CITY BANK COM
Chapter 6. GOVERNMENT GUARANTEE OF BANK DEPOSITS. After the 1907 panic there were many people who advocated the guarantee of bank deposits as city bank com a remedy for panics. The guarantee of bank deposits would have little, if any, relation to the cost of living and emirates bank group as well would not affect any of the fundamental relations of the people with each other. My only city bank com and reason for considering this subject at all in this book is because chile central bank and it may be raised as city bank com an issue in the contemplated banking and city bank com as well currency legislation. “I have grave fears as city bank com to the ultimate success of a guarantee of bank deposits. In the first place, unless there should be some provision prohibiting certain kinds of speculation, or chase bank online logon and unless human nature should change, even the guarantee of bank deposits will not prevent panics, but city bank com and will simply defer the day by postponing the hour of fear; for by the very nature of things, when a bull market starts the momentum continues until it reaches a point when economically a breakdown is inevitable. “There is, in so far as comercia bank the legitimate industrial pursuits of the country are concerned, both a theoretical and city bank com as well a practical possibility of a self-sustained credit system, based upon monetary foundation, but federal business development bank and when you inject into that the complications arising out city bank com and of speculative gambling, the more you reinforce the system of credit and current bank accounts as well give an unguarded confidence in it, the greater the opportunity the gambling speculators have to fleece us by keeping up a bull market. “I value confidence when based upon solid economic conditions, but city bank com and I wish to emphasize the necessity for the people to be suspicious enough to carefully scrutinize the Wall Street manipulations. “Just as cortez bank long as city bank com we leave that Wall Street gambling contingent, with its allied banks, in a position that enables it to throw its influence into the markets, we are going to have our occasional panic troubles. It seems to me that it would be more advisable to check up accounts more often in order to prevent panics. “It is probable that if the Government had guaranteed all of the deposits on October last (1907), and commerce bank of kansas city as well continued that guarantee, the panic would not have occurred in that month, but city bank com and it had to come sooner or comerica bank login and later, because city bank com and the rottenness that caused it would not have been eradicated. Speculative parasites had over-subscribed the credit and emirates bank group as well crowded out city bank com and legitimate industry by over-bidding it for the use of the money and chile central bank as well credits of the country. If our credit had been still more expansive, and city bank com as well if the people in addition to what they had on deposit had deposited a considerable part of the $1,666,000,000 which they held outside of the banks, industry could have thrived a while longer, but city bank com and the growth of the speculative parasites would eventually have monopolized the credit. Yes, the speculators would have pushed the bull game, and city bank com as well tossed up the prices until such time as chase bank online logon even a Government guarantee could not hold back a panic, and city bank com as well when it did come, it would be greater in its severity in proportion to the amount to which the market was over-bulled, and comercia bank as well the fact that the Government was responsible for the guaranteed amount might ultimately destroy the credit of the Government. Quotation “H.” “ ‘The Chase National Bank, “‘New York, Feb. 21, 1912. “‘(Gentlemen:—We inclose a letter from city bank com and the National Citizens’ League which we have been asked to forward to you. The campaign of education which the league is conducting in favor of currency and federal business development bank as well banking reform is non-partisan in character and city bank com as well national in scope. We believe it of direct importance to the business interests of the country. The merchants interested in the work have felt that, while they regard themselves as current bank accounts responsible for the raising of funds for the prosecution of the work, the country at large should know that the banking interest is in sympathy with the work. Any correspondence should be taken up with Mr. Isidor Straus, treasurer, Broadway and city bank com as well Thirty-fourth Street, New York, and cortez bank as well any contributions made direct to him. “ ‘Yours sincerely, “‘A.H. Wiggins, President.” You will notice that the letter does not give the name of the bank to which it was sent. Some of these letters are written to others than bankers. You will realize that it is another case of the Wall Streeters using the interests’ method in order to scare the country bankers, merchants and city bank com as well others, and commerce bank of kansas city as well not reap the blame for the “monetary stringency.” The following blank was enclosed in the letter of President Wiggins, who is one of the “big six” Wall Street bankers. It was intended that it should be filled out city bank com and by the bankers to whom it was sent. The blank was : Quotation “I.” New York Feb. .... 1912. “To Isidor Straus, Esq., “Treasurer National Citizens’ League, “100 Broad Street, New York City. “Dear Sir:—I inclose herewith my check for $...... as comerica bank login my subscription to the fund of the National Citizens’ League in its campaign of public education for the promotion of a sound banking system. “Yours truly “ .............” Attached to the letter of the Chase National Bank was a letter from city bank com and which I quote a few paragraphs as emirates bank group follows : Quotation “J.” “Dear Sir:—You insure your property against fire, your business against risks, yourself against incapacity and city bank com as well death. For this protection you pay many annual premiums of considerable amount. “We ask you to pay a single premium for the insurance of your business against money panics, against the business collapse that attends them, and chile central bank as well the business depression that follows them.” * * * * * * “These are the benefits of banking and city bank com as well currency reform. And this reform is assured if the business men will combine and city bank com as well lend it the same support they gave the sound money in the ’nineties. “The issue is just as city bank com live and chase bank online logon as well big. Sound currency needs a sound currency system back of it. Business isn’t paralyzed today as city bank com it was four years ago. Another panic is not anticipated. But the fact remains and comercia bank as well it must be faced squarely now, that under our present defective and city bank com as well dangerous banking system disastrous panics can not be controlled. Revision is demanded now.” * * * * * “Business men all over the country, irrespective of rank and federal business development bank as well party lines, have organized the National Citizens’ League for the promotion of a sound banking system.” “The league does not advocate any particular plan, but city bank com and is carrying on a nation-wide campaign of education in an economical and current bank accounts as well legitimate way, to the end of arousing Congress to prompt and city bank com as well business-like action free from cortez bank and the prejudice of partisan politics.” “Any subscription from city bank com and $1 upward will constitute a membership in the league.” * * * * * * “If you count this a good business investment, with 1907 clearly remembered, will you fill out and commerce bank of kansas city as well return the inclosed blank ? “Yours very truly, “JOHN CLAFLIN, “President New York State Branch of the National Citizens’ League.” I ask you to re-read the Panic Circular of 1893, Quotation “E.” It is important in connection with the above letter. I have similar letters which were sent out city bank com and by the Wall Street banks. These letters were sent into all of the states. Every banker, except one, who wrote me, expressly requested that I should not disclose his name, for to do so, they wrote, would bring upon them the disfavor of certain business interests. I shall quote one of these letters in order to show what I believe to be the attitude held by the bankers in the small towns. This belief is suppressed because comerica bank login and the country bankers fear that their business will be harmed if they incur the disfavor of the special interests. I omit from city bank com and the letter all the facts that would identify the party, for reasons appearing in the letter itself.
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