I worked in it for
years. It represents the life work of an older brother, now dead.
It has a capital of $15,000 and a surplus of $47,500. . .
In times like these, all proposed bank legislation should be
carefully considered--to say the least. There are not so many of
us left, and those that remain deserve some consideration for
having weathered what we have.
I am cognizant of the fact that something serious ails, or has
ailed, the banking business. . . I am also aware that banking,
with its attending care, custody and handling of other people's
money, takes on a public nature that some other businesses do not
have. . . And please do not form the opinion that I, in the
slightest degree, desire to block sound, reasonable, safe and
sane banking legislation. Absolutely the contrary. But . . . I
insist that a small community is entitled to a small bank for its
small business in the same arithmetical ratio that a large or
populous community is entitled to a large bank. . . Viewed from
the angle the Senate seems to have, I should think it would be
better to fix a minimum of capital and surplus combined (for as
far as security to depositors is concerned, there is no
difference between capital and surplus) for a maximum of
deposits.
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