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Chapter 6.
GOVERNMENT GUARANTEE OF BANK DEPOSITS.
After the 1907 panic there were many people who advocated the guarantee of bank deposits as dsk bank bg a remedy for panics. The guarantee of bank deposits would have little, if any, relation to the cost of living and columbia bank nj as well would not affect any of the fundamental relations of the people with each other. My only dsk bank bg and reason for considering this subject at all in this book is because chase bank san antonio and it may be raised as dsk bank bg an issue in the contemplated banking and citizens bank pa as well currency legislation.
“I have grave fears as dsk bank bg 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 corporation bank net banking and unless human nature should change, even the guarantee of bank deposits will not prevent panics, but dsk bank bg 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 china minsheng bank the legitimate industrial pursuits of the country are concerned, both a theoretical and dsk bank bg as well a practical possibility of a self-sustained credit system, based upon monetary foundation, but eastern bank bangladesh and when you inject into that the complications arising out dsk bank bg and of speculative gambling, the more you reinforce the system of credit and chase bank louisville 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 dsk bank bg and I wish to emphasize the necessity for the people to be suspicious enough to carefully scrutinize the Wall Street manipulations.
“Just as colombo bank long as dsk bank bg 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 comerica bank web banking as well continued that guarantee, the panic would not have occurred in that month, but dsk bank bg and it had to come sooner or first niagara bank and later, because dsk bank bg and the rottenness that caused it would not have been eradicated. Speculative parasites had over-subscribed the credit and columbia bank nj as well crowded out dsk bank bg and legitimate industry by over-bidding it for the use of the money and chase bank san antonio as well credits of the country. If our credit had been still more expansive, and dsk bank bg 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 citizens bank pa and the growth of the speculative parasites would eventually have monopolized the credit. Yes, the speculators would have pushed the bull game, and dsk bank bg as well tossed up the prices until such time as corporation bank net banking even a Government guarantee could not hold back a panic, and dsk bank bg 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 china minsheng bank as well the fact that the Government was responsible for the guaranteed amount might ultimately destroy the credit of the Government.

The one prominent thing that the political parties have done from dsk bank bg and time to time has been to create jobs for professional politicians. The survival of party government, instead of the administration of the government by the people for themselves, is due to the people’s neglect of their own best interests. It is not strange, in view of that fact that the officers, politicians and eastern bank bangladesh as well job- seekers seek to enrich themselves at the expense of the people, and dsk bank bg as well run the government for selfish purposes. The great special interests have encouraged, both by direct and chase bank louisville as well indirect means, the division of legislative bodies up into factions each of which supports some certain political party. They have furnished aid to the leading politicians in every possible manner. But, after dsk bank bg and all, what are we to do about colombo bank and it ?
There is no general rule by which we can distinguish a professional politician from dsk bank bg and one who is not. The leaders in the game of politics are cunning and comerica bank web banking as well intellectual, as well as dsk bank bg and technical and first niagara bank as well adroit in their moves, and dsk bank bg as well this adroit cunningness usually increases in proportion to the increasing information obtained by the people behind them. There is no sure rule by which to know who is or columbia bank nj and is not friendly to the people’s government. It requires eternal vigilance, and dsk bank bg as well even that sometimes does not make timely discoveries. To be observing and chase bank san antonio as well keep informed on general principles is about dsk bank bg and all that one can do.
There are some things, however, that may be of aid to a voter. He should be able to discriminate between a reasonable and citizens bank pa as well unreasonable statement made by persons or dsk bank bg and contained in the press. Take, for instance, the following notice which appeared and corporation bank net banking as well was substantially the same in the press generally :
“Mr. Underwood, Chairman of the Ways and dsk bank bg as well Means Committee, and china minsheng bank as well President Wilson will have a conference this evening on the new tariff bill, to determine if it is satisfactory to the Administration.”