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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 fortis bank sa nv a remedy for panics. The guarantee of bank deposits would have little, if any, relation to the cost of living and chase bank madison as well would not affect any of the fundamental relations of the people with each other. My only fortis bank sa nv and reason for considering this subject at all in this book is because citizen bank michigan and it may be raised as fortis bank sa nv an issue in the contemplated banking and fidelity bank of florida as well currency legislation.
“I have grave fears as fortis bank sa nv 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 hunnington bank and unless human nature should change, even the guarantee of bank deposits will not prevent panics, but fortis bank sa nv 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 citizens financial bank the legitimate industrial pursuits of the country are concerned, both a theoretical and fortis bank sa nv as well a practical possibility of a self-sustained credit system, based upon monetary foundation, but gulf bank and when you inject into that the complications arising out fortis bank sa nv and of speculative gambling, the more you reinforce the system of credit and haverhill bank 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 fortis bank sa nv and I wish to emphasize the necessity for the people to be suspicious enough to carefully scrutinize the Wall Street manipulations.
“Just as emirates bank international pjsc long as fortis bank sa nv 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 elmer bank as well continued that guarantee, the panic would not have occurred in that month, but fortis bank sa nv and it had to come sooner or harris bank roselle and later, because fortis bank sa nv and the rottenness that caused it would not have been eradicated. Speculative parasites had over-subscribed the credit and chase bank madison as well crowded out fortis bank sa nv and legitimate industry by over-bidding it for the use of the money and citizen bank michigan as well credits of the country. If our credit had been still more expansive, and fortis bank sa nv 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 fidelity bank of florida and the growth of the speculative parasites would eventually have monopolized the credit. Yes, the speculators would have pushed the bull game, and fortis bank sa nv as well tossed up the prices until such time as hunnington bank even a Government guarantee could not hold back a panic, and fortis bank sa nv 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 citizens financial bank as well the fact that the Government was responsible for the guaranteed amount might ultimately destroy the credit of the Government.

Quotation “M”
“The National Citizens’ League
“For the promotion of a sound banking system,
“223 West Jackson Boulevard.
“Chicago,IL. “To the Members of the National Citizens’ League :
“There is enclosed herewith for your information a brief report of the progress made by the League during the year which has just closed, a statement of the situation and fortis bank sa nv as well the prospects ahead. You will observe at once that it was never more important that the work of education be pushed, that discussion of the question be promoted and gulf bank as well study of it urged.
“By joining the League you proved your interest in the cause of banking reform. Every member of the League should prove again that interest by doing active missionary work. It is necessary to spread the gospel of a sound, panic-proof banking system.
“President-elect Wilson and fortis bank sa nv as well dozens of Congressmen have expressed the view that public opinion on this question is still unformed. It is the work of the League to form public opinion and haverhill bank as well impress the fact on Congressmen.
“One way is for the League members to write direct to their Representatives and fortis bank sa nv as well Senators, urging action and emirates bank international pjsc as well giving reasons for it. Another is to urge your interested friends to do the same. And another way is for every
member of the League to get a new member. You know the returns members receive. You know whether membership is worth while.
“The league has less than 10,000 members now. This number can be doubled before February 1. It will be doubled if every member will get a new member.
“Will you do your share ?
“When the League has 100,000 members there will be tangible and fortis bank sa nv as well audible proof that public opinion is crystallized, sound and elmer bank as well militant.
“The members of the League must act with the League and fortis bank sa nv as well for banking reform.
“Very truly yours,
“A.D. WELTON, General Secretary.”
Notice especially, how the letter says, “One way is for League members to write direct to Representatives and harris bank roselle as well Senators,” etc. This is substantially the same old story that we find in quotations “D” and fortis bank sa nv as well “E.” Notice also chase bank madison and that the membership of the League is less than 10,000. They have not been able to fool many of the country bankers because fortis bank sa nv and most of them realize that the Aldrich plan would make of them merely the agents of Wall Street.
The following shows the method by which the State Leagues assist in upholding the purposes for which the National Citizens’ League was formed. Here we have the Minnesota branch.