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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Sept. 26, 1908)
TIIE OMAHA . DATLY "BEE: RATTRPAY. REPTEMPE'R Cfi. IPOS.
U Pong. 41 OTW riWM M.BACM AI.X. BII'TI Ind. A-ialgQ
A GREAT OPPORTUNITY
HILL WRITES TO BANKER!
(Continued from First Page)
All of our
$7.50 and $8.00
at, each .....
With the special interest of our out-of-town cus-
vt i i t i,.. .i:. i,i ni
lUIIltMS at iit'Ul t vt e uttve uriiucu iu aum niia oiuc
during Ak-Sar-13en only. In the gathering ot hats
for this sale great care was exercised to include only
models of unquestioned merit and stylishness, and
quality has not been sacrificed to make a low juice
sale. Every hat is made from the newest materials,
right up with the present minute styles. These are
all felt and satin hats in black and colors, smartly
trimmed as fashion demands with wings and fancy
feathers. In Saturday's sale at $5.00 each. Remem
ber every hat is positively worth $7.50 to $8.00 each.
In choicest of this
sPoecn'B rtyk'B, at, per
yard 10c, 12V4c, IGo
Saturday Candy News
If you want fine candles come here, that la the only
kind e sell; for Saturday we wlil offer Balduff'a
fine Toasted Marshmallowa, regular 40c quality, at,
per pound 20
In basement looaded with
Remnants of every de
scription and lengths.
Reliable goods at frac
In light, medium and heuvy weights you will find selecting here
an easy task, for quality and finish are of the best.
Women's black cotton hose, indestructible quality, have double
soles, heels and toes, good rearing, 26c per pair.
Women's black cotton hose, double soles, heels and toes, 35c
per pair 3 pairs for $1.00.
Women's black lisle hose, high spliced heels and double soles,
medium weight, 50c per pair.
We sell the "Wayne kind" or perhaps better known as "Pony"
Stocking for boys and girls, made with triple knees, heels and toes.
They are soft, elastic, very strong and durable, light, medium or
heavy weight tBc per pair.
Lace Curtains at Money Saving
Our entire stork of Lace Curtains at
greatly reduced prices.
Ruffled Hwlss Curtains form 22c pair up
Nottingham Lace Curtains from 78c per
Cable Net Lace Curtains from 11.49 per
Brussels Net Lace Curtains from 12.88 per
Cluny Lace Curtains from $1.88 per pair
See Our Howard Street Window.
The standard of corset fashion, the foundation of a perfect
fitting gown. ' ., ''
The new fashions are known as t)irectoire, and in this mode
are many Ideas, all of which require careful corseting.
Through their cut and trimming,-inode current fashions
should convey the impression of mbroken lines. The figure foun
dation required for accenting this new effect must not exagger
ate the natural curves of the waist and scientifically reduce the
hips and abdomen, so that the whole figure is given the appear
ance of natural slimness. Hedfern modes produce this result.
Security Rubber Button Hose Supporters are attached to
these models $3.00 to $15.00 per pair, according to materials.
New .Japanese Itooru
Hew Japanese Koom
Mm 1 wsj
change and the menace f Increasing un
rest, without Injury nut only to Itself snd
Its employes, tn.t to the r"t:ne.s of tin
whole country and the fortunes of Its
Laaaklln oa nasrsstr,
Professor Laughlin epnke on "The Chtai
anty of Bank Deposits." and In op'n'n
tils address said:
The argument In favor of insuring de
posits Is addressed to two class of persons
first, the depositors: second, the bankers
and stockholders In hanks.
In this country there are persons who
are willing- to set rliiss against class, to
stir up antagonism between interests which
are really bound together, provided the)
ran thereby create political Issues mi which
they can be voted Into office. Now, 11 11
attempt seems to be made to set the In
terests of lS.mo.tmo depositors of our coun
try against those of the l.fio).K of stock
holders In banks. In truth, their interests
are bound up together; the loss of one Is
tha loss of th other. No antagonism ex
ists between them, and the only explana
tion of an attempt to create such an an
tagonism must be due to the supposition
that there are 15.ono.CPOO votes among the
depositors and only l.Sw.oow among the
bank stockholders a supposition so incon
ceivable to a loyal American that we must
dismiss It at once. The solvency of a bank
Is dependent on the solvency of the busi
ness men who are Its customer and bor
rowers, and the depositors Whose funds
are loaned are no mnro Interested In the
solvency of these business men than the
bank Itself. The passenger on a steamer
and ths owners of the steamer are equally
Interested In not having the steamer sink.
So It Is with the depositor and the bank.
It ll said that It Is the depositor who
makes banking profitable. Here appears a
misconception as to tha bunking business.
In reality, the deposits are only the raw
materials for profits; they must be wisely
and skillfully managed and Invested or
there would be not only no profits, but
even losses. To have a profltnlJi result
wa need skilled labor to work up the raw
materials, not only In industry, but in
banking. Tha mere existence of capital
does not Insure profits; everything de
pends upon what Is done with the capital.
In banking we shall see that practically
everything depends upon wise, honest and
People deposit In banks voluntarily be
cause they get privileges In return. The
banks provide the most convenient, least
expensive and most generally used me
dium of exchange ever devised, by which
payments can be made anywhere In the
land, and all the expense of this book
keeping is usually given free to the de
positor. All the monltary services of tha
general government, all the Issues of every
kind of paper money, do not begin to com
pare with the work of exchanging goods
done by tha banks and clearing houses
through checks drawn by depositors on
their accounts. Take that away from the
posltors for twenty-four hours and the
whole trade of the country would' be par
alyzed, and yet there are persons so Ignor
ant as to say that depositors are not
given anything in return by the banks.
The Ignorance of commercial banking
shown by the advocates of a guaranty of
deposits goes still further when they de
mand such a guaranty on the ground of
Justice -to depositors; that they ought to
have a place wherein they could leave
money and get it ngaln whenever they
want it. If a depositor wishes these things
without the privilege of a commercial bank
ha can put his money In a safety vault.
In a commercial bank It Is never pretended
that If all depositors wanted their money
they could net It. Why? Because a com-
marelnl hnnlr nouM tint pvint If It dlrl not
i invest funds deposited with It. A solvent
bank can always meet cash demnnds ir
given suitable notice of what is coming.
Yet the agitator, who does not I'cm to
know the difference between a safety
vault and a commercial bank, asks for
what Is humanely Impossible, na a matter
of Justice. He asks that banks should re
ceive the deposits, but In the same breath
he asks that they should never do any
thing with them. Justice Is given when,
and only when, the banks Invest in sound
assetB, and all depositors can secure their
funds only when the managament is suc
cessful, cautious and conservative. The
substance of the whole matter 1s to t
found in the character of thu; management.
Bankers OtT Security; '
A question whlclv arises 'la do the banks
recognise the fact-of ,-tJlelr quasl-publlO
function, and that they itulst, gjve security
to depositors for exerulrilnif vood Judgment
In making loans with the knowledge thAl'
tne stocknoiders win surfer -a heavy loss
In case of error pt" , fraud? I answer, un
equivocally, they do. In fact tha childish
Ignorance shown by the advocate's of" in
surance of deposits in no part of their argu
ment appears more amazing than In not
knowing that the banks now put up a very
large fund as a security for depositors.
There are only two possible ways of
using a guaranty fund: either for ultimate
or for Immediate redemption of deposits. I i
it eonrelvable that the political orators do
not know that there Is already a guaranty
fund for the ultimate payment of deposits?
The capital, surplus and undivided profits
Is today the buffer between the depositor
and loss. Only after the mls.ludgment of
a bank has destroyed Its capital, surplus,
profits and shareholders' liability can tha
depositor suffer loss.
In view of the small loss to depositors
HERE'S great satisfaction
in knowing one's clothes are
absolutely correct that the
quality is unquestionable and the
"SAMPECK" CLOTHES are
tailored just as carefully as any
garment your money can buy.
We know of no reason why you
should pay more than we charge
except you are not yet convinced
of the high standard attained by
the most progressive Wholesale
tailoring shops in the business.
Young . Men's Suits SeS
53522 3022 2752 $2522 2252
$2022 H 752 1 652 $1522
Illustrated Style and Price Book Now Ready
Arc Linen, 15c
Two for 25c
IBenson ,Thorne Co,
Correct Apparel for Young People
zliwaiimriz z v. :.".". zvtrz :k-;
J Skirt Sale
tailored skirts, mndo
In pleated and gored
styles, all colors, reg
ular 17.93 values, spec
ial -for Saturday at-e-
jsmk HBttt" t- ,Mr
PBS or mvPPices-
1612 a FARNAM STREETS, OMAHA.
(Tha Pseples rirnltnra and Cant Co. Establish In lftn.7.)
Special Sale of Ladies'
Sample Suits .for Fall
Assortment includes just 84 suits. They are
made in a variety of popular styles, including
the empire and directoire. Jackets are elab
orately trimmed with satin, and are from 27 to
42 inches long. Skirts are both gored and full
pleated, trimmed with large buttons and wide
folds, to match jackets. All the latest materials,
regular $25.00 'and $30.00 values. We have
divided them into two lots for Saturday's selling
and the prices are
You Can't Buy Better Ellen's Suits
Than we show you fop the money The highest
type of clothes perfection will be found in all our
garments. We have grouped for Saturday's sell
ing a lot of men's suits that are the best values we
have ever offered you, too, will be enthusiastic
when you see them. The sale prices for Ak-Sar-Ban
r aii i
Men's Fall Hats
In both soft and stiff shapes,
line we have ever had.
Prices range from
$3.50 down to
Boys' Combination Suits
Made of fine all wool materials, 2 pairs of
pants and a rap to match.
Regular $7.50 values,
especially priced, at.......
In over forty years of the national bank
system, ulileh Is only one twenty-sixth of
1 per cent per annum, the advocates of a
guaranty fund make the further exhibit ot
Ignorance as to banking opwstlons by say
ing, if tills ions Is so small, why not go
further and gives us absolute security?
; -Absolute security. Indeed. As if anything
Ip human affairs is capable of absolute cer
tainty. Men are not yet perfect, and a bank
dors business with fallible human brings.
A borrower of a bank, when In the midst
of important operations, may die; a house
borrowing nf a bank may have an em
bezzling official; a financial depression may
oblige banks to continue loans rather than
force failure, and yet. In view of all these
things, the banks are asked to give abso
lute security. Why not ask a clergyman
on becoming pastor of a church to give
absolute security that m one In his flock
will ever tell a He. commit an error In con
duct, or go to hell fire? Why not make
the doctors give a guaranty that no patient
shall ever die?
Hunks, or any other business enterprise
can no more promise absolute security than
a father can promise the moon to a spoiled
baby. There will always be risks so long
as men are fallible. That management 1s
best which makes the least mistakes. If
you reuulre absolute security you reoulre
commercial banks to become safety de
posit vaults. There Is no alternative. The
man who demands absolute security writes
himself down as a foolish visionary. Igno
rant of practlcul business methods.
Schema la I'nfalr.
The scheme to insure deposits requires
all banks, od and bad, to contribute ta a
fund to pay off depositors In institutions
that have failed. The more successful the
bank the more it must pay into the fund;
the less successful the bunk the less it pays
into the fund. The successful are to pajr
for the mismanagement of the un
successful. It a burglars robs another
man's house, go to the most honest man in
the place and rob htm to pay for the loss
of the other man; it will Increase the eager
ness of all men to be honest and discourage
burglars. The scheme Is Verfect; It would
work perfectly In an Insano asylum. Mi.
Bryan has well said, and we must all agree
with him, "one of the things I want to
see adopted in the form of regulation of
banks in the near future, la the law that
will put the penalty on the right mun and
not on the community." If the Kngllsh lan
guage conveys meaning clearly, those words
mean that Mr. Bryan tavors penalizing the
man who cheated his depositors by bad
loans and not the man who protected his
depositors by safe kian. If that is the
case, It is logical to supiose that Mr. Bryan
Is radically opposed to the guaranty of
deposits. The only way to control the in
itial act of eacli bank when making a
loan is by Increasing the rewards to sound
and conservative banking. It cannot be
done by saying that If bad loans are made,
the penalty for them shall fall, not on the
unwise banker who made them, but on the
Innocent and wise bankers who had nothing
vhatever to do with the bad loans. That Is
dangciour political, as well as banking,
rdorals. To suggest thai sound hanks
should pay the customers of unsound banks
In casta of failure puts the responsibility
and the penalty on the wrong persons and
violates even principle of Justice and fair
ness between men.
The persistent failure to understand the
patent facts of banking is disclosed, also.
In the contention that a guaranty system
would discourage reckless banking. Mr.
Brvan says, "under this plan of siTurlng
the depositors the stockholder loses all that
he ha before any other bank loses any
thing. Not only does lie lose all his stock,
but he also loses the penalty that the law
fixes, and the loss of the stock and the
penaltv are enough to make him exercise
care." It really amaies one to find any
one so ignorant of our national system as
this, and yet, this statement cornea from
one who does not heslitata to instruct and
ihw.i.n hn hunkers. Is it nosslhle that
he does not know that under existing law
every bank must first net an us capum,
surplus, undivided pmflt and stockholders'
before the depositor looses? Then, from Mr.
Brysn's own point of view Just as things
ars tcday, wa liav art the conditions to In
sure vigilance Just as well as if we had the
much vaunted guaranty of deposits.
The worst monetary fallacy In the argu
ments of th6 guaranty theorists Is in the
claim that. If established, the system would
draw so much money Into the banks as to
remova all necessity of creating an emer
gency circulation. The error here Is In
confusing property with the medium of ex
change by which the goods are exchanged.
Finally. w may say that the guaranty
of deposits appears now chiefly because
It Is an appeal to U.ftuO.nOu depositors al
though on an Impossible and Impracticable
basis, and that It Is an appeal to banks
and stockholders on the ground of self
interest, whan In realty. It Is an emphasis
on a wrong Incentive and will result in
llerrlrk Opposes Uaaraaty.
Ex-Governor Myron T. Merrick of Ohio.
talked on the guaranty of bank deposits,
taking strung ground a did Prof. Laughlln
of the University of Chicago In tho morn
ing against the pasage of a law of this
kind. Mr. rferrlck said In part:
"The democratic platform of thll year
contains tho following plank:
"We pledge ourselves to legislation by
which tho national batiks shall be required
to establish a guarantea fund for the
prompt payment of any insolvent national
bank under an equitable system which
shall be available to all state banks wish
ing to use It."
Mr. Bryan Is making this pledge to ob
tain legislation guaranteeing bank deposits
one of the leading Issues of his campaign.
This question Is In no sense political. It
Is an economic problem of grave Import,
ami demands the mont careful considera
tion. Its solution should not be involved
in the heat and prejudice of a political cam
paign. It Is most unfortunate that a great
party should have seen fit to tag this
proposition with Its colors. Notwithstand
ing this I am firmly of the opinion that
whichever party Is successful, this measure
will never be enacted Into law, because,
with Its economic defects, It can never
49,000 Cigars to Smoke
Lay in Your Supply
Saturday we will Inaugurate the biggest
cigar sale ever held in Omaha. We have I
Just received 49,000 of Manrara Bros. Mi
Kleccion clear Havana cigars and will ,
place t.iem on sale Saturday mcning at
the following prices:
10c Ml Elecclon Oamellns 5c
Box of 60, $2.50
10c Elecclon Conchas Special 5c
Box of B0, flhO
15c Ml Kleccion Hot liHcliild 100
Box of 50. $4.70.
15c Ml Elecclon IHplomatlco 10c
Box of 60. $4.70.
luc Ml Elecclon Herfectos 10c
Box of L'5. $2.35.
We are also quoting for Kuturday the
following well known brands:
10c Tom Moure Conchas Co
Box of 60, ii.bu
10c I.a Azora Bo
Box of 50. $2.60
10c Norrls I). Newman's Sherlock Holmes
Box of 50. $2.60
10c McCord Brady's Henry Vlllard, Cluh
Box of 50, $2.50
10c Palmer House Bouquet Ba
Box of 25. 11.25
10c Kherret's Windsor Boquet Bo
Box of 25. $1.25.
10c Klor de Teller. Alfonso size Be
Box of 60. $2.60.
15c El Sidelo Breras Grand lOo
Box of 60. $4.70.
15c Principe do Gales, perfecto lOo I
Box of 25. $2.85. I
Never before have you had the oppor
tunity to buy these standard brands at
such remarkably low prices. We urge
you to take advantage of this offer.
Beaton Drug Co.
I5TK AsTD TAB. Alt 8TS.
Cigar dealers to King Ak-Sar-Bon anct
all his loyal knights. .
stand the crucial test of a congressional
debate. The laws of finance are almost
as certain In Ihrlr operation as the laws of
nature; and It Is essential to the stabillty
of financial Institutions that the laws on
which they aro bused should be tampered
with as little as possible consistent with
Justice. It Is only when the need Is very
great and the change ot unquestionable
value that any alteration should be made
in the natural operation of financial laws.
There is apparent no great demand on
the part of depositors for this guarantee.
Its prominence at this time Is due to the
opportunity that it affords to catch the
unthinking by specious argument. How
ever, the question of the guarantee of
bank deposits is he fore, us, and It is ab
solutely essential to the preservation of
sound banking In this country that Its fal
lacies be thoroughly exposed.
Ratnrdar Special, Girls' Department.
3O0 girls, medium weight fall coats In all
colors, valued up to $7.30, In sizes 3 to 18
years, at H.05. A big shipment of washable
school dresses In galateas for ages ( to 14
years, extra special at $2.25
BENSON k T1TORNB CO,
TOR HTRE" Q 1
C CI If"! A DM AM
I WM JUwnivjL'inM IJr!
ISc, 2So, SOc, TOo
TONIGHT, MATIN KK 8ATIHDAY
Welcome home "My Sweet
heart" from a successful tour tt
A lMCTl ItESgi E COMKDY
8KT TO MUSIC
. JANK EYRK
Next Wtrk, TIIE WIZAKI) OF OZ
Table d'Hote Dinner
stibt iviina ArrzK b.
UMUCnU'C sTXW X.VWCX KOOM
nun 3 VII J original With Hanson
1403 Douges St.
Prewntlng motion pictures that
talk, ling and dance.
1 to 5 P. M. and T to 11 P. M
Admission, - lOc
Children under 12 yean
George M. Cohan's 1 anke Poodle.
Phonss Ball Doug. 494; Zed. A-14M
Mat. rery Bay, 1:16 1 ZTery Hifbt, Silt
Paradise Alley;" Charles Vayns and
Co.; "Bllvers;" Keane and Brlscos. Lslp-
klp; Armstrong and Vsrns, Majestlo Trla
and ths Kinodroreis.
rrioss, 10o, BSo an BOa t
Ums Wsd. and Sat.
Wssk, Starting Sunday Mat-
.EDWARD ABELES lB
With Original Cast. '
' Casts now en sals, toe to (1.50.
lgtfi 'Fboasai Dong. 104; lad. S.-1S04
Mrs. . Temple's
Ak-Bar-Bsa Wssa, "Tat! OUOVS all
104; lad. 4.-104.
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