics, here is tho drama of the hour. A man has con quered Mammon. A man, with nothing but the people behind him. No American should' bo ashamed that it is so." 9 tV V tV A GUARANTEED DEPOSIT ILLUSTRATION Following is an Associated Press dispatch: "New York, September 30. More than a thousand men and women crowded Grand street, in front of the private bank of Pallowek, Ma gilewski & Werner, today, when it was learned that tho doors of the institution were closed and its affairs were in the hands of a receiver. The bank had done a large business with east side peddlers, and many of these were in tho crowd which surrounded the closed bank today. When the futility of waiting longer became apparent it began to melt away. The private bank of Edu-. ardo Avallone, in Bleeker street, also was closed today, a card on tho door announcing assign ment for the benefit of creditors." Why should tho people be' denied the bene fit of guaranteed deposits? tV (V lV yl WATCH! "How can Bryan win?" inquires the Kan sas City Journal. Watch him and you may find out. Washington Herald (Ind.) tV V ?V 4V "FAER AND RESPECTABLE" "All that can bo expected of the news paper," sayB the Sioux City Journal, "is that it shall be fair In its news columns and respect able In its editorials." But why not be fair in the editorials, as well as respectable? tv w tv O UNCLE SAM HELPLESS Attorney General Bonaparte says that those who demand that some violator of the criminal clause of tho Sherman law be put into jail re minds him of the advice given to the smaller boy In a street fight, "Go In and win." Con tinuing,. Mr. Bonaparte quotes Dickons to tho effect that "this is auoxcellont thing 4o do when one can do it, but not an especially good thing to try to do when ono can't." So tho government la like a small boy when. confronted by a big trust. And tho government can not enforce tho criminal clatiso against tho big trust magnates, i And tho "big stick" is of no avail ngalnsft malefactors of great wealth and only efficacious against tho weak. And the boasted laws regulating trusts and predatory corporations and prohibiting restraint of trado, all the product of republican wisdom, are worthless whon it comos down to attompts . at enforcement Instead of merely posing. Attorney Goriorni Donaparto has rendered an unwitting servlco to- tho public by frankly -admitting what the people have long suspected. ' i5 w w w PROSPERITY- ITEM The Associated Press reports, and tho re- pumican organs print with pride, and point to as an evidence or "returning prosperity," tho Item that John'Wannamakcr has decided to Im- mediately begin building a $G, 000, 000 business structure In Philadelphia, "thereby putting. 1,000 -men-at work In the building industry." Not desiring to add to tho already heavy embarrassment of tho republican organs by ask ing them to explain how prosperity could now bo "returning" without -having first departed, Tho Commoner would like to ask why tho re publican organs failed to print all tho facts about this. Wannamaker job. YThey emphasized tho fact that Mr Wannamaker advertised for 1,000 workmen, but they failed to report that upwards of 4,000 workmen answered tho adver- . tisement to "appear on tho job at 7:30 a. m." and 'that hundreds of these congregated on tho ' job -at midnight before In order to bettor their chances of securing employment. . God mafto tho doughnut, but tho g. o. p. made." tho. hole. . .., ' "REPUBLICAN PROSPERITY" HAS , . ,COST THE RAILROAD FIREMEN , JF8,0QO,OOp , B. F. Yoakum, chairman of the exec- . ,, utlvo committee Of tho R"ock Island- (? Frisco lines, ono of tho largo railroad organizations In tho country, in an ad- ' dress before the eleventh biennial con- yention of the Brotherhood of Locorao- tivo Firemen and Enginemen at Colum- bus, O., on Monday mado the following somewhat startling statement: "In talking to you I realize that you represent tho 70,000 locomotive firemen who generate tho power which moves the traffic of tho railroads of the nation, and that hard times has resulted in a large number of your membership being either out of employment or working on short time. Last year tho firemen's pay roll was fifty-three million dollars, but since the panic of October it has been running at the rate of eight million dol- lars less per year. "Buffalo (N. Y.) f 0 Times, '. . . . 0 RAILROAD EMPLOYES VS. MR. TAFT Tho Brotherhood of Locomotive En gineers' Journal, in May, 1893, said: "Judge Taft's decision proclaims mem bers of the B. of L. E. a band of con spirators." Also, "Wo can not accept Judge Taft's decision in any other light than treason to republican institutions and the liberties of tho people. It is, will be, and ought to bo denounced and re pudiated by 'all liberty. loving men." f 0 0 0 0 0 0 0 0 0 0 Tho impudent falsehood that trusts and monopolies cheapen products and benefit the consumer is disproved by the fact that tho price of commodities controlled by these mon sters has been arbitrarily increased for no cause except to pay dividends on fictitious capital by methods that make larceny respectable. Ex-Senator John J. Ingalls. A 4 "! M if i; ij l 7' i&