An interesting thought from the July 25, 1908 NYT:

COLORADO SPRINGS - George E. Roberts, President of the Central National Bank of Chicago, and ex-Director of the Mint, was the principal speaker at to-day's meeting of the State Banker's Association. He said in part:

"The first objection to the guarantee is that it ignores the fundamental defect of our currency system, its rigidity. There is an actual need for money to handle the business of this country in the Fall of the year than in the other seasons, and the guarantee plan does not meet that demand.

"The second objection to the guarantee of deposits is that it eliminates character as a necessary factor in the banking business."