Jasper County Democrat, Volume 11, Number 18, Rensselaer, Jasper County, 1 July 1908 — SENTIMENT DIVIDED ON GUARANTEEING DEPOSITS. [ARTICLE]

SENTIMENT DIVIDED ON GUARANTEEING DEPOSITS.

At the meeting of Tenth district bankers at Lafayette last week, E. L. Hollingsworth, of the First National Bank of this city, was honored by being made both temporary and permanent chairman of the meeting. W. E. Pinney of Valparaiso gave an interesting talk on guaranteeing bank deposits. He stated that guaranteeing bank deposits would have a tendency to draw the money from its various hiding places in mat- ' tresses and tin cans and old socks and would materially increase the deposits. He stated against the proposition that the system would place a burden on all honest bankers to discharge the liabilities of incompetent men and bankers of no responsibility. R. C. Downey, assistant cashier of the American National Bank of Indianapolis, spoke against the proposition of guaranteeing deposits, while Andrew Smith, secretary of the State Bankers Association, stated that he was in favor of a guarantee law, and gave several able arguments in its favor. The sentiment of the bankers was divided on this proposition, the majority, we understand, being against it For lack of time the question of “The Depository Law’’ and “Do We Want Postal Savings Banks’* was not discussed.