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T h e Charleston G azette, Sunday, Septem ber 1 9 , 1 9 3 7 .

The Charleston Gazette
Independent Democratic Newspaper
<Established 188?)
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Company ol The Capita) City ol West Virginia
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Entered at the Postoffice at Charleston. W. Va.. as
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“First in West Virginia”
~ Sunday Morning, September 19, 1937

A T hou ght For T od ay
A m a n m a y n o t t e w o n a b u t t o n a s e a s ily
a w o m a n , b u t h e ca n s a y w h a t h e th i n k s
'u s u a lly w it h o u t l o s in g h is s e l f - c o n tr o l .
P e n e lo p e P e r r iff.

—

^Author of The Federal Reserve
- Some little time ago, we read a statement,
possibly an Interview with Senator Carter Glass
Virginia, in which he, in fact, supported our
Secollection of w hat occurred in the year 1913,
when the Federal Reserve Act was, In the first
year of the administration of Woodrow Wilson,
being discussed before committees, in the news­
papers, and in both branches of the congress.
~
In th a t statem ent Senator Glass said, or
admitted, th a t he took a committee of bankers
jo President Wilson to urge the position that
$ie money law should contain a provision that
the Federal Reserve Board should have repre­
sentation from the bankers. President Wilson
called Mr. Glass’ attention to the situation
with reference to the Interstate Commerce
Commission. He asked the then congressman,
now Senator, Glass, did he think it right to
give the transportation companies representa­
tion on the Interstate Commerce Commission?
Senator Glass says th at this opened his eyes
and he saw th a t the president was right and
ge, Glass, was wrong.
~
At th a t time, Senator Robert L. Owen, of
the state of Oklahoma, was chairman of the
committee on banking and currency. He was
41ways right on th at feature of the Federal
Reserve system. He insisted th at there would
fie as much reason for giving representation to
the transportation companies on the Inter­
state Commerce Commission as there would be
fbr giving the banks representation on the
Federal Reserve Board. The discussion of the




facts relating to the whole matter, arising out
of the knowledge that the Federal Reserve Act
was the result of the Pujo Investigation, that
Mr. Untermyer was the counsel for the Pujo
committee, and the equally known fact that
the position of Senator Owen was set forth in
a magazine editorial, and the further fact that
upon all appropriate occasions, Senator Owen
became a defender of the federal reserve sys­
tem. On December 19, 1913 when the house bill
was before the senate, Senator Owen moved to
substitute his bill, as he had finally worked it
cut in the senate, for the house bill, which was
done by a vote of 54 to 34. Senator Owen’s well
known plans, his public utterances, and his
theory of banking and finance were seen in
the bill as finally signed by the president. On
the day th a t the president signed the bill, De­
cember 23, 1913, the president wrote to Sena­
tor Owen, and from that letter we quote:
"The whole country owes you a debt of
gratitude and admiration. It has been a pleas­
ure to have been associated with you in so
great a piece of constructive legislation.’’
A gold pen with which the president signed
the bill was also presented to Senator Owen.
In addition to this, a copy of the bill on vellum,
signed by the president, and containing the
-signatures of the officers of the United States
senate and of the house of representatives, and
also a full set of the first Federal Reserve notes
were presented to Senator Owen. One who had
anything like intimate knowledge with the
proceedings of congress a t that time must
know th at it would be about as difficult to
strip Lindbergh of the honor of having made
the first solo flight across the Atlantic as to
strip Senator Robert L. Owen of the honor of
having been the power house behind the fed­
eral reserve system.
The opposition to the president’s sugges­
tion for an admittedly constitutional reform in
the judicial branch of the government struck
a point a t which reason and precedent were
so palpably against the opposition th a t some­
thing was necessary to support the weakening
debate. Someone conceived the idea of mak­
ing the kicking democrats do the talking and
building up a witness against President Roose­
velt in the person of Senator Glass, and there­
fore it became a habit in the senate to hear
those Democrats who were taking the side of
Hoover, Knox and Hamilton, refer to Senator
Glass as the author of the federal reserve sys­
tem.
That was never true and was not true when
asserted In the senate and in the house. By
the drift of circumstances, Senator Glass be­
came the mentor, the eppigrammatist of the
kickers.
We have no desire to take from the oldeit
senator any of the honor due to his ability, to
his talking on one side of his mouth and face,

The

Daily Washington
Merry-Go-Round

Same Old Ilunk

Brighter
Side

By
Drew Pearson and
Robert S. Allen
(A u th o r s
o f ”W a s h in g to n
M e r r y - G o - R o u n d ” a n d “M o r e
M e rry -G o -R o u n d ”)

. By Damou K any on
We join heartily in welcoming
the American Legion, which opens
it’s nineteenth annual convention
a:.d reunion in New York City to­
morrow. We hope and trust that
a good time is had by alL
Anywhere . om 250,000 to 500,000
delegates, and- what comes with
them, are expected, and it is esti­
mated that they will spend up­
wards of $25,000,000 while in the
big city. This is very nice news,
indeed. We can all use a little fresh
money here in Gotham. •
It is announced in the public
prints that a picked group of 800
American Legion men has been
formed to counsel Legion members
“in the moments of exuberance
that may be expected during the
five days of the convention.”

Will O ffe r A dvice
It is slated that the men who
constitute the group “will in no
sense perform the duties or assume
the attitude of the military police
of the vVorld war days,” but they
will be on duty in night clubs and
similar places of Entertainment in
cooperation with the management
and “will offer suggestions to such
Legion members as seem to be in
need of a suggestion or two.”
It sounded like a good idea until
we investigated the personnel of
the group. We find that the mem­
bers have been selected from every
state because of their reputations
in their communities, and because
they are acquainted with New York
City, but wre doubt that they will
prove entirely adequate as an ad­
vice committee under all the condi­
tions that may arise “in moments of
exuberance.”
We think the group should in­
clude men like Mr. Alphonse Weskit
Weill, Mr. Samuel McQuade, Mr.
Antonio Martello, Mr. William
Johnston, Mr. Thomas McArdle, and
Mr. Jonathan Attell. These gentle­
men are professional matchmakers
in the great city of New York.

M ore in T h eir L ine
It is their pecular function to
pair off, on terms of fairness, and
equality, and with due considera­
tion to weight, height, experience,
style, and even age, the disciples
of Thesus, more familiarly known
as pugilists. They have a profound
knowledge of who ought to lick
whom. It is a business, and a life
study w'ith them.
They are loyal American citizens,
and some of them probably Amer­
ican Legionnaires themselves, and
we have no doubt they would glad­
ly give ther time to the Legion
group during the period of the con­
vention to prevent the lads “in mo­
ments of exuberance” from making
bad matches, especially around the
night clubs and similar places of
entertainment, where bad matches
for strangers abound.
For instance, suppose Mr. Antonio
Martello came upon a middle-aged

M c In ty re D ay ay .Da^1
I] ^topped on upper Broadway the
othipr evening to hear a man nam­
ed O'Brien, self-styled King of the
Hcboes, spread his gospel from a
stepladder. He had the gift of gab
anii held the crowd. Hoboes resent
being called tramps. They take a
pride in the significance of the
na- •>e hobo, whatever it .may
an.
.her days any fellow whd >ok
to Uhe open road was just a tra np.
Jim Tully once chided me for re­
ferring to him as a hobo. He insisted

and then introduced “a speaker
among speakers, a great thinker, a
student and philosopher,” and an­
other hobo took the stand.
These two fellows, whose object
may have been just to entertain and
pick up a few nickles, undertook to
make it clear they had nothing in
common with the usual run of soap
box gospelers. Their, ideas were
solely those of the true hobo.
Somehow, all of us are a bit at­
tracted by the life of the hobo. The
b o th h e .a n d .Tack D e rrm se v w o r e hohrvoc in

mobilized. Yet in the final analysis,
the hoboes are like the Greenwich
Villagers. They delight us immeas­
urably up to a certain point, and
then we begin walking back.
The speakers pointed out the wis­
dom of simple food—plain pota­
toes, tomatoes, cabbages and the
like. They laid most of our ills to
the chemicals in fancy food. They
said we suffer from a “stomach”
philosophy. We live in fear of not
getting enough to eat. We are bur-

WASHINGTON. — The member
of the supreme court most disap­
pointed over the Ku Klux Klan
revelations about Hugo Black prob­
ably is Justice Cardozo.
According to his friends, the jus­
tice had been looking forward ea­
gerly to the day when Black took
his seat on the bench, because he
knew that the vitriolic tongue of
the Alabama ex-senator at last
would be a match for the acid dis­
position of Justice McReynolds of
Tennessee.
Ever since Justice Cardozo
joined the supreme court he
has been subjected to insults
from McReynolds. The Ten­
nessean began by opposing
Cardozo’s appointment before
it was made. Then while .Car­
dozo was taking the oath of
office, McReynolds ostenta­
tiously read a newspaper. For
a long time after that he did
not even speak.
Cardozo, who has led a most
cloistered life and is one of the
shyest men in public office, has
shrunk from the unconcealed
antipathy of McReynolds. In
the privacy of his own study,
Cardozo can write caustic, even
sarcastic opinions.
But he
flinches
from
knock-downdrag-out debate.
Therefore, he was looking for­
ward to the day when the razortongued Black would take his seat
on the bench. Black has a quick
southern temper, is one of the
greatest cross-examiners the sen­
ate has seen since the days of Tom
Walsh, and it wfas certain that he
would delight in verbal bouts with
his reactionary colleagues.
Now, however, his hand has
been weakened and he may not be
so aggressive. Furthermore Justice
Cardozo, although too much of a
gentleman to say so, may not be
enthusiastic about having as his
champion one who once joined
with the avowed persecutors of
Jews and Catholics.
Cotton Curb
Secretary Henry Wallace has a
long-range plan up his sleeve to
put U. S. cotton growers back into
the world markets which they lost
as a result of AAA crop-curbing.
He will announce the important re­
versal of policy in a speech at
Memphis, Tenn.
In revealing his change of tune
on the desirability of exports,
Wallace will make it clear, how­
ever, that the administration has
no intention of abandoning its de­
mand that congress enact a pro­
duction control bill. It still wants
this legislation as much as ever.
Wliat Wallace proposes is to
modify the control of cotton
surpluses enough to allow the
United States to get back Into
the export business. He wants
power to regulate output, but
will use that power onlv to

Reserve system. He insisted th a t there would
be as much reason for giving representation to
the transportation companies on the Inter­
state Commerce Commission as there would be
for giving the banks representation on the
Federal Reserve Board. The discussion of the
Federal Reserve Act was so general, the hear­
ings and the proceedings of the various confer­
ences were so well known, th a t anyone with
general knowledge of the proceedings in con­
gress will recall th at this bill was being dis­
cussed by bankers’ associations, and by many
other civic and finance organizations and
bodies.
' Senator Owen was then recognized as one
of the best authorities in the country upon
banking, finance, and currency. While the
Democratic conferences in the senate were go­
ing on, he was invited to address the bankers’
association at Chicago. While he was enroute
to Chicago, the bankers passed a resolution
condemning the Federal Reserve Act and call­
ing upon congress to defeat it.
1 When Senator Owen arose a t the bankers’
rpeeting, he said th at he would assume that
the bankers present were familiar with the
Sill, but th at he had several copies of it with
him and would be glad to furnish any of the
members with the printed copy. Thereupon
several of the members spoke up and said that
they had not seen the bill, and Senator Owen
thereupon said: “Am I to understand that none
of you have copies of the bill, nor have read
it?” Receiving an affirmative answer, he made
some spicy remarks as to the unique situation \
of a great bankers’ association having passed
a resolution condemning a bill which they had
not seen nor read. Thereupon the discussion
proceeded with the knowledge of the country
that the bankers had condemned, without even
average information of the details of the bill,
a measure in which the president, the congress,
and the country generally, were deeply inter­
ested. In other words, Senator Owen became
the target of the active opposition to the bill
There was probably no one in the United States
better able to meet the criticism of the phil­
osophy of the bill or the details of Its workings.
Very recently, the Democrats of the senate
vho became the spokesmen for the Republican
opposition to the president’s suggestion th at
the Judiciary system of the nation needed re­
form, have made Senator Glass their hero. To
peak a little more plainly, they built up a
strong witness, as they thought, reasoning that
t man who was in the house under the Wilson
administration would be, as a senator, a strong
vitness against the court proposal of the presilent. Senator Glass wrote a book on the sub­
let, and in 1027 Samuel Untermyer wrote to
: nator Owen calling attention to the claims
icinT made that Mr. Glass was really the auii r jf the Federal Reserve Act.
This is now clearly seen to be a concerted
lavement to build up the witness, Glass, for
« • in the debate on the court question. We
ive seen the letter of Mr. Untermyer, the
nswer of Senator Owen, and the group of




w e orut of circumstances, Senator Glass be­
came the mentor, the eppigrammatist of the
kickers.
We have no desire to take from the oldest
senator any of the honor due to his ability, to
his talking on one side of his mouth and face,
nor his wit, nor his cutting side remarks. While
we despise his apostasy, and have never heard
nor read of a passable reason for it, and while
we pity his isolation from those who have
fought with him for a high standard of party
faith under the leadership of Woodrow Wilson
and Franklin D. Roosevelt, we feel resentment
a t his willingness to strike with the Republican
weapons a t his party and its leaders after its
major battles have been won signally and in
glory, and be benefitted by it.
It was a pathetically transparent move to
attempt to use Senator Glass as one of the
leading witnesses for the case against the
president’s court reform plan. In order to build
him up to heroic size his admirers and sponsors
went back 24 years and falsely claimed that he
was the author of the Federal Reserve Act.
The plain truth is th a t at th a t time Mr. Glass
was not in the senate but in the house. And
in justice to history and the record he was
only one member of congress when Mr. Wilson
tried to get the complete control of the nation’s
finances out of the hands of a group of big
international bankers. It is too bad that Mr.
Glass has allowed the enemies of the court plan
to point to him as the author of the Federal
Reserve Act for in ail honesty he was no
such thing.
The author and sponsor of th a t bill was
former Senator Robert L. Owen.

siuup uiuuig uie period ol the con­
vention to prevent the lads "in mo­
ments of exuberance" from making
bad matches, especially around the
night clubs and similar places of
entertainment, where bad matches
for strangers abound.
For instance, suppose Mr. Antonio
Martello came upon a middle-aged
gentleman in "a moment of exuber(Please Torn to Page 13 Part 2)

The Readers’
Forum

anu held the crowd. Hoboes resent
being called tramps. They take a
pride in the significance of
the
nat -e hobo, whatever it may
an.
Viesudays any fellow whek >ok
to Uhe open Toad was just a tra np.
Jim Tully once chided me for re­
ferring to him as a hobo. He insisted
both he #and Jack Dempsey were
what are known as “road kids.”
Well, anyway, O’Brien rambled on

Bewildered Editors Comment On Charles Town
Bank Embezzlement, Praise Deposit Insurance

Editor Gazette:
Where do we go from here? There
are a few things, about the genus
homo, that if kept in mind, would
Apparently bewildered by the half-million dollar
help most of us think more clearly.
embezzlement in the Charles Town bank, editors of
Man is not by Nature the noble as­
the state divided their comment last week between
piring creature who is constantly
criticism of the system that permitted the unusually
striving to reach the star he has
large defalcation, and praise for the Federal De­
hitched his wagon to. Most of us
posit Insurance corporation which already has
know nothing about astronomy, per­
moved to make good all the deposits up to $5,000.
sonally, to put us far ahead of the
The Raleigh Register and* the Morgantown Post
early cave man. What we do know
were the most caustic in their criticism.
is that there is a very great deal
of recorded knowledge available to
“Despite all the billions of dollars we have been
us if we become interested enough
reading about for the past few years,” the Register
to look it up.* Most of us never do.
said, “a half-million dollars still is beyond the com­
Man’s progress is more negative
prehension of most of us. But we always think of
than positive. He learned to use
banks in terms of big money and just concluded
fire because he was cold and un­
that maybe the Charles Town bank had so much
comfortable. He has since that time,
that it took a long time to discover the loss of a
from time to time, turned the world
half-million dollars ”
upside down and inside out trying
The Morgantown paper first pointed out that the
to get away from what was uncom­
bank had been examined regularly by the state
fortable and distasteful to him. So­
banking department and the Federal Deposit In­
ciety en masse only adapts itself to
surance corporation, and then said:
the new and proven betterments in
life as it becomes discontented and
“Now, even if the examiners for the state oankdissatisfied with the status quo.
ing department and the Federal Deposit Insuarnce
We were all taught in school that
corporation, didn’t detect this wholesale embezzle­
the more convolutions in the brain’s
ment, what were the directors and officers and
surface, the more brain power. In
other employes of the bank doing from February
other words, the more wrinkles in
to August that they didn’t discover what was hap­
the? brain the more we study to
pening?
solve life’s wrinkles. While I do not
“We aren’t asking these questions for the pur­
care to dispute the physiological
pose of reflecting upon anybody, but simply be­
truth of that teaching I wish to
cause we don’t understand. Doesn’t the board of di­
point out that the wrinkles in our
rectors of a bank have any means of determining
collective stomachs during the few
what is happening if half its deposits afe being
worst years of the depression have
stolen right under the directors’ noses? Don’t the
'We hesitate to add our humble mite about been much more effective.
officers of a bank, quite independent of any exami­
In 1930 there were but few
the Constitution of our great country after the
nation by the state or the F. D. I. C., take any
among the exploited and dispos­
deluge of words th a t have drenched the coun­ sessed mass of our population who precautions of their own to see that the resources
entrusted to their care are being protected?
try during the past week. But to us the gran­ still valued their citizenship enough
“And here’s-something else: Charles Town is a
to pay poll tax for the privilege of
deur and the marvel of the Constitution is its kidding themselves at the ballot small town. Everybody knows everybody else. Is
it possible that in a town of that size a man could
box.
There
was
in
their
minds
and
simplicity—the secret of its long rule over our
steal and dispose of $500,000 or more in six or seven
hearts no real feeling that they
country is due to the fact th a t our fathers were participating in a government months without anybody else in the town knowing
about it? If that is possible in Charles Town, it is
of,
for,
and
by
the
people.
realized th a t the government is most secure
itfost of us have only a grumbling in a class all to itself. We don’t believe it could hap­
when it is most free. Our Constitution can interest
pen in many other towns of that size. We wonder
in government. Most of the
if Charles Town, since it got the hoss races, has lost
change so little yet so much.
people, who are referred to as wagt
, • Starting as a limited republican form of workers, domestic servants, farm some of its characteristic perspective and neighbortenant farmers, share crop-" -Jy; inquisitiveness.”
government, under the Constitution, we have hands,
pers, and the other multitude of
After Banking Commissioner Ward had explained
been gradually changing over into a vast, rep­ farmers, small home owners and the method used by the acting cashier in the al­
resentative democracy. The effect of that business men; who would have been leged theft, the Post replied:
“Our curiosity instead of being satisfied by the
change is nothing short of a revolution yet It much better off if they could have
traded the deed and the tax bill to
explanation of the banking commissioner, is only
has been accomplished under the Constitution. their
property for the mortgage
whetted into greater keeness, and we suspect we
Our social and economic status—whether you against it; found themselves in the are not much different'from the average reader
realize it or not—has ALREADY been changed early thirties either liquidated or in who has been shocked by the disclosure that em­
process of being liquidated.
bezzlement of this magnitude was possible under
under the Constitution and in any other coun­ theThese
folks had lost hope to such
our present system of bank operation and inspec­
try that would certainly have been the oc­
tion.”
(Please Turn to Page 13 Part 2)
casion of a bloody revolution.
The Morgantown Dominion-News looked at the
Once, vital change under the Constitution
case from another angle, saying.
“In the old days, back when big bankers and big
failed and resort to arms had to be taken. This
Intercepted Message
business were running the country through their
marked the passing of slavery in our land. It
mouthpiece. Herbert Hoover, the closing of such a
Sept. 18, 1937.
is possible that even in that dire case a remedy i Dear Fellows:
bank in a small town would have wrecked the com­
might have been found by democratic methods
munity.
Don’t forget that a location
“Many communities, large and small, suffered
within the framework of the Constitution. But
fight cost us a new post office
when Hoover, in the usual do-nothing Republican
building several years ago.
in the Dred Scott decision the supreme court
manner,
allowed banks to crash in all parts of
Yours,
exceeded its powers shamefully and outrage­
the country.
ously, blocked the way to compromise and
“Today, however, the story is a different one.
paved the way to a bitter civil war. That was
The federal government insures all deposits up to
$5,000, and within a short time practically all those
not the fault of the Constitution, which still
Cong. Joe L. Smith,
who had money in the Jefferson county institution
Postmaster Julius Singleton,
stands unimpaired as our guide and guarantee
will be paid off in full.
Charleston,
W.
Va.
of a free, democratic form of government.
••Bi* ritv hmkf'rc
v.*».*«
'*-♦

S

The Constitution

meu we oegin wanting oacK.
duction control bill. It still wants
The speakers pointed out the wis­ this legislation as much as ever.
dom of simple food—plain pota­
What Wallace proposes is to
toes, tomatoes, cabbages and the
modify the control of cotton
like. They laid most of our ills to
surpluses enough to allow the
the chemicals in fancy food. They
United States to get back into
said we suffer from a “stomach”
the export business. He wants
philosophy. We Jive in fear of not
power to regulate output, but
getting enough to e a t We are bur­
will use that power only to
dened by the money idea. Faith, and
avoid s u c h price-swamping
yields as this year's 16,000,000
(Please Turn to Page 9, Part 2)
bale crop.
In actual operation, the pro­
gram would be a variation of
the old “domestic allotment
plan.” Farmers would be paid
a subsidy by the government
for holding down acreage; and
the domestic price would be
permitted to follow world mar­
ket levels so that U. S. cotton
could compete with foreign
production.
eral deposit insurance plan, mainly, we suppose,
At present the artificial mainte­
because it costs them something and directly bene­ nance of high domestic prices
fits the small depositors.
through government loans acts as
“Charles Town will appreciate this federal in­ a bar to exports.
surance law now, although it is likely that only a
Significant Hint
Few caught its significance, but
few persons in the little Jefferson county town
realized their money was protected by 9 govern­ the tip-off to Wallace’s new policy
ment that stands up for the little felow, even if was his vigorous insistence that
government cotton loans be held
big boys oppose such actions.”
The Putnam Democrat looked at the case from down to nine cents a pound.
The congressional bloc first
the same viewpoint. It said:
“It is one of the very, very few bank closings to cried for 12-cent loans and then
occur in West Virginia since the advent of the came down to 10 cents. Wallace
Roosevelt administration. Prior to that time, failures fought on, succeeded in holding
loans down to nine cents. He took
were epidemic.
stand for the express purpose
“The Charles Town failure Is different than the thisopening
the way for a reentry
failures that preceded the banking holiday ordered of
of U. S. cotton into world markets
by President Roosevelt the day he took office in on a large scale.
that it resulted from crookedness from within,
Another significant straw in
whereas the collapses prior to March 4, 1933, were
the wind was the resignation of
due in the main to ‘runs’ of frantic and frightened
Cully Cobb as southern regdepositors who had lost confidence in banks and
ional AAA director and the re­
preferred the security of the mattresses and other
turn of Oscar Johnston to th©
hide-away places for their deposits. There is an­
agriculture department as as­
other point of difference.
Depositors caught in
sistant to Wallace.
Cobb is a die-hard believer
bank crashes in the pre-Roosevelt era had very lit­
in drastic crop control and high
tle of their money returned to them. In the failure
government loans. Johnston,
of the Charles Town bank, they will have every
manager of one of the largest
dollar returned to them, up to $5,000 of their de­
cotton plantations in the south
posits.
and head cf the government
“ ‘I have determined to place the institution in
cotton pool, once held similar
liquidation and I have asked the federal deposit
views, but last year decided
insurance corporation to discharge its responsibil­
this was a mistaken policy and
ity,' says Banking Commissioner Ward.
began urging a return to ex­
“What does that mean? It simply means that the
port production.
closed bank is a member of the FDIC, with its
Johnston Policy
deposits insured by Uncle Sam. Therefore, every
Able and persuasive, the Missisdepositor will get back dollar for dollar, up to sippian is highly regarded by Wal- /
$5,000, and he knows now what he will recover lace and has been his chief cotton
from the wreckage. He further knows that it won’t adviser.
be six months, or a year or any indefinite period
When Johnston began advocating
before his money is returned. The affairs of the his revised export theory, it waif
bank will be promptly examined, the adjustments
(Please Turn to Page 9, Part 2)m
figured and the depositor will have his money with­
in a very short time.
“In other days and under different circumstances,
a West Virginia bank failure for more than a half
million dollars would have stirred depositors in
their funds, even though the particular bank they
this and other states to looking to the security of
patronized was thoroughly sound, capably and
By Arthur “Bugs” Bae
’honestly managed. That’s what did happen at the
depth of the depression. Public hysteria and panicky
runs of frightened depositors were not checked un­
til all banks were closed on the order of the presi­
dent, their affairs examined and the people reas­
sured.
W’e never thought
“Today there is not a ripple of excitement any­
reach the spot where
where. Patrons of banks know positively that they
est tribunal in the
are protected in their deposits against everything
establish
a low watei
and anything up to $5,000, and that figure is high
Well, time marches c
enough to include the great mass of people who do
stops once in a while
business with banks.
little jig.
“For this happy situation, we have President
Roosevelt to thank. Upon his recommendation, con­
It’s doing a tap da
gress provided insurance for deposits, thereby put­
W’e don't know how
ting the banks on a more secure footing and re­
will work out. for
storing public confidence in their operations. It is
C-nnon said it
one of the most far-reaching and beneficial reforms
the New Deal has provided to hasten economic re­
Maybe it would
covery.”
idea to increase the
^
The West Virginia News at Ronccvertc inferred
judges and put the s
that horse racing had a part in the alleged em­
n y o n e s in the back- O P E N
bezzlement by the acting cashier.
“Is it mere coincidence that this happened in a
It is not enough fo^NINGS
small town where the most ambitious race track
serve your nation. \
gambling enterprise under state auspices was esa ls o t a k e a g o o d o ic tn * « — ■■■■■■».

may have been just to entertain and
pick up a few nickles, undertook to
make it clear they had nothing in
common with the usual run of soap
box gospelers. Their . ideas were
solely those of the true hobo.
Somehow, all of us are a bit at­
tracted by the life of the hobo. The
hoboes in the army nearly convert­
ed a large number to forsake the
grind for the roving life when de-

Baering DownOn The New$q

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