Jasper County Democrat, Volume 11, Number 33, Rensselaer, Jasper County, 26 September 1908 — THE DEMOCRATIC PLAN IS RIGHT [ARTICLE]

THE DEMOCRATIC PLAN IS RIGHT

Alexander H. Revell, a prominent business man of Chicago and heretofore a steadfast Republican in politics, has issued a pamphlet in which he sets out the following reasons why the Democratic proposal to guarantee bank deposits is right: It will prevent losses and hardship to depositors. It will promote sound banking. It will reduce the number and seriousness of bank failures. It will elirqinate failures of sound hankß forced by “runs.” It will protect assets of failed banks against forced sacrifice. It will quicken competition in the banking world. It will raise all state and national banks to the same high level. It will justify governmental patronage of banks by rendering it effective for protection, which it is not now. It will insure continuance of public confidence and thereby prevent panics —a service of incalculable benefit to commerce and to every member of the population. In addition to preventing withdrawals by runs on banks, it will add, it is estimated, almost a billion dollars of money, now hoarded (in and out of banks,) to our circulating medium, and eliminate the need for more or less doubtful financial legislation. It will, in this and other ways, materially increase the volume and profits of business.

It will directly and greatly increase the business and profits of bankers. It will encourage thrift, the keystone of character and good citizenship—the soundest trait a nation can acquire. j It will tend to remove from the public contemplation the disgraceful and sensational spectacles of betrayed con-

fldence ana snatterea integrity represented by great bank failures—and which cannot but have a moat deteriorating influence upon public morals. In the same way it will serve to materially raise the profession of the banker, his position and himself In the public estimation.