The Parma herald. (Parma, Idaho) 1903-1917, 1909-09-23
TAFT STRONG FOR
POSTAL BANKS
Declares All Republicans Bound BY
Plank In Party Platform.
President Says Although No Socialist,
This Government HAS Reached
the Stage Whsre II Must Be More
Than Mere Police Force--Polnts
to Success In Canada.

Milwaukee, Wis, Sept. 18.-Presi-
dent Taft devoted his principal address
In Milwaukee at the State Fair
grounds, yesterday, to the subject OF
postal savings banks, which he strong
ly endorsed before a large and enthusI-
astic gathering that overlooked the
grandstand. The president said that
the postal savings bank plank in the
Republican platform bound everybody
who called himself Republican.
IF they do not like plank in
platform" said Mr.. Taft. "or II they
don't like the platform itself, they
cease to be Republicans or they are
Republicans with an exception, and
that indicates free and enlightened
and discriminating people. But | am
here to uphold the doctrine of postal
savings banks because | believe they
will fill long-f felt want in this coun-
try. In the first place it is said the
postal savings bank is very paternal
institution; that it has q leaning to-
ward Socialism--state Socialism,
that it purposes to take the banking
business out of the hands of private
persons and put it into those of the
government. No, am not Socialist,
and | am net paternalist., and | am
not in favor of having the government
do anything that private citizens can
do as we'll or better; but there are con-
ditions. We have passed beyond the
time of what they called the 'Laissez
Fare school, which believed that the
government ought to do nothing but
run the police force, and we do not rec
ognize the necessity for the interior
ence of the government because it has
great power and great resources be-
hind it, and because sometimes it can
stand the lack of an immediate return
on capital to help out. We did it in
our Pacific railroads. We have done
it in a great many different ways, and
in this particular postal savings bank |
business the government is especially |
fitted to. do what any system of private
bankers can do.
1.-The great usefulness of the postal |
savings banks lies in the great encour-
agement to thrift on the part of those
who are just wavering in the balance
whether they shall save the money or
Use it because they don't know where
they can put it safely
Canada has the postal savings bank.
and what is the result along the border
n the Northwest You find Americans
going up to the border and making de-
oosits in those savings banks. Why?
Because they have theIguarantee of the
Canadian government"
President Taft said the government
lad issued upward of $500, 600, 600 2
Ter cent bonds of the United States
md hoated them at par, at per cent
" little more.
We did it by getting the banks into
corner so they had to have, under the
aw, some government security, and so
hey were obliged to buy those Q per
ent honds," he said. In closing, Pres
dent Taft said:
I'VE are looking forward, | hope
With confidence, to readjustment of
ur whole financial system. Certainly
needs it, and it has been suggested
hat the savings bank might well await
hat. | am bound to say that don't
ee the necessity for involving them.
seems to me that one system can
tand by itself, and if we adopt the
avings banks they will easily be work
d into general system of banking.
ecause the savings banks will furnish
five or six hundred millions of dol
ars, and that is very tidy pile to have
round for the government to use le- :
Ultimately in order to carry on anv :
nancial Operations ,,