Jasper County Democrat, Volume 11, Number 29, Rensselaer, Jasper County, 12 September 1908 — THEY NOW PROMISE TO DO BETTER. [ARTICLE]

THEY NOW PROMISE TO DO BETTER.

Notwithstanding the fact that W. H. Taft has denounced the demand for guaranteed bank deposits, and notwithstanding all other republican spellbinders, in the east especially, are doing the same thing, the proposition is gaining ground every day; and to help the matters along two big national banks have been closed in the very midst of this opposition, within the last week. It would seem that these occurrences will only add fuel to the flames of this demand. Even the Comptroller of the Currency has been smoked out on this proposition. He is “going*' 1 to reorganize the national bank examining staff, of which he says, "The system we now have is about as bad as it can be" Well, why hasn't it been reformed long ago? What has this great “reform" governhfent been doing that IT Has allowed the depositors of national banks to be robbed by dishonest bankers all these years, because the system of examination is “as bad as it can be?” Everybody’ that cared to know, has known for years that national bank examinations were a farce, and the state bank examinations as well for that matter. And in the face of this knowledge, and th? further fact that there must be something done to check if possible, this demand for safety of private deposits—public deposits are now guaranteed—and the unpopularity of the republican stand on this question, this eleventh hour promise is made to endeavor to stem the tide swifty flowing toward Bryan and security for the small private depositor. Too many banks have failed immediately after they have been pronounced “O. K.” by exami-

ners to Inspire confidence In the system now in vogue by the government, and it is on this slipshod system that depositors must depend for the detection of rascals with whom they have entrusted their savings. Guaranteed bank deposits will Insure the detection of rascals in the banking business, for the reason that they are always known to their neighbor banker, and where his direct personal interest was Involved as it would be in this case, he would be in duty bound to himself and to his associates, even though he cared nothing for his depositors, to expose the rascal who was about to go into his own personal pocket and extract somexjf his money as well as that of the rascal’s depositors. Even with a rotten system of examination, If bankers were so mutually tied together in a common fund to protect their depositors, as they would be in this guarantee bank deposit system, they would their own Interests by weeding out “speculators,” “plungers” and other rascals generally in the banking business. And this would be done, and by the bankers themselves, too.