Newspapers / Goldsboro Weekly Argus (Goldsboro, … / Sept. 3, 1908, edition 1 / Page 1
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s 5 1 II ?! IK AY $1.00 a Year, "This Argus o'er the people's rights Doth an eternal vigil keep ; No soothingstrains of Maia's son Shall lull itshundred eyes to sleep." . V $1.00 a Year. TOX.. XXTI aOLDSBOKO, K. C., THURSDAY, SEPTEMBER, 3, 1908. NO. BRYAN ON BANKING. WARM GREETING FOR THE DEMOCRATIC CANDIDATE IN TOPEKA. The Secret, If Secret There Be, of the Primacy of our Party In Matters of Reform. a- Topeka, Kai., Aug. 27 The capital city ol Kansas today was the mecca for Democrats from three States, who came to hear William J, Bryan speak on the subjeet of the guaranty deposit law for banks. The speech, as prev iously announoed, was to form one of the "keynetes" ot the Democratic na tional campaign On his arrival from the east Mr. Bryan was met lit the train by a local reception eommittee and the members et the Democratic State eommitte of Kansas. Through streets which were decorated for the occasion the Presi dential candidate was escorted to the Hotel Thropp, where luncheon was served. The State authorities having refused permission for the speech-making to take place on the grounds of the Capi tol it was decided to hold the demon stration at the city park, where an immense crowd congregated an hour r more beiore the time scheduled for the appearance of Mr. Bryan. Sev eral bands furnished music for the oc casion and there were introductory speeches from prominent representa tives of the Democratic party in Kan sas. Mr. Bryan rode in an open carriage from the hotel to the park and was greeted all along the route with cheers from the crowds that thronged the sidewalks. Another rousing ovation awaited him when he appeared on the speaker's platlorm and was introduced to the vast assemblage that filled the park and overran into the adjoining streets. Mr. Bryan spoke in part as follows: Mr. Chairman, Ladies and Gentle men: Why not make the depositor secure? The United States government re quires the deposit of specific security when it entrusts money to a national bank, although it can examine the bank at any time; the State requires security when It deposits money in a bank: the oounty requires security and the city requires security; oven the banks require security from the offi cials who handle money. Why should the depositor be left to take his chances? Not only is the depositor without protection, but the security given to nation, state, county and city lessens his security. They are preferred cred itors; they have a mortgage on the gilt dged assets and the depositor must get along as best he can with what re mains. Why are . the interests f de positors thus neglected? A bank asks deposits on the theory that the depositor is sure of the return of his monej , and the laws ought to make the facts eonform tofthe theory. The depositor, the eommumity and the banker himself will bej benefited by legislation which willj give to every depositor the assurance that that which is committed to the keeping of the bank will be available to meet his needs at any time. Such is not the case today, for vrhilejall banks are reason ably secure.they are not absolutely so. The Republican! partyi proposes the establishment of a postal, saving bank system; the Democratici'party prefers the guaranteed bank because it is beter for the banker: It gives the depositor the security which heineeds and yet leaves the banking business in the hands of the banks. O Butitho Demo cratic platform declares for "a postal savings bank if tboj guaranteed bank cannot be secured,"! nd in November more than ninety per eentjof the Tot rs will by their ballotsdemand either the guaranteed bankjor the postal sav ings bank. Can the financiers prevent the carrying out of this demand? The Republican platformdoes not go into detailbut it ie fair to assume that the postal savings bank Iplank is in tended as an endorsementgoi the postal savings bank system i proposed by the President and postmaster general. Under this plan the ifederal govern ment would invite thejdeposit of sav ings, a limit beingiplaced upon the amount that each person or each fam ily eould deposit. According to-this plan, the business man would not be protected, for he uses a checking ac count instead of a savings account; but no one ean doubt that the success ful operation of a government savings bsnk wouldiultimately lead to an ex tension of the plan until the govern ment bank would include the ordinary checking account and be open to de posits without limit. It would mean a long contest between the depositors and the bankers, but a contest which must in the end be decided on the side of the depositors. The banker must decide, therefore, whether he will favor a postal savings bank which, in the absence of the guaranty bank, will grew until it absorbs the banking busi ness, or preserve the present system of banking by giving to the people, through a guaranty law, the protection which they must otherwise find in a government bank. The Democratic plan, therefore, con templates a less radical change than the Republican plan. In his notifica tion speech Mr. Taft charged the Dem ocrats with being socialistic in some of their remedies. The charge was not well founded, but I might .reply by charging him with advocating an un necessary extension of the govern ment's sphere of activity in the estab lishment of the postal savings bank, when the guaranteed bank would an swer the same purpose without any considerable increase in the number of government employes. I would rather see the banks attend to the banking business than to have it transferred to the government, and because I prefer to have the banking business done by the banks rather than by the govern ment, I urge the guaranty of deposits as the easiest solution of our difficul ties. ' There are only 20,000 banks, while there are 1,500,000 depositors, and I do not hesitate to declare that in a con flict between the two the depositors have a prior claim to consideration. It wo estimate the average number of stockholders of each bank at seventy- five and that is a liberal estimate the total number of stockholders would only bo a million and a half, or one tenth as many as there are depositors. The stockholder is not oesapolled to buy stock, while the depositor is com pelled to use the banks, both for his own sake and for the sake of the com munity, for only by using the basks can ho keep his money a part of the circulating medium. The guaranty law, therefore, brings the greatest good to the greatest number, as well as to those who have the greater equity upon their side. There is another reason why the claim of the depositor is superior to the claim of the stockholder. The stockholder has a voice in the selection of the bank officials ; the depositor has not. If any one must lose, therefore, as the result of bad management, it ought to be the stockholder rather than the depositor. And, I venture to ask, if the bankers will not trust each other why should they expect the depositors to trust the banks ? We are fortunate, however, in that we are not compelled to choose between justice to the depositor and justice to the stockholder, for as has been shown betore, the plan which we propose not only does ijustice to both, but brings advantage to both. More than that, the plan which we propose protects the banker and it is his only protection against the establishment of a gov ernment bank, with indefinite en croachments upon the banker's busi ness. With the guaranteed bank established, government savings banks would only be needed in the towns and villages where there were fno guaran teed banks. If we had to choose between the in terests of the bank and the interest of the community, we would be compelled to protect the interest of the communi ty first; but here, too, we are fortunate, for we are not driven to this alterna tive. That which protects the com munity protects the bank also, for when there arej several banks in the community, the failure of one often!' causes a run upon the . ethers, and the I insolvency of one ibank is such a men ace to the solvency of others that the solvent banks 'often join together and assume the liabilitis:of the insolvent one for their own protection. As an illustration of this, I point to the ac tion of the Chicago bank in assuming the liabilities of the Walsh banks, at a heavy loss to themselves. There is another advantage which the guaranty of depositors brings to the banks it protects the reserves de posited in other banks. During the panic last fall the reserves caused the most of i the trouble. The small banks wanted to withdraw their reserves from the eity banks, and the big banks in the cities were not prepared to meet the strain. With deposits guaranteed there would be no runs on local banks and no sudden withdrawal of reserves. I have seleoted the capital of the state of Kansas as the most appropri ate place lor the delivery of a speech upon this subject, because your neigh bor upon the south' has been a pioneer in this reform. Her plan, as you know, has been such a signal success that de posits have been drawn across the line from your state into Oklahoma. The alarm caused by this invasion of your banking territory caused your gover nor to include in his call for a special session a recommendation of the pas sage of a law similar to that of Okla homa. When the legislature met, how ever, the influence of the large banks was sufficient to prevent the needed legislation, and your state still suffers. The people of Kansas have had an ob ject lesson; they know the necessity for a law guaranteeing deposits. They have seen its beneficent results in a sister state; they have seen fitty-four national banks taking advantage of the state system and reaping a rieh re ward. They have heard the eeho of tno blow that has been struck at the national banks of Oklahoma by the Attorney General's ruling, which do nios to such banks the right to share im the benefits of the state guaranty system that eeho being the surrender of charters by national banks whioh prefer to become state banks rather than surrender the benefits of the guar anty system. They have also seen how tho influence of a few big banks, con centrated upon a legislature, can de feat the wishes of tho smaller banks and the desire of tho depositors all over the state. I submit that in this effort to make all bank deposits secure, the Demo. ver-Work Weakens Your Kidneys TTnhealthy Kidneys Make Impure Blood, AH the blood In your body passe3 through fm uuues viiks Bvwy mice minutes. The Lidneys are yotx blood purifiers, .hey tit ter out the waste or impurities in the bi&cd If they are sicic or zx of order, they fail to their work. Pains, aches and rhes matism come from ex cess of uric acid in th i blood, due in nerlrt. kidney trouble. Kidney trouble causes quick or unstead heart beats, and makes one feel as thougl they had heart trouble, because the heart i ver-working in pumping thick, kidney poisoned blood through veins and arteries. It used to be considered that only urinan troubles were to be traced to the kidneys but now modern science proves that nearh all constitutional diseases have their begin ning in kidney trouble. If you are sick you can make no mistake by first doctoring your kidneys. The mifr id the extraordinary effect of Dr. Kilmer'-Swamp-Root, the great kidney re r.edy i on realized. It stands the highest for it wonderful cures of the most distressing case: ana is soia on its merits by all druggists in fifty- ent and one-dollar siz- is. You may have a i i .... Kin.pio ooiue cy mail Homo of Swamp-Root Tee, also pamphlet telling you how to find sut if you have kidney or bladder trouble. Mention this paper when writing Dr. Kilmet k Co., Binghamton, N. Y. Don't make any mistake, but remsmbei a name, Swamp-Rot, Dr. . Kilmer. Swamp-Root, and the address, Binghamtor on every bottle. sr -1 Subscribe for the Argus., eratic party is tho champion of the farmer, the laboring man, the business man, the professional man, and the champion of the banker as well. No elass is outside of the benefits of, this law, for it bestows its blessings upon all. 1 Why has the Republican party been so quick to respond to the demands of Wall street and so slow to yield to the demands of the masses? Thereare two reasons: first, the Republican party has allowed itself to become the serv ant of the favor-seeking corporations, and, second, too many Republican leaders look at questions from the aristocratic standpoint, the standpoint of the few rather than from the Dem ocratic standpoint, thie standpoint of tbo many. They legislate upon the theory that society is suspended from the top, and they fail, therefore, to un derstand either the evils that afflict the body politic, or the remedies that are needed. The Democratic party, view ing questions from the standpoint of the whole people, easily sees that which Republican leaders do not discover, and its remedies begin with tho relief of the average man. This is the secret, if secret there be, of theprimaey of our party in matters ofreform. When Solomon was invited to choose what he would, he asked for an under standing heart, that ho might diseern between the good and tho bad, and he was told that, because he had chosen wisdom rather than riches or long life, ho should have, not only widom, but riches and length of days as well. And so when a party determines to seek first that which benefits the coram on ! people, it finds that in acting in the interest of the common people, it also promotes the welfare of tho smaller classes which rest upon the masses, for when the producers of wealth pros per, their prosperity is shared by eery element of society. OVERCOMING THE EARTH'S ATTRACTION. All Rfady for the Great Balloon Race Tomorrow. (Special to the Argtjs.) Columbus, O., August 28. Profes sional and amateur aeronats, and a great many ether persons interested in ballooning, either from curiosity or from a scientific point of view, are hero today, looking forward with eager interest to tho great balloon race which will start from hero tomorrow under the auspices of tho Aero Club of Co lumbus, and with the sanction of the Federation of Aero Clubs of America. In addition to tho customary sham pionship trophies offered by the Feder at ion and the loeal club, the Board of Trade of Columbus has donated a handsome trophy, which will add con siderably to tho eagerness to win on tho part of tins daringgaeronauts tak ing part in the race. Tomorrow1! race is tho universal topic of conversation at the hotels and olubs, whihhavo hospitably opened their doors to tho visiting aeronauts Of course, the success of tomorrow's race depends, to a great 'extent, upon the weather, andj more particularly upon the strength! of the wind. It would be a great disappointment, not only to tho balloonists who intend to take part in the race, bat to tho many thousands anxiously awaiting the in teresting spectacle presented by the aerial flight of a number of monster balloons, if weather conditions should prevent the race. Tomorrow's racejjwill be an inter national event, gas Canada will be rep resented by the "King Edward," .a oraft of 80,000 cubic feet, which will be piloted by Lieutenant Bennett, of the Signal Service, and a famous aeronaut. Among tho Americans who have en tered balloonsjfor the race are several well known aeronauts and members of tho most prominent clubs of the coun try, among them beingDr, F. T. Field ing, C. A. Coey, who is confident of making a good showing with his bal loon, 'Chicago;" Capt. Mueller, who has already won fame with his "Villej de Dieppe," and Dr. Julia'n P. Thomas, j the intrepid New York balloonist, who has won a national repution by his numerous and hazardous ascensions in the Cast. - ' The arrangements for the race of to morrow have been completed under the able direotion ;of W. H. Pickens, direotor of contests of the local Aero Club, who was assisted by Mr. Charles P. Salisbury, thegrcpresentative of the Federation of American Aero Clubs. NOW 76 FEET ABOVE NORMAL All Former Flood Records In Cape Fear River Brok enRiver Valley Cov ered For Miles. TEN THOUSAND HOMELESS IN CUMBER LAND COUNTY. Faycttcville in Darkness andpt GH Frem Communication With Out Side World, Excpt by One Wire. Fayetteville, Aug. 28. The Cape Fear river at this point has reached a height of seventy-six feet, breaking all re cords of former floods. The river val ley on the east side is ooveved for miles with a rushing torrent of muddy water. Houses and bridges are swept away for miles around and the esti mated damage to the eotton and corn crop will go beyond 35 per cent. The greater portion of Fayetteville is covered with water backed up to the city from the river, which is a mile and a half distant. Three thousand people are homeless, and a proclama tion calling for relief was issued by the mayor at noon today. The city will be in total darkness tonight, the power plant being submerged. In the eounty there are ten thousand people homeless, and an appeal was is sued today for relief by the chairman of the county commissioners. All means of communieation with the out side world have been severed with the exception of a cable owned by the Western Union Telegraph Company, which had been laid in the river, and this is threatened by the rapid torrent at any moment. The two huge steel bridges of the Atlantic Coast Line are covered with water, and at the county bridge, an enormoas wooden structure, great piles of driftwood and parts of other bridges are collected around the pillars. At Buckhorn, lorty miles up the river, the big electric plants which fur nished power for the cotton mills and other industries in the surrounding counties, are completely submerged. No trains have entered or lefj the city for three days. Tho food supply is short ; ggs are selling at a dollar a, dozen and vege tables are held at lour, times their value. Bains have been reported in tho upper country, and it is believed that tho situation will bo grave to the extreme. Tho northern part of the city can only be reached by boat, and water from the creek is backed up within five hundred yards of Market Square. Viewed from Market Sqnare, tho eastern portion of the eity appears like one vast lake, and the river is nnapproachable for a mile and a half, save by boat. AUGUSTA SUBMERGED. Millions of Property Destroyed And Many Rendered Homeless. Special to the Arqus. Augusta, Aug. 27. More than two thirds- of tke city is submerged, the water reaching second floor of busi ness houses, but the water is receding now. Property losses will reach into the millions. All factories along the canal have been swept away. Several fires last night did consider able damage. Thousand are homeless, and many have fled to the hills, though many more arein their homes, unable to get out. Neither newspaper printed an edition yesterday afternoon or this morning, their offices being submerged. Thero is no telephone, street car, electric or gas light or city water service. No trains reach here except the Georgia,, from Atlanta, whieh gets within five miles. Food shortage is threatened and efforts will be made today to or ganize relief measures. BOY SCRATCHED DAY D T Eczema Began When a Tiny Baby and Lasted 7 Years Tore Crusts from Face Till It was All Raw' Screamed with Pain and Could not Sleep Though Specialists Failed CUTICURAEFFECTED A WONDERFUL CURE Tho campaign has thus far broken no rule of the Anti-Noise society. ac Wood's Seeds Va. Gray or Turf Winter Oats Sown in September or early in Oc tober, make a much larger yield ing and more profitable crop than Wheat. They can also be grazed during the winter and early spring and yield just as largely of grain afterwards. Wood's Fall Catalogue tells all about Vegetable and Farm Seeds for Fall Planting, Seed . Wheat, Oats, Rye, Barley, Vetches, Grass and Clover Seeds, etc. Write for Catalog Mailed free. T. 17. WOOD & SOUS, Seedsmen, Richmond, Va. 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Goldsboro Weekly Argus (Goldsboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 3, 1908, edition 1
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