Show TENETS Of DEMOCRATS DEMOCRATS' IS ISARE ARE SCORED Guaranteeing of BanK Deposits Deposits Deposits De De- posits Not Popular With the BanKers POSTAL SAVINGS DEPARTMENT DECRIED Hall of Democratic Convention Convention Conven Conven- tion Sees Its Platform Declared Fallacies DENVER Sept 30 Today Today the tho re regular regular reg reg- ular business sessions of tho the American Bankers' Bankers association opened in ill tho the city ity auditorium and tho vast hall baH which echoed with the cheers of the tho Democrats when in national convention they adopted a platform or Ia favoring DJ guarantee of bank deposits by national law or or if this is impossible the tho establishment of postal savings 8 banks will be tho the scene of a body of men representing tho the wealth of the tho nation which w will 11 diato these ideas as na dan dangerous orous to the thc prosperity of th the the- country Already dy the tho savings bank section the tho clearing house bouso section an and tho trust company compan sect section on have gone one on r record n guaranteeing bank deposits and aud havo have either voted a against or shown hown by hy their attitude that they aro unalterably opposed to tho established of postal ill sa saving banks Tho The keynote was struck today In the tho speeches of Co Col J. J D. D Powers president of tho the association who declared the bank deposit guarantee was a dangerous danger danger- cr crous ous fallacy A vote on on these two propositions will probably not be taken before tomorrow tomor row but hut tho the feeling is so intense alDon among the bankers that there will bo be scarcely a speech made durin during tho convention with tho the exception of tho the set addresses that will bo be likely to refer to them Havo Have Long Program Tho The program for today is a long long on one and includes besides the pres presidents president nt a sad sad- address address ad ad- dress a addresses of welcome by Gov Go- Henry A A. Buchtel of Colorado and Mayor Robert W. W Spoor of Denver the annual report of tho the secretary the tho re reports reports reports ports of various staring standing committees and addresses ses b by B B. ET Et Walker president dent of t the e Canadian Bank Dank of Commerce Commerce Com Com- merce Toronto Ont on Abnormal Features of American I Banking and b by Woodrow Wilson president of Princeton university Princeton N N. J. J on The liTho Banker and the tha Nation The remainder rem of the ds day will bo be devoted de dc de- de voted to a discussion of practical banking questions Several topics not announced in advance aro are expected to tobe tobe tobe be discussed se under this hOI head President J J. J D D. D Powers In his annual address devoted almost his entire time to the recent panic nn and his opposition to the proposition to guarantee bank deposits which he said would not havo have been heard of or In n the present political campaign had there been Leen no financial panic Few Fow financial storms occur he said without attending benefits frequently greater reater than the disaster wrought Tho he unhealthy conditions that surrounded many banking institutions In New York required just such Buch heroic treatment to allay tho money mad fever which had possessed them Tho banks suffered by allowing tho the borrower borrower borrower bor bor- rower rather than the lender to n fix lx the price of collaterals pledged for loans loan Exports Experts to Now that tho the panic Is IB b behind us us he heBald said Mid let us its look t to the needs of or tho the present pres pres- ent ont Let us do this by a a. cairn and dispassionate dis dis- passionate a. a lonato examination Into our general l banking and financial policy polley and especially especially espe espe- our or currency system I 1 do not believe t tills this ls can be he done through tho the ordinary channels of or mere legislation It must bo be tho the work of or exports ex exports ex- ex ports and not of oC the local financiers Thoy should be men who understand the necessity for tor and the tho Importance of or ridding the government and the country of or tho the dangerous le legal RI tender greenbacks by their final Sinai redemption and retirement by a sano sane and safe sarc means of oC gradual l change change- from our bond bend secured currency to toa toa a a. system that has proved sound by bythe the the experience of other countries The banking and commercial Inter Interests of or tho the country countr ho wild said had met and overcome overcome over over- come como many vagaries put forth for Cor political political cal effect but one of the th most serious It If not dangerous propositions was wae that of or government ut guarantee o of or bank deposits Against Government Guarantee Colonel Powers mode mlle a strong argument against the proposition taking up each of or various claims mad made b by tho the ad advocates of or ortho tho time system and showing what ho he called the fallacy tallac- of ot each of ot these them claims The pre president said ho he was well aware that t many good men at this time without reference to o political affiliation or party put tie bell believe o c that tho the guarantee lI of or bank deposits Is just just and md right but ho he said many many men n in n the tho carl early arly stages of ot the free tree silver heresy also believed that causo cause Just dust But th there re was soon BOlm a great awakening when whon tho the fallacy of or lG to 1 l' l became thoroughly thoroughly thoroughly thor thor- expo exposed d. d and so 60 It will bo ho bolth with tho ho guarantee of or bank hank deposits deposit Colonel Powers closed his address In an appeal for a n vigorous campaign of oC education education education tion among bank depositors to defeat deCent the tho guarantee deposit plan |