The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-12-11
NO REASON At ALL.

NO REASON At ALL.
A correspondent in the Oregonian
who signs himself ~. B. NJ" attempts
to give reasons why the government
should not establish postal sayings
banks, but his ''reasons" are 60 weak
hat they become arguments in favor
of the system. He begins by saying
ssit is NO psrt or duty of the govern
Z ment to take care of the money of the
people. 1t is the entering wedge of
state socialism, theory advanced by
4 certain men that the government
should take care of everybody's busi-
ness, and in the end leave nothing for
individual effort or individual care.
If this theory is carried out to its
legitimate end, it would destroy am
bition and energy and reduce nation
to mechanical mediocrity."
The writer possibly does not realize
that it has been the policy of the gov
ernment the past 35 years to take care
of the money and property of certain
SIS of pecole, and that this paternal
of government has been lauaed
b. was endorsed by tho people at the
last general election. The enactment
of protective tariff and the establish
ing of the national banking system is
nothing short of the government
undertaking to take care OF the busi-
ness and money of a certain class.
To add force to his reasons" again,
81. B. M" casts a slur ut President
Mckinley and his cabinet for favoring
the postal savings banks system, and
mikes this unwarranted statement:
sThe reason why Postmaster-Gen-
al Gary, the president and the cabi-
let advocate it, is not the desire to
save the peoples money so much as to
get possession Of the peoples money.
The new tariff so far from fulfilling the
predictions of friends, in the first five
months Of the fiscal year, from July to
December I, has produced S46,OOO,OOO
less than the expenses OF the govern
~,
kayer much President McKin-
his cabinet may desire to
Expenditures of the gov
in the receipts, they are
come en- bezzlers to &C.
5complish this end, or to encourage a
ystem that would convert the sayings
the poor into fund for satisfying
pvernment obligations.
Further on he shows his utter igno-
Ice of the proposed system by say
91g:
"The money deposited in savings
banks is now loaned out to encourage
enterprise, to enable farmers to i'm.
prove their farms, to merchants and
others to build stores and warehouses.
This money cannot be got if it is
locked up in tine treasury vaults, or
used by the United States to take up
overdue bonds. There is probably
81 ,0OO, 900 now loaned out by these in
stitutions ON this kind of property.
If postal savings banks are established
this money will be diverted from work
Of promoting enterprise and new un-
-aertakings, to TIE retiring of govern
nent bonds"
It is not the purpose of postal saw
ings banks to pile accumulations up in
the treasury vaults to rust and decay,
but to invest them in certain securities,
where the property of depositors will
be secure and at the same time find it's l
way into the channels of active trade.
Nor is it proposed to retire any gov
ernment bonds, with these accumu- s
lations. They are to be used in carry i
ing the public debt, and the people
who support the government are to e
receive the.interest that now goes to I
the European creditors.
The weakest part of his argument is r
however the fear he expresses that in 8
the near future there will be no pub b
lie debt, and that the accumulations 9
will become a tax upon the govern Ii
ment. He expresses this fear as fol- 8
lows: il
"A eiLu0 WILL lihoiy COWo Ii pho hOAo
10 or 20 years, when all the bonds will d
be called-there will be no public 81
lebt. What is the government to do u
With the 81 ,OO0, ,0OO, 600, or perhaps s2,- 1e
'00, 600, 600 of money in the treasury? IL
Pay interest on it for the privilege of
King charge of these deposits; pay o.
$50, 900, 900 or $4,000, 900 year on u u
oney they have no use for?" l
There may be a time when the d
ktional debt will be wiped out, but II
is is no argument against the pro- j.
nd postal savings banks. If every p
liar of government bonds were can c'
eled, there would still be in existence Pl
uficient municipal, school district "
md public improvement bonds extant,
hat are certain securities and pay a III
high rate of interest, to VI VI
urnish ample Investment for billion
r two dollars. The government u
rould never be at loss to find secure us
les in which to invest the savings of
be people. So. B. M" like all others
% oppose postal savings banks re-
to unreasonable and impossible -