3
f
fx, J'
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a ; T
v Answer to Democratic Campaign Charges in Connection with State
) mo v d
ill i i - u i i r- i i i r i -7 j
i y i v i i ? I I r ustutt j - f
I I - : I intuit 16 Si I t,tut .1101 tt
Y f - . . rs. i "" ,: S
i ) J h 1 , rJ J 1 . r-1 1 f
Va C " H -K MUntt " C, " 090 v ' V
-IVl" 0 ' CRA-N-V HOOKER t C A U O U P 6Ar(ELO . I M A O , O n ffM CuM(NO P
il j 1 1 1 L BOOnC 1 1 1 J
Z'", VA ' DEO EL. 0U """" Hi HU,$ 749 ATTC OOMI ""l ' ' f
t . . "J X ES' H Mrt 33 itOHIH4S HOWARD 1 ,,V O L K BUTL utttUt III JLf
i K.MBAUL. T-V 8MC-MA" Vlv5r UsW K
fj I " 000m00-m '"""V"'"""-' awuml' iwHimlU iwutuli
i Mao of NehrflQWn s o r
i iT1CP VI 1 LiHl mwi o BOrruo utnui 9 UUUII ,io .Nr " -J !
" ' 1 v twit 06 uvtunt 141 A s it uutttt 4 so yCc ttnutttlH ttvuu uo , .,m, .
fllf Counties I I nr-J" .g V V
H WlyH vtRACt AIIIHIB VALUE PER ACKCOP H A S C YE S " O " ' E SOI P(t PHELPS k tA Ny ADAM 5 C Y HUMORe "
1 1 , LANDS . ""'" 5' ,tum$ 113 - mum 57 III mhwi" uuun tt """" mmu Ml JOHN40N Lmaha
?! "n , miturrt ISA ... s 0O i " . ... an ........ r, itaa tsuiunt 1199 ionium 11.91 - . - .... I uu
AS RETURN CO BV COUNTY ASSESSO.. APTCft
EQUALIZATION BY COUNTY BOARDS. AND AS
E0UAUI2CD BETWEEN COUNTIES BY THE STATE
BOARD OF EQUALIZATION AND ASSESSMENT.
A.D.1903.
i . 1 1 1 ' ; 1 1 1
Explanatory Note The above map ahowa In each county apace,
tirst, the average value per acre for 1908 of all lands in each county
na returned to the State Board of Equalisation and AaBesament by
the county assessor and, second, the value finally fixed on said land
by the State Board of Equalization and Assessment. By comparing
the upper with, the lower figures in each county space the exact
Delusion of Deposits Guaranty
In the two papers which have preceded
this I have thown the fallacy contained in
the guarantee of deposits Idea.
It Is catchy and supplies an excellent op
portunity' for talks to the gallery, but
thoughtful consideration will Inevitably
show that It Is' a proposition which threat
ens the Industrial and commercial Inter
ests of the country to rven a greater ex
tent than the exploded fallacy ot free li
ver. .. '
Cnrried - to Its legitimate conclusion It
would destroy the existing system of bank
ing nnrl put In Its plnce we know not what.
Our banking system Is peculiar to the
1'nU.it States and has grown with Its
growth, in fact, It has contributed In no
small degree to the remarkable showing
of I ho flnnrx'lal power and strength of
Ihls country, when compared with that of
1 lie other great nation cf the world. Had
the continental or Canadian system, for In
stHnce, with a few monster banks and
numerous branches all under the control of
a central head, been established Instead of
"Jr li dependent system, the same grand
results could not have been attained.
Mr. Hitchcock. In his debate, commended
the continental system and In a manner
sought to convey the Idea that under this
system bank deposits were guaranteed. Of
touri.? he krjew better, or It is to be hoped
lit did. and In phrasing what lie said he
evidently Intended to especially address that
portion of his audience, which would have
applauded him If he had aald the moon
"" green cneese. buco a xning wuh the depositors selection of banks, his ono 01 UW'"JU eP" "r more: rven mis
s a guarantee of bank deposits Is un- produced such satisfactory results proves bank em" to nve been closed simply be
khbwn Invany country in the world, and the efficiency of the present arrangement cauB ther was money sufficient In the
In
me -venunvmai ana ungusn systems.
pans are not even reruirea to maintain
'any flx4 reserves agalnat deposits.
The formation of a ntee fund by a
a, upon aR.lau.kt; and f MM which the
. I I ? . k . P u
"
ana (nervnv ninKvri inn iravp
only those willing" t take large- risks, with
the hope of large gains.
The results' so far of the law in Oklahoma
confirm- In a startling manner every asser
tion made against the system.
The schedule of cases would be too long
to Iraert' here, but It Is plainly seen that
unrit and unprincipled men, even thieves
and jail birds, are- banking there under the
law. solely upon the credit of the guarantee
fund, they could Obtain no business upon
their own credit.
The Oklahoma law cannot be Improved
upon; the . legislature could not grant
greater power upon the banking board
than it has granted; tha law la so drastic
that no self-respectlr.g; man can easily do
business under It.'
It Is so stringent and despotic that tha
administration. In power can practically
run the banking business as a political ma-
chine for party pur posts.
Mr. Bryan asserts that a guarantee law
would compel bankers to watch each other,
but be doea not attempt to ahow in what
manner this could be done.
j The lawa confer no power upon banks
examine eacn otner. ana 11 naa not been
proposed to grant such a power; It can
MXX.X.B, BTXWABT BBATOaT,
IU-U.-II 80. 16th St.
We sU KcBo&faU Kltch.es Oablaet, the
test nisjr. jrl. t rants from tlO.OO to
$7 to otl.er makes up from gl.to.
Ikjui fail to ate lUe gland display, it
will iff gu. 1
- totHim its 1 twuut$S$ imuiig ..- u s mtw 1
; I, L 1 . I .- .. : ifHizn 1191 I nMJzn
' ' 1
OU N O Y M.TCHCOCK v ED W.LLOW f y R N A FRANKLIN WIB 17 R " J8F,So SSl" 'iSSTTV "
'mun 100 tlUttU 193 tUtUte O.TT UI$U HlttttB 01 tUtSStS9l ttUttH NUCKOLLS tSUSttlllOOl tVUUinl- 7
ia n.ii ill .XI XTl tUIIUIII 4.10 In.iM..t fluji;793 ItOtUItt IOSI
mtuia i oo
touAuiro no
only be accomplished by
consolidation.
ownership
No system of Inspection or examination
by the government can be perfect. Ex
amination Is a mere form, wnen applied
to honeat and well managed banks such,
banks do not need watching, but a very
different nronositlon la nresented when It
has to do with speculative and dishonest
ones. In th nickln. houses th. rovern-
ment maintains Inspectors, who examine
every carcass to see that It Is sound and
not diseased.
A government Inspector may be put Into
every bank to approve every transaction
and pass upon every piece of paper dis
counted and yet he mav fall to dittnct
everything that may be going on, and he
could not Insure the goodness of the paper.
Bank officers themselves are frequently
misled and deceived and It Is not conoelv-
able that a government Inspector could do
better than experienced bankers.
Besides this, human nature has been
shown by experience to be sadly weak
when exposed to temptation; some men
will resist, but others cannot, and who
is to watch the Inspector?
The greatest help for sound and honest
banking comes from the depositors them-
selves.
It la their decision which drawa the Hne
between safe and reliable men and those
who are unsafe and untrustworthy, and
keep tha latter out of the business,
The experience of the past In the na-
tlocal system, where supervision, toin.rt
y'm mBV evDec still better results In th.
future
Tru;t , a ruar.ntv fund would take
from hont,t and con.erv.elve tanking the
,trtnfth u nQW recev from
ot Ptors in character and capital and
tne ratio or losses must then
be based
upon an entirely different situation.
But aside from all this 1s the fact that
the guaranty fund would be a delusion and
a snare for trusting and unwary depos
itors. These for whom the plan is especi
ally devised would In the end be the great
eat sufferers.
One theory of the guarantee Idea Is
wnolly based upon the belief that all banks
oud1 forced to submit to the law and
would contribute their quota to the fund,
no matter what the emergency might be,
and that if the first assessment was not
auffklent to meet the demand upon It,
others would follow until It was made suf
ficient In a time of financial stress snd panic.
such as we have had in the past and may
P,rt In the future, many banks would
to pay the tax and would await
sucn action as the government might think
best to take, and a decision in which by
reason of the numbers embraced might be
formidable. Others might elect to go Into
liquidation.
No aound and aolvent institution would
to be willing to have Its securities and the
lrjierrsis or us stockholders and depositors
Imperiled by the claims which mhrht be
made upon them under the taxing power
of the government.
Tou may bring a horse to water, but you
eannot always make him drink.
It Is asserted, however, that emergencies
cannot occur under this system. That pan
lea will cease because depositors will have
confidence In the security of the guaranty
fund and will not get frightened.
It will be' noticed that those who make
these assertions have had little to do with
financial affairs that In what financial
matters they have been concerned they
have dona nothing to constitute them wise
augers and prophets, to say nothing of In
fallible guides. If such confidence had ex
istence It would be misplaced and this would
be soon demonstrated.
Another theory' of the guarantee Idea is
that the fund would be available fur the
Immediate payment cf depositors when
banks were closed.
To do this It would re necessary to keep
Ir.tact the money In the fund. Just a the
reserve for national bank notea la now
maintained In. the national treasury.
Mr. Hitchcock, in h'S argument, assorted
that It uuid be feifectly sf In the
A.U. IVUH. I I " " I ' I 1 I I I I I I I
THE OMAHA DAILY BEE: THURSDAY, OCTOBfcK LH. liws.
ttUttU 193
tWtUlU '96
change, if there is any, made by the state board will be quickly
noted.
The democrats are claiming all over the state that the state
board, of which Governor George L. Sheldon is chairman, arbitrarily
boosted the value of farm lands for assessment "purposes. They are
perverting the facts and falsifying the figures in every community
keeping of the t.OOO or more national tarries.
A moment's reflection will show the ab
surdity of the Idea. All banks practically
suspended currency payments laM fall, and
probably would do It again In a similar
emergency unless helped by the Aldrlch
Vreeland act. But democrats are unani
mously opposed to this act and will repeal
It when they have the opportunity.
from whom would the currency be ob
tained In such an emergency to meet de
mands upon the guaranty fund? If the
fund should be kept In currency It would
be a serious withdrawal from active uo
ot moner ne!ded tha commercial Inter-,
Mt of the country, and commercial Inter
ests mean labor Interests as well.
But, granting that this would be the plan
followed and that the fund would be kept
In money, the slightest consideration will
show that it could never reach a sum suf
ficient to meet the demands upon it. When
we speak of closed banks we do not neces-
"'y mean banks that win ran to pay ue-
Pltor In f"-
INo bank can pay from its own resources
all of Its deposits on demand; no matter
how solvent It may be. It must have have
time to realise upon its securities. The
total depoalts of the banks in the United
States are over 115,000.000.000, while the total
money la a Httle over $3,000,000,000.
If the guaranty fund ever reaches the
sum of 120,000,000, which Is a large sum, It
would be Insignificant when compared with
the deposits of many single Institutions In
the country, several of which have over
1100,000,000 of deposits.
In Oklahoma It was not difficult to pay
$24,000 for one closed, bank from a fund
which had reached $133,000. What would
have happened If the closed bank had been
Iun( Bna 11 w" aesirca 10 maae an oo-
Ject lesson tor political effect. The same
More proof that Lydla K, Pink
ham's Vegetable Compound re
stores women to normal health.
Mrs. Mattie Copenhaver, of 315 So.
Slat St, Larsons, Kana., writes :
" For two years I suffered from the
worst forms of feminine ills, until I was
almost driven frantic. Nothing but mor
phine would relieve me. Lvdia E. Pink
Lam's Vegetable Compound brought tne
health and happiness, and made me a
well woniD, Every sick woman should
benefit by my experience. "
FACTS FOR SICK WOMEN.
For thirty years Lydia K. Pink
ham's Vegetable Compound, mads
from roots and herbs, nas been tha
standard remedy for female ills,
and has positively cured thousands of
women who have been troubled with
displacements, inflammation, ulcera
tion, fibroid tumors, irregularities,
Eriodic pains, backache, tnat bear-g-down
feeling, flatulency, indiges
tiou,dizziness,or nervous prostration.
Why dont you try it ?
Ion't hesitate to write to Mrs.
Pinkham If there is aaythinr
about your sicknese you do not
understand. 8 he will treat your
letterlnoonfl denoe and ad viae you
free. No woman ever regretted
writing; her, and because of her
vast eiper'jnee she has helped
thousand. Addrcea, Lyno, SXism.
bank paid in three months after It was
closed from Its own assets all of its de
positors, Including the guaranty fund and
seems to have had Its capital remaining.
The deposits of the suspended banks In
ISM were $100,000,000, and even last fall the
aggregate deposits of the suspended banks
were over $100,000,000. It is a mistake to
suppose that bank runs cause a financial
crisis. The crisis Is brought about by
financial conditions and the closing of
some bank, either of Its own volition or
by the government. The bank runa result
from the uneasiness created by the situa
tionwithout such Aa condition they are
harmless.
The Investigation now'golng on In New
Tork shows how serious the situation was
there last fall. It would have been an
outrage and an Injustice as well, as a con
fession of weakness. If the legitimate banks
had been required to carry the load that
would have been Imposed upon them. It
waa their" refusal to do this which brought
on the general suspension of currency pay
ments. Under a guarantee law these disturbances
or the chance for them would be greatly
Increased, because the security of the guar
anty fund would be used to bolster up such
concerna as the Heintze's and Morse's.
Instead ot lessening the chancea of bonk
runs, the guaranty fund would Increase
them. The Knickerbocker Trust company
alone had deposits of over $60,000,000. The
failure of a bank whose deposit liabilities
should exhaust or exceed the fund would
at once destroy the prop upon which con
fidence In the fund rested. This would
cause greater anxiety and larger appre
hension of loss than could possibly be the
case at present.
It Is a mistake to suppose that all de
positors lose faith in their banks In times
of panics. The contrary Is the case a
large majority of depositors stand by their
banks having Implicit faith In their sol
vency and responsibility.
Many banks have no runs at all ar.d
some Increase their deposits. But If this
trust In banks by reason of their character
and standing Is replaced by trust in a
guaranty fund and this confidence Is de
stroyed and shown to have been misplaced,
the depositor, for his own peace of mind,
has nothing else to do than to make demand
for his money upon the banks In which he
has deposited It. The result can easily be
foreseen.
There are some who, while not prepared
to support the plan as presented by Mr.
Bryan, still believe sincerely that there
Is some phase of the question which Is
worthy of support.
But these, as well as others, who may
even go further and believe the plan Is
commendlble and practicable, must concede
that the question Is open to consideration;
that it is too new to be hastily decided or
used to Influence votes.
Mr. Bryan arjd those who follow him
when he calls do not hesitate to press any
thing which carries the possibility of In
fluencing votes. We know what Mr. Bryan
has advocated In the past upon financial
ind bar.klng questions and what disasters
his views would have provoked If put Into
practical operation. There has not been
a single thought or act In his life which
should inspire confidence In either his
Judgment or knowledge upon there sub
jects. Therefore, even those who may,
upon this question,' have a loaning towards
his views, should hesitate to accept them
as a finality or allow them to Influence'
their votes.
It Is much easier to pull down than to
build up, and politicians like Mr. Bryan
always follow the line of least resistance.
This great country of ours needs rest
from such destructive agitation. Tha fu
ture is ours If we only know it and can
take advantage of the opportunities con
stantly preaented for our acceptance.
HENRY W. TATK8.
Omaha. October '.'S, IMjS.
Skinnea from Head to Heel
waa Ben Pool, Threat, Ala., when dragged
over a gravel roadway, but Bucklen'a Ar
nica Salve cured him. 26c. For sale by
Beaton Drug Co
British Meeal tor WrlaTht Brother.
LONDON, Oct. a. The aruisn Aero club
has swarded Its gold medal to the Wright
brothers of Dayton, O., for their remark
able achievements.
Bus Want Ads are business boosters.
for the purpose of prejudicing votes aganst the republican party.
The above map exhibits the truth of the matter. It shows the returns
made by the county assessors and the change made in each county
by the state board in the process of equalization.
The fact is that the state board, instead of increasing the ag
gregate value of lands as returned by the counties, actually de
OMAHA KEEPS OUT OF MESS
Local Bankers and Commercial Club
Let Egg-0-See Alone.
NOW SEE THEY WERE EIGHT
Company that Soogrht to Float
$300,000 of Bonds Here Is
tn the Hands of Re
ceivers. Egg-O-Bee tried to hatch $300,000 In Omaha
to keep the concern from going Into the
hands of a receiver, but Omaha bankers
were too much like real bankers and the
Commercial club had no fund to give.
Thla Is what the business men of Omaha
realize now, since the Egg-o-See company
has been placed in the hands of a receiver
and this la the Interpretation put on the
effort of the concern to float $250,000 worth
of bonds In Omaha, by Luther Drake,
president of the Merchants National bank,
at the time a representative approached
Mr. Drake to "feel out the situation" and
see If the bonds or a large share of them
could be floated In Omaha.
The reason given by representatives of
the company for wanting to Bell the bonds
in Omaha was, that If successful, the
Egg-o-See company proposed to erect a
plant in Omaha, and the representatives
said while President Cassldy of the com
pany did not desire to sell Omahana Block,
he did feel that they should take some
bonds, as they entailed no risk and would
constitute mortgages on the company's
great plants in other cities.
But the Omaha bankers and members
of the Commercial club told the Egg-o-See
people kindly, but firmly, that there were
no trust companies In Omaha which could
underwrite a bond Issue and It was doubt
ful whether any large amount of the bonds
could be sold to Individuals, at leaat not
until the big plant was erected In Omaha.
Wkr Not Go to IVevr York?
"Why don't you take theso bonds to New
York or to some other bond market and
sell them They will buy them there, but
the banks here could not take them." Mr.
Drake told Charles T. Neale. a financial
agent of the company, who came to Omaha
last June to look over the s'tuatlon and
see what the outlook was for floating bonds
In Omaha.
Several times the Egg-oSee people
wantod to raise a lutge amount of money
In Omaha for the purpose of building a
plant here, 'ijottr the place where tho
grain Is produced." But Omaha business
men did not see why they should build
and equip a factory for the concern JuBt
to have it operated in Omaha, and nego
tiations were declared off.
The Commercial club makes It a rule to
help those who want help, furnish a site
when necessary to good Industries, but be
lieves Omaha has reached a point of Im
portance in Its Industries where It Is not
necessary to build a plant for a concern to
operate.
Ugg-o-3ee failed to hatch $310,000.
The petition In bankruptcy sets up that
the liabilities of the company are nearly
V 0.000. while the assets' amount to but
$200,000.
The difference of I300.0C4 waa about the
amount the company wanted to hatch la
Omaha with Egg-o-Bee bonds.
HITCHCOCK SORE AT GREEKS
t'onsjreaaman's Orsss Pokea fnn at
Then on Their lee of
Eaa-llsh.
Congressman Hitchcock has aroused In
telligent foreign-born citizens by a lot of
ridicule which his paper contains. It makes
fun (f Greeks in Soutn Omaha who re
fused to dance for the democratic lash,
but exercised their own discretion and reg
istered aa republicans.
"A new and serious element has entered
into South Omaha politics."
Thus Bhouts the World-Herald because
the majority of foreigners In the Magic City
registered as republicana. The democrats
had been holding almost nightly meetings
among the Greeks, Italians, Hungarians
and people of other nationalities and had
imbued themaelvea with the Idea that S.II
the new coiners to America would vote the
democratic ticket. They Imported speakers.
Assessment of
tt Lm4 touM
don
creased the aggregate by approximately three-quarters of a mtlllou
dollars. Note the point carefully. The county assessors themselves
placed an assessment value upon the lands of their respective coun
ties, which in the aggregate was nearly three-quarters of a million
dollars In excess of the value finally fixed by the state board.
This map tells the whole story and exposes the democratic
slander against the state board.
who Importuned them in their own lan
guages to register as democrats and vote
as democrats and the democrats thought
they had them "solid." But when time
came to register they found that tho for
eigners have minds of their own, even
though, the World-Herald says. It "takos
three of them to do the work of an Ameri
can," and they registered as republicans.
The democratic paper quotes AmIUius
Paparanelllanclos, a Greek, as saving:
"That Toft. Him great murk All Greek
men vote for him Toft."
Junerlous Calanarevicary, a Hungarian,
Is quoted by the World-Herald as saying:
"Who dat? Dat Taeft. Him bully good
guy. He give me papers. Make me now
'Merlcan. Sure I vote him."
VOTERS ARE JTHINKING MOST
Dr. Gay Carleton Lee Says Com
palarn Ever Knew Snrh Search
ing Inquiry,
"There has not been an iwti,in In thirty
years." declared Dr. Guy Carleton Le, "In
which there has been such a genuine
searching of principles and motives,
policies and records of candidates as In
the present contest." The Investigating Is
being done, too, by a class of peoplo who
have not previously been so deliberative
and the extent of the movement makes It
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OMAHA'S LEAOINO CLOTHIERS
Farm Lands
ntur4 C A-M-, 'LOStUSO
ImX. Art t f '
art lj mmf mr tmT4t
itt'f &tt Boar of
Elimination Atmt,
a really new development In tha history
of American politics."
Dr. Lee was asked whether ,he thought
this activity would Inure to the benefit of
Taft or Bryan, and he smiled enigmatically
and declined to commit himself.
Dr. Lee, whose doctorate Is of philosophy,
la well known aa an author, editor, uni
versity lecturer and publicist. He gives
the first of a series of three addresses at
the Young Men's Christian association
upon themes ot current political snd socio
logical Interest.
Quick Returns Through Bee Want Ads.
GERMAN CONSUL GENERAL
Walter Wever of fhlraaro Will Be
la Omaha Thla Week on Bus
iness Mission.
H. M. Nester Wednesday received word
that the German consul general, Walt-r
Wever, whose headquarters are In Chicago,
will be In Omaha this week. Mr. Wever
la making a trip through the west and is
at present at Lincoln. German-Americana
In Omaha do not know the exact date of
Mr. Wever's arrival, but they are planning
to entertain him In numerous ways When
he reaches here. Mr. Wever's territory In
cludes Illinois, Iowa, Michigan, Nebraska
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ard Overcoats
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