Show BA BANK JK DEPOSIT Bill ILL IS URGED UR-CEU McAdoo l Aims To Press His Guarantee Guarantee Guarantee Guar Guar- antee Measure As An Emergency Emergency Emer Emer- gency genc Act i iV V WASHINGTON ASHINGTON March 12 Senator McAdoo D. D Cal said today today to to- day he lie would press for immediate action on his bill to indemnify depositors depositors de de- in member banks of the federal reserve system and in such other banks as can meet the requirements requirements requirements re re- re- re to be prescribed by the federal reserve board I I regard this as an emergency measure which is asa as asa asa a supplement to the banking legislation leg leg- already enacted the for former former former for for- mer treasury secretary said The bill does not provide for tor a governmental guarantee of bank deposits he added No dollar of the taxpayers' taxpayers money can be used under the bill to make good any depositors depositor's losses but provision is made for the creation of an ample fund through assessments of the banks themselves out of which every depositor in a suspended suspended suspended sus sus- bank will vill be immediately paid in full McAdoo said there could be no nomore nomore nomore more cruel visitation upon the peo pie than the failure or suspension of their banking facilities The bank must be reopened with the least possible delay and sure and safe and easily understandable provisions must be made so that when they reopen the money of the people will be kept with absolute absolute ab ab- solute safety V If this depression shall result in tl the uio io enactment of laws by the congress which will vill assure to every depositor in every bank that his deposit will vill be repaid upon demand demand de de- mand whether the bank may close or remain open it will vill be worth its harrowing costs |