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March 05, 1933 - Image 2

Resource type:
The Michigan Daily, 1933-03-05

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&iJI At, AAF


and Fifth Avenue. The discussion
will center around the text, "Jesus, Dean Griffin Advocates Federal
the Unique." Sunday, at the usual
meeting of the club at 5:30, Reverend !
Yoder will open the Lenten series eposi
with an appropriate speech. Anyone

a fraction of the money guaranteed, Aitcell Advocates New
the people would tend to draw out Reveii-vc Tvn& Propraii


who is unable toattend the dinner'
at 6:00, is urged to attend the pro-
gramn afterwards.

(Continued from Page 1) Kansas, Nebraska, Texas, South
times, he said, it is estimated that Dakota, Mississippi, Washington, and
nine-tenths of the trading power in North Dakota. This form of the plan
the United States is represented by generally has failed. It consisted,
bank deposits and bank credit. practically, of a sort of mutual in-
"Popular opinion," said Dean Grif- surance among banks, and it was at-
-fin," tends to confuse the form of tempted to get the banks to con.-
deposit guarantee we have advanced tribute to a fund known as a guar-
with other forms which bear some- antee fund, used to pay off deposi-
what similar names. Thus it is neces- tors of a bank that failed. It was
sary to distinguish between the vari- entirely a mutual benefit plan; the
ous existent guarantee plans. state governments did not co-operate.
States Did Not Co-operate "Confined to individual states, this
"Guarantee of bank deposits was guarantee plan covered only a limited
proposed as far back as the nineties, area, and this constituted a great
and first became practical in 1907, s Tn Pooh c.+.nmp nO

the guaranteed portion."
"To reimburse the depositor for
losses that he might sustain is not
our purpose at all," the dean ex-
plained. "We are interested in rein-
stating confidence. We feel that this
calls for one bold stroke, with no
strings attached to it. We advocate
a 100 per cent guarantee that de-
positors can get their money on de-

A "revenge type" of program was
suggested by Prof. Thomas J. Mit-
hell, of theiCollege of Engineering,
in a talk given to members of the
American Society of Civil Engineers
recently at the Union.
The plan of this type of program
is to have the students cross-ques-
tion the professors and will give the
students a chance to get "revenge" on
their teachers.






whe Olaom etalihe astteweaxne s.in Cec s a~e some one,
when Oklahoma established a state crop or industry dominated, and if I
plan. Shortly thereafter, the Okla- t
homa nnovtionwas olloed b the crop or industry failed, all the
homa innovation was followed by banks in the state were hit. Thus
there was no group of banks which
League. "Oesterreich und die Ann- remained strong enough to help the
schlussfrage" will be the subject of others. A Federal plan such as we
a talk by Prof. Reichart. have suggested would make it possi-
ble for the whole nation to give aid
Alpha Nu will meet Tuesday at to affected localities.
7:30 p. m. in 4003 A.H. Prof. O. J. "Another weakness was that the
Campbell will talk on "The Most Im- plans involved only the state banks.
portant Things in Undergraduate which excluded some of the strongest
Life." All who are interested are in- banks from the plan.
vited. "But the point of greatest differ-
ence between this sort of state de-
Adelphi House of Representatives j posit guarantee and our proposal lies
regular meeting Tuesday, March 7, in the fact that their plan was perm-
on the fourth floor of Angell Hall at anent, while ours is meant only as an
7:30. Tryouts will be held after the emergency measure. We have speci-
meeting for second semester fresh- fled no amount of time during which
men and sophomores. the measure would operate-a year,
perhaps, or 18 months, or more, de-
Hillel Foundation: The local chap- pendent upon how long it requires to
ter of Avukah will present Philip eliminate the financial emergency.
Slamovitz, editor of the Detroit Jew- "I personally do not favor perma-
ish Chronicle, Tuesday, March 7, at nent deposit guarantee because when
8 o'clock. He will speak on the "Jew- you once establish a guarantee on all
ish Press in America. and Palestine." banks, much of the competitive forceI
The public is cordially invited, is eliminated. The old incentive forI
depositors to favor the Strongest
Michigan Dames: The regular gen- j bank is gone, because all banks are
eral meeting will be held at 8:00 on equally safe. Thus is lost one of the
Tuesday evening, March 7, at the important reasons for a banker to
Michigan League with the Child try to be conservative and to keep
Study group in charge. Mrs. F. W. his bank sound. Such a system would
Peterson, advisor of the group, will tend to further careless banking, un-#
give a travel talk on England which less there were a high amount of gov-
will be in the nature of a child's ernment control of banking activi-
survey of that country. A unique ties."
"page from painless education," fol- Plans recenty advocated for bank
lowed by cards, will complete the deposit guarantee have a number of
program. A special invitation is ex -important differences from that ad-
tended to the wife of any new stu- vanced by the five University eco-
dent at the University. nomists, it was noted. These -other
The Garden Section of the Faculty proposals were listed as follows by
The ardn Sctin oftheFacltyDean Griffin :
Women's Club will meet at 3:00 p. m.
Wednesday, March 8, at the Michi-si
gan League, lounge 2. Catalogue pro- : 1) Mutual guarantee of deposits,
gram. to be made by the national banks.
______"I feel that this sort of plan is in-1
Play-reading Section ofmthe Fac- adequate," it wasbstated, "first be-
ulty Women's Club will meet Tues-, cause this would be simply to pledge
day at 2:15 in the Alumnae Room of the combined strength of the banks,
the Michigan League. which I feel would not be sufficient
to check the present loss of confi-
Manchuria, A m e ri c a, and the dence; second, because only a portion
League of Nations: Professor S. E. of the banks-those having a na-
Fagerstrom of the Michigan State tional charter-would be affected.,
Normal College will lecture Tuesday, (2) The plan advanced by Senator
March 7 ,at 4:15 in Natural Science Vandenburg, who has suggested a 75
Auditorium under the auspices of the per cent guarantee of bank deposits.
Tolstoy League on "M a n c h u r i a, "It is our purpose," said Dean Grif-
America, and the League of Na- fin, "to encourage depositors to keep
tions." their money in the banks. Were only

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French Lecture: Professor M. C. Pargment will give the fifth lecture on
the Cercle Francais program: "La Cuisine Francaise" Wednesday, March
8, at 4:15, Room 103, Romance Language Building. Tickets for the series
of lectures may be procured at the door.
English 128, Victorian Poetry. This course will meet in Room 2023 A.H.
during the remainder of the senester. E. L. Griggs
Harris Hall: There will be the regular student supper this evening at
6:15 p. m. The program for the evening will begin at 7:00 p. in, Dr. P. L.
Urban of New Haven will speak on "Re-Thinking Missions."
St. Andrew's Church: Services today are: 8:00 a. in. The Holy Com-
munion, 9:30 a. m. Church School, 11:00 a. in. Kindergarten, 11:00 a. m.
Morning Prayer and Sermon, "Have we Forgotten Jesus?" by Dr. P. L.
Hillel Foundation services in the League Chapel today at 11:15 a. m.
Mr. Kurt Peiser, director of the Jewish Welfare Federation of Detroit, will
tell about "Trends in Social Service." _______ ___-__

Now Playing!
Continuous 1:00 to 11:00 P.M.
now Eugene O'Neill's great love drama is here as the next step in
Talking Pictures

A etrQ-9oldwj/n-JMayer PICTURE


n ,rr _ v _ . n _

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