CLARIDEN BANK
Quotation “H.” “ ‘The Chase National Bank, “‘New York, Feb. 21, 1912. “‘(Gentlemen:—We inclose a letter from clariden bank 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 fed bank as well banking reform is non-partisan in character and clariden bank 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 frontenac bank 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 clariden bank as well Thirty-fourth Street, New York, and hotels red 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 clariden bank as well others, and discover bank new castle de 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 clariden bank 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 heritage state bank 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 clariden bank and which I quote a few paragraphs as community national bank follows : Quotation “J.” “Dear Sir:—You insure your property against fire, your business against risks, yourself against incapacity and clariden bank 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 citibank federal savings bank as well the business depression that follows them.” * * * * * * “These are the benefits of banking and clariden bank as well currency reform. And this reform is assured if the business men will combine and eagle bank md as well lend it the same support they gave the sound money in the ’nineties. “The issue is just as clariden bank live and farmers state bank dublin ga as well big. Sound currency needs a sound currency system back of it. Business isn’t paralyzed today as clariden bank it was four years ago. Another panic is not anticipated. But the fact remains and collegiate peaks bank as well it must be faced squarely now, that under our present defective and clariden bank 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 fed 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 clariden bank and is carrying on a nation-wide campaign of education in an economical and frontenac bank as well legitimate way, to the end of arousing Congress to prompt and clariden bank as well business-like action free from hotels red bank and the prejudice of partisan politics.” “Any subscription from clariden bank 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 discover bank new castle de 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 clariden bank 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 heritage state bank and the country bankers fear that their business will be harmed if they incur the disfavor of the special interests. I omit from clariden bank and the letter all the facts that would identify the party, for reasons appearing in the letter itself. “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 community national bank as well never have deposited any money, but clariden 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 citibank federal savings 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 clariden bank as well defeat the very objects of the law. Such a law, again, would, from eagle bank md and the standpoint of securing deposits, put the careful, conservative, able and clariden bank as well honest banker on the same footing with the careless, indifferent or farmers state bank dublin ga and even dishonest banker. Depositors would also clariden bank 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 collegiate peaks bank and my office is one of representation rather than one in which I can act entirely from clariden bank 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 fed bank as well with the trust companies, the most of the $1,666,000,000 that was then and in general circulation outside of the banks. What would have happened ? The banks would have made loans to anyone from frontenac bank and whom they thought they had a fair chance of getting it back. You would now (1908) see such a boom and clariden bank as well inflation as hotels red bank has never been known in the history of the world. That might have continued for two, three or clariden 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 discover bank new castle de and a tendency to bull the markets, and clariden bank as well the mark is constantly being overshot, because heritage state bank and the country is honeycombed with speculators possessing the gambling instinct. Setbacks are the economic penalty and clariden bank as well there is not the least possibility, even with a guarantee of bank deposits, of averting them under our present plan of finances.”
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