Daily capital journal. (Salem, Oregon) 1903-1919, 1908-02-12


We who are gathered here In this
Congress today, in the enthusiasm
OF the moment, can see no objection
to the issuance OF 100000. 900 In
bonds TO build the Panama Canal
II Will cost that before we get
through with lt-and 100000, 900
more TO build the necessary river
ana harbor improvements, yet unless
am very much mistaken Il will
take many years to educate the pub
lie sentiment OF the people OF the
country up to a point where they
would approve the issuance OF bonds
for that amount TO provide for the
construction work.
II there Is a way to provide the
money to build the great works of
internal improvements that we all
.agree-and that believe the whole
people OF this nation agree-should
be built to transport the commerce
of this country through inland wa
terways and from safe and adequate
ly commodious harbors TO and from
the markets OF the world, and do Il
Just as rapidly as the work OF con-
struotion can wisely proceed-if
there Is way that the money car
be provided for that purpose with
out going counter to the sentiment
OF the country. without asking Wall
street or any OF the financial mag
mates or any private financial insti-
tntion, bank or trust company 10
take the bonds, is Il not worth while
for us to at least give the most SER |
ious consideration TO such a plan |
when II Is suggested?
The time would not be ripe now
for this Congress TO take any affirm /
alive action in the matter as an or
but there Is no reason /
why we should not be thinking about
II and studying its possibilities for
the purpose of giving It more SER
ious consideration at another Rivers
and Harbors Congress, which will be
held a year from now.
The Postmaster Generals OF the
United States have been for years
advocating the establishment OF a
Postal Savings Bank in this country
Nearly every other civilized country
has such an institution and It's sue
,ess and advantages have been too
,ften demonstrated in other coun-
ries 10 leave any doubt as to the
benefits that would accrue from tho
OF a Postal Savings
Bank in the United States.
one OF tho greatest difhculties
With the financial situation in the
United States today is that there are
countless millions OF dollars hidden
away In stockings and private hid
ng places by timid people, and thus
withdrawn from circulation ana do
ng the country no good IL would
,e "a conservative estimate 10 say
hat this amount Of hidden money
Withdrawn from circulation in tha.
gay amounts 10 several hundred
million dollars. The only way 10
withdraw that circulating medium
rom Cos hiding place and put 1t 20
work is 10 establish a Postal say
ng Bank The deposits I'm such "a
.ank could be invested In United
,tatss bonds issued for internal im-
movements. and the bonds turn "a
.ver by the Treasury Departm nt 10
he Postal Savings Bank in pract'-
ally the same way they would be
urned over 10 a private financial in-
iltution. but with this difference
The deposits In the Postal Bank
hat would provide the fund 10 take
he bonds from the United states
reasury would not come out OF the
olume Of currency now In actua
REGULATION. buA would be equivalent
D increasing the total circulating
ledlum for the amount OF the bond
sue. because Of the vast sum trans