The American Bankers' Association to-day adopted the following resolutions opposing the policy of guaranteeing bank deposits now being advocated by Mr. Bryan:
Resolved. That the American Bankers' Association is unalterably opposed to any arbitrary plan looking at the mutual guarantee of deposits, either by a State or the Nation, for the following reasons:
1. It is a function outside of State or National Government.2
2. Is is unsound in principle.
3. Is is impracticable and misleading.
4. It is revolutionary in character.
5. Is is subversive to sound economics.
6. It will lower the standard of our present banking system.
7. Productive of and encourages bad banking.
8. It unjustly weakens the strong and unfairly strengthens the weak banks.
9. It discredits honesty, ability, and conservatism.
10. A loss suffered by one bank jeopardizes all banks.
11. The public must eventually pay the tax.
12. It will cause and not avert panics.
source
My thoughts: In 100 years we go from capitalism and free enterprise to nationalization and socialism.
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