The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-09-27
Makes Good Address
Continued from page ID

hrst uoliar. &
After narrating the provisions {
the bill, Mr., Taft said,
, The objection has been made tina
, this is paternalism and socialism an
Is introducing the government int
the banking business. The objectio
lis without weight. II there were saw
ings banks in all the country as MI
merous and as easy Of access as the,
are in Massachusetts, in the New En-
gland States and inNew York i
might be said that the postal saving
bank was an invasion OF territor,
property occupied by private enter
Iprises, although even then il coult
be pointed out that the function per.
formed by the postal savings bank is
much more comprehensive than that
Of the ordinary savings banks, But
when it is considered that in only
eleven OF thirty FIVE states are there
saving bank facilities, when it is
known that in the Middle West. east OF
the Rocky mountains, the average
distance from any postofiice to bank
of any kind is IS miles, and west OF
the Rockies is S5 miles, it can be rea-
dily understood that the private en-
terprises does not supply the need
of savings banks which in order to
furnish a motive and opportunity for
access to the class whose welfare il is
sought thereby to improve. OF the
$3,500,000,000 deposits in savings
banks thirty three percent is in New
England, SO percent in New York, 2l
percent in Pennsylvania, Ohio, llli-
nois, Iowa and California, leaving 8
percent of the total in other states.
we should not deny to our people
throughout the country opportunity
to make the small deposits with the
security OF the government promises
to pay principal and interest Such
a system will add greatly to the mon
ey savings OF the country.
THE fear by any class OF banks
that this would interfere with their
business the experience in other coun-
tries has shown to be utterly unfoun-
led.
Where savings banks are establish
ID they pay higher rate of interest |
han the government will pay for de- I
,osits in the postal savings banks,
md confer privileges on their deposi /
ors which il would be impossible to .
,rant under a government system.
"a significant fact in connection
With the postal savings banks OF
hose countries where they have been
most successful is that one third OF
he depositors Of the postal savings
,anks abroad are minors and two
birds Of them are workingmen.
"The postal savings banks would
,erform a most useful function in
ase of panics because they are gov
rnment intittutions with the whole
redit OF the government behind
hem, and would attract the deposits
# those small depositors whose runs
n panic times upon the banks pro-
luce such disastrous consequences,
he deposit OF this money in govern
nent Offices and the power OF the gov
rnment Institutions with the whole
y in the national banks in the neigh
orhood would furnish a means OF
Meeting an exigency that no other
ystem proposed has thus far Of i
cred.
"This postal savings bank system. I
owever, does not meet the unquali t
ed approval of the democratic par {
y 1t has not the vote catching quail a
y and involves only the old fash a
med gradual movement toward bet r
.r things by means OF industry and d
lrift and saving. The party under
S present leadership must have some Il
ling which offers short cut to re-
,rm at the cost of the honest and the O
The democratic platform &
edges the party to the support of t,
system by which all the national e
inks of the country are required to q
the deposits to the deposi- b
RS in every bank, and this guaranty v
to be performed by tax upon each IA
INK in proportion to its deposits, the ir
'oceeds of the tax to constitute fc
nd from which the depositors OF n,
" falling bank are to be paid and
the amount of the tax is not suffi- cc
ent to raise the fund required, that h,
is to be raised by subsequent as 20
ssment on all the banks of the -,
untry and state banks are to be so
owed to come in and get the bene- na
Of the same guaranty, under con- of
ions to be imposed by law. While th
= democratic platform does not ella al
rate the system it is to be inferred m
I'M the fact that the precedent in an
llahoma is relied upon, that the pro- ne
ions are to be like the Oklahoma liz
Y, and these are as above stated. n