Jasper County Democrat, Volume 11, Number 41, Rensselaer, Jasper County, 24 October 1908 — GUARANTY OF DEPOSITS, OR POSTAL SAVINGS BANKS? [ARTICLE]

GUARANTY OF DEPOSITS, OR POSTAL SAVINGS BANKS?

No matter which political party is successful in the November election, we are to have a change in our banking system to some extent. Both have so declared, the democrats for a guaranty of banks deposits ahd the republicans for postal savings banks. If we believe that the platform, pledges will be carried out —and we have a right to assume that they will be—we are going to' have one or the other. This is a very important issue in this campaign and one that should not be lost sight of. It means much to the man of moderate means, the farmer, the business man, and every citizen and banker of the rural communities and smaller cities.

With the democratic plan of guaranty of bank deposits, the money will be left at home, be deposited in the local banks for use in the communnlty where it is owned and where it belongs. And much money now in hiding will be brought out and deposited in banks, once the owners know that it is secure and they can get it when they want it. With the republican plan of postal savings banks it means that much money now deposited in banks will be withdrawn and deposited in the government bank, the postal savings bank; it means that this money will then be sent out of the local community where it belongs and ought to remain, to the big favored banks of the large cities, the government depositories, to the great detriment of all lines of -business. It will enrich the cities, of course, and help out the stock gamblers when a money panic is threatened.

But what of the country towns? It means-a reduction in the business of the banker of such towns, a curtailment of the bus]ness of the country merchant and all lines of business in the country communities and smaller cities by the taking out of circulation this money in such communities. It means that the farmer who sometimes wants to borrow a little money at the bank for a short time will be frequently turned down because the banker has not got the money to loan him—the postal savings bank having absorbed most of

jthe actual money in the eommunnity and its going thence to the Forgan, et al, banks of Chicago and other large cities. These are matters that should be duly considered before casting your ballot November 3. We are going to have either one or the other of these systems, and it is for you, Mr. Voter, to decide which one you want. v