The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-28
Believed That Taft Will Ad-
vocate Legislation at the
Next Session.
MUCH OPPOSITION
IN BOTH BRANCHES
Cannon Is Unfriendly, and Many
Others Favor Deferring
Action.
BY JOHN SNURE.

All signs Indicate that the postal say
ings bank question vii be one OF the
live problems before Congress at the
next session.
It is expected that President Taft will
advocate postal savings bank legislation.
1t is generally understood here and at
the summer capital that he wiz do so.
He believes in the postal savings bank
system, in the first place, and the Jarty
platform would require him 60 advocate
postal savings banks in tine second place.
On the other hand, there will be pow
eriul influences working I'm the direction
of postponing POSTAL savings bank leg
islation. Senator AldTich, chairman Of
the Finance Committee, wants such leg
islation deferred until the monetary COM
mission has made its report.
This is looked on by many of a..
friends Of postal savings banks as me-n-
ing that Senator Aldrich is opposed to
postal savings banks, and is aware that
if the propositions advanced by the
monetary commission sc through there
will be certain reasons not now apparent
TO advance against postal savings bank
legislation.
Cannon Unfriendly.
postal savings bank system. II is pref
ty generally believed he has stacked
the House Committee on Postoffce and
Postroads against postal savings bank
legislation. At any rate. he has put at
the head of the committee Representa-
tive Weeks of Massachusetts,. who is a
banker. ind who has already indicate
that he thinks postal savings bank leg
islation ought 90 wait 9n the report Of
the monetary commission.
Mt Weeks has been accused of being
unfriendly 10 the IDEA of postal savings
banks but he reseTts this. He does nol
deny that he wants TO defer acton Tor
the enactment OF postal sssings banks
law
1t is clear from this situation that the
postal saving bank bill is going TO have
hard shedding in botn houses OF Con-
gress. President Taft may recommend,
but judging by the usual course OF
things as to measures which the lead
ers do not want passed, excuses will be
found for delays and postponements.
New Question Injected.
President Taft however, mas injected
into the situation an entirely new cues
ton. At least. il is one that if not new
to those who have been giving most
careful study to the subject, is new 90
Congress. TEis relates 20 the employ
ment OF the money deposited by the
public I'm the postal savings banks for
the purpose of retiring the existing pei
cent bonds
Inasmuch rs there are about $70O,oo0,0D
Of these > per Ger t bonds, the retirement
OF any considerable part OF them when
proposed by the Administration becomes
a matter of large financial moment.
1t is the belief Of those who have
given the subject OF postal savings banks
much thought that several hundred mil
I lions of dollars would be deposited i'm
I The postal savings banks II they were
! once established. This amount applied
TO retirement of the . per cent bonds
would pay off about half OF them. IL is
| hardly TO be expected that for a good
many years IT least there would bt
( enough money deposited in the posta
stavings banks 10 equal the entire
amount Of the per cent bonds. II is
| true. however. that profound students
of the financial conditions i'm this coun-