Jasper County Democrat, Volume 11, Number 34, Rensselaer, Jasper County, 30 September 1908 — SHIES AT BOTH PLANS [ARTICLE]

SHIES AT BOTH PLANS

Bankers at Denver Go on Record Against Either Deposit Guaranty or Postal Savings. TWO RESOLUTIONS 00 THROUGH . . One Declares the Guaranty Flan Bad in All Particulars. Wisconsin Man Favors It, but Principally as a Stand-Off Against Postal Savings Banks Herrick's Resolution. Denver, Sept. 29.—The most Important discussion in the savings bank section of the American Bankers’ association, which is in session here,, occurred at the nfternoon session when the questions of postal savings bank and the guaranty of bank deposits were taken up. While it was evident that the sentiment was practically unanimous against postal savings, and overwhelmingly against the guaranty idea, a respectable minority tried to prevent action on the latter question, contending that it was a matter for the convention of all the members of the association to decide upon, and not for a single section. Wisconsin Man for Guaranty.

John Schuette, of Wisconsin, was the only speaker in favor of the guaranty of bank deposits. He opposed the establishment of postal savings banks on the ground that it would establish 18,000 banks ln the country to compete with the other banks of the country. He favored the guaranty hank deposit plan in order to avert the establishment of the postal savings banks, and declared that the bankers of the country would have to face one or the other of these Issues. Governor Herrick's Resolution. Ex-Governor Herrick, of Ohio, then offered a resolution which declares the guaranty plan “economically unsound, oooftscatory in form and inimical to the best interests of depositors.” and concludes: “We enter the most solemn protest against enaction into law, either by states or the nation, of any principles so surversive of sound economies and so revolutionary in character.” Goes on Record Against Both. After a heated debate C. R. Breckenridge. of Fort Smith, Ark., offered a substitute to the effect that the action on the resolution he deferred until after the question comes up before tho general convention. This substitute was voted down—32 to 49—and Governor Herrick’s resolution was then adopted. After a discussion of postal savings banks, a motion was carried placing the savings bank section in opposition to the establishment of postal savings banks, and asking the support of the American Bankers’ association in this opposition.