People's Pilot, Volume 5, Number 23, Rensselaer, Jasper County, 5 December 1895 — LESSONS IN BANKING. [ARTICLE]

LESSONS IN BANKING.

Farty Prejudice Defeats Good Principles of Banking. The attention given to banking matters by the people generally and the press, regardless of political affiliation, is highly encouraging and significant of a growing interest on a most important subject. Until recently the questions which are now freely discussed were ignored by the public as being too intricate for the ordinary mind to grasp, but as the necessity of a better system becomes so evident, the subject is attracting deserved attention. A recent issue of the Kansas City Star contains a leading editorial from which we quote as follows: “The condition of a little bank in Kansas when it failed yesterday emphasizes the need of better legislation in that state for the protection of depositors. When the bank commissioner took charge he found less than twelve dollars in money on hand to meet liabilities of nearly $13,000. The owner of the bank had used the assets in grain speculations. “Last winter Bank Commissioner Breidenthal prepared an equitable bill for the regulation of the banking business. He particularly sought by the bill to protect depositors. “The enactment of Breidenthal’s bill into a law would have enlarged the commissioner’s authority and kept the business of banks within their means, but influences were brought to bear to kill it.

"The fate of this bill, admitted to be a meritorious one, illustrates what may be accomplished through party prejudice. Breidenthal is a populist, and when the great necessity for a better banking law was presented to republicans argument went for nothing. The author of the bill was a "Pop” and was holding a valuable office by virtue of the law and of his own peculiar fitness for its duties, which republicans wanted as a part of the spoils of victory, and by raising that prejudice members were easily persuaded to permit no legislation of that kind. Often since in the disgraceful bank failures which have occurred throughout the state, the necessity for such a law as Breidenthal proposed has been realized, but probably it has never once occurred to the victims that party prejudice was responsible for their losses.” Whenever any reform is secured it will come through the effort of populists and as the victims of old thieving methods multiply voters will be added to our ranks. The Star may not again dare to touch this question of securing depositors, but the man who penned that editorial will continue to think after he has been silenced by the power behind the throne which never fails to look after these matters. The victims of the banks, which go down owing depositors twenty-five million dollars a year, will some day get their eyes open to the true solution of a very simple problem. The banker who cannot secure depositors should not be allowed to run a business that deceives the people.— Chicago Express. An absurd rumor was published by the daily press about President Cleveland being assassinated. Only good presidents have ever been assassinated In this country. If Grover had been as devoted a friend of the people as he has been a tool of trusts and corporations, the money power would have had him assassinated long ago.

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