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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.
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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.'
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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.
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"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."
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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?
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WATCH!
"How can Bryan win?" inquires the Kan
sas City Journal. Watch him and you may find
out. Washington Herald (Ind.)
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"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?
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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. '
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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. . ..,
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"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, '.
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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."
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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.
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