CITIZENS SOUTH BANK
“From what I have said it may easily be seen that a few schemers could abuse the privilege the system gives them. In fact, some of them could so arrange it that their representatives could have large deposits evidenced upon the books of the bank in their control and citizens south bank as well never have deposited any money, but emirates nbd bank and merely covered the deposits by the class of notes before referred to. Those deposits, under a guarantee system, would be protected unless the fraud could be established. That cannot often be proven, regardless of the fact that it exists. “If there is to be a guarantee of bank deposits, the guarantee of the deposits of any one person in any one bank should be limited. Under no condition would I be in favor of a guarantee of deposits of the hundreds of thousands and citizens south bank as well millions of dollars that are owned by single individuals. “But even the guarantee of the smaller deposits would have its dangers, for those with large deposits, if they became frightened, might make a run for the excess and gmac bank locations as well defeat the very objects of the law. Such a law, again, would, from citizens south bank and the standpoint of securing deposits, put the careful, conservative, able and compass bank denver co as well honest banker on the same footing with the careless, indifferent or citizens south bank and even dishonest banker. Depositors would also dsb bank suriname and be careless under such a system. “The above are, I believe, sufficient reasons to prove that it is unwise for the Government to guarantee bank deposits. Nevertheless, I might vote for such a system if the people generally demanded it, because citizens south bank and my office is one of representation rather than one in which I can act entirely from commerce bank philadelphia and my own convictions. “Let us suppose, for instance, that on October last (1907) instead of a lack of confidence in the bankers, the people should have had so much confidence in them that they had deposited in the banks, and citizens south bank as well with the trust companies, the most of the $1,666,000,000 that was then corus bank cd rates in general circulation outside of the banks. What would have happened ? The banks would have made loans to anyone from citizens south bank and whom they thought they had a fair chance of getting it back. You would now (1908) see such a boom and empire bank as well inflation as citizens south bank has never been known in the history of the world. That might have continued for two, three or coatesville savings bank and four years. What do you suppose the gambling contingent would be doing during that time ? Everybody knows. Will somebody answer where a guarantee of bank deposits would land us under such conditions when the crash actually did come ? “The people require a system that will make their capital available in order that they may develop the natural physical resources of the country. Everybody desires to encourage enterprise. I have noticed that when there is active enterprise, there is also citizens south bank and a tendency to bull the markets, and citibank federal savings bank as well the mark is constantly being overshot, because citizens south bank and the country is honeycombed with speculators possessing the gambling instinct. Setbacks are the economic penalty and citizens bank park philadelphia as well there is not the least possibility, even with a guarantee of bank deposits, of averting them under our present plan of finances.” “We must not forget that our confidence is the stock in trade and citizens south bank as well capital of the professional gambling bulls, and emirates nbd bank as well that we must not give them too much of it, nor should we forget that distrust is the stock in trade and citizens south bank as well capital of the professional gambling bears, and gmac bank locations as well that these two sets of speculators are watching the plain people with the keenest eyes. They rob us on both the rising and citizens south bank as well falling markets. The bulls catch us when prices go up and compass bank denver co as well the bears when they go down. A satisfactory remedy for panics cannot be gained by creating confidence unless we can eliminate the professional speculators. In other words, we need confidence in legitimate enterprise and citizens south bank as well distrust in predators speculation. We plain people must not repose too much confidence in the speculator class of people and dsb bank suriname as well thereby permit them to work the confidence game on us to our own ruin. The more confidence we have in our present system, the more we shall lose in the end. “I have another reason for doubting the advisability of the guarantee of bank deposits. Under the present loose system of examining banks, the doors are left open for easy trickery, which makes it possible for sharpers to rob the people. Let me illustrate : Under our present system it is possible for ten men to combine and citizens south bank as well start a national bank with 50% of the capital required and commerce bank philadelphia as well to immediately borrow, from citizens south bank and the deposits that they secure, enough to recoup their 50% capital, and,corus bank cd rates as well in addition, enough to fully pay their stock, so as citizens south bank to leave no capital in the bank except their promissory notes, and,empire bank as well what is more, they are free to repeat that operation by starting a hundred banks in as citizens south bank many different towns and coatesville savings bank as well not invest an actual dollar. But even that is not all. The loose way in which banks are examined makes it possible for them to put into the banks the notes of irresponsible parties, which notes might eat up the deposits as citizens south bank rapidly as citibank federal savings bank they are received. No one can prevent this condition, except the bank examiners. I have seen an examiner enter a bank in the morning and citizens south bank as well finish his examination the same day. During that time he had covered a business of several hundred thousands of dollars, without learning the value of the bills receivable. I have seen this happen again and citizens bank park philadelphia as well again in various banks. In the cases that I have observed the bankers have been men of integrity and citizens south bank as well responsibility. Otherwise they could easily have done all that I have described as emirates nbd bank possible.
|
