The Daily Sentinel

Give Us Security For Bank Deposits.
(Sam G. Sloane.)
If the government will pass a law compelling every bank to make every depositor secure before it be allowed to receive his deposits, there will be an end to financial flurries and panics caused by distrust of the banks. It seems to us it would work this way: The bank would then not let money out without ample and undoubted security and this would cut out those who go into wild-cat schemes on the money of others obtained from the banks without good and ample security.
It seems to us that such a law might be framed. The capital of the bank could be made good for the reserve required to be carried by the bank, and the securities taken for the money of the depositors let out should be of such character should be under such governmental surveillance as to preclude all possibility of its being disposed ulated so as to jeopardise the security of the money it represented. Of course the security would of necessity have to be of such character that it would permit of being listed for identification, such as mortgages, bonds, secured notes as collateral, etc. The law should also provide severe punishment for and penal Imprisonment, and trial should be before United States courts where appeal, delay and evasion could not obtain after conviction.
We believe such a law could be framed as to cover all the necessities of the case, and be made effective for untold good to the financial and business interests of the country, by doing away with doubts and fears of the money owners. Thus would the business of the country be made stable, and banks and bankers would be none the losers thereby.
Of course this is only the rough outline of an idea that would have to be worked out; but we believe it is feasible and could be made effective for the good of the business of the whole country.