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