Word: bankes
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Dates: during 1930-1939
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...Passed a bill by Virginia's Glass to reform the Federal Reserve, and provide bank deposit insurance; sent it to conference...
...Industry, for $3.300,000.000 worth of public works and for new taxes to finance them: sent it to the Senate. A general sales tax was defeated (265-to-137). (See p. 13.) ¶ Passed (262-to-19) a bill by Alabama's Steagall for government insurance of bank deposits; sent it to the Senate (see p. 14). ¶ Passed (202-to-137) a Senate bill authorizing R. F. C. to lend $50,000,000 on new issues of preferred stock by insurance companies...
Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed by both houses of Congress would rivet upon their institutions what they considered a monstrous system of guaranteeing bank deposits. Such a system, they felt, would not only rob them of their pride of profession but would reduce all U. S. banking to its lowest level. They saw their deposits which they had spent a lifetime to build up and protect with their good names confiscated by the Government...
...frowned on many of its features. One of its authors was Virginia's Carter Glass. But Senator Glass had accepted the guarantee clause only as the cheapest and safest price he had to pay to the radical majority of Congress for passing the rest of his cherished bank reforms. The bill's other author was Alabama's Henry Bascom Steagall, smalltown lawyer and chairman of the House Banking & Currency Committee who spoke for the "little bank" crowd. The measure went through the House 262-to-19 and not one "nay" was raised against it in the Senate...
...Bank deposit guarantee schemes have been tried in Nebraska, Oklahoma, Kansas, Mississippi, Texas, North Dakota, South Dakota and Washington. They have invariably ended in failure and loss, if not in outright scandal and default. They have weakened the moral fibre of bankers and served chiefly as a temptation to bad banking. Honest banking has been penalized for dishonest banking...