The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1909-09-25
CHALLENGE THE PATRIOTISM
OF BANKERS ASSOCIATION

Chicago. Sept. 22.-Open hostility
of the American Bankers Association
to the postal savings banks idea,
which was declared during the annual
convention, has brought out a sharp
challenge of the patriotism of the As
ISOLATION from the Postal Savings
Bank League. During the convention
an open letter was addressed 10 the
Bankers Association, containing this
challenge:
THE American BANKERS Associa-
tion could aid its business interests
by endorsing the postal savings de-
pository system as a desirable auxil
larry and aid to the banking strength
of the United States and still more
important. as a great beneficence and
practical protection to the men, child
rem and women whose welfare and
prosperity necessarily becomes your
need and your desire. Here Is the
place and time when broad patriotism
urges that opposition to the postal de-
p~ository measure favored by President
Taft shall cease and that the A-ner1-
can Bankers Association win the
trust, esteem and profound respect OF
the American people by publicly N
frankly endorsing that measure un-
mindful of seeming and immediate
Self-interes TO the contrary"
The reply made by the Bankers AS
ISOLATION was the adoption of this re-
port:
1--WE are hoping that the question
(of postal savings N TO which
President Taft has said ais admins
tration is pledged) will be turned ov
er TO the monetary commission. and
fully believe that commission (Sena
tor Aldrich's commission) will contain
In its final report, promises of a future
development of American banking
hat will assure all the people that
legislators and bankers. working to-
gether. al a k care of the banking
needs of the American people"
The challenge Of the Postal Saw
Inss Bank League, which was signed
both by the President, Julius Gold
zier and George H. Currier. chairman
CT the executive committee. was based
OF this premise:
Opposition to postal savings banks.
which, while contrary TO public opin-
Ion is also. as We believe. contrary to
tha best interest of the banking bust
ness.
Experience in other countries has
shown hat so far from injuriously af
feeling the banking business postal
savings banks have acted as feeders
TO banks. increasing deposits in vol
ume and number.
The usefulness and benefits OF
these institutions is no longer a ques-
ton of speculation. Decades of exper
fence Of foreign nations has demon
strated that the system which makes
the small deposits of the people Sc
cure beyond a doubt, makes for econ
om- and thrift. raises the standard
o. patriotism, is a check upon unruly
tendencies. and in every mi Is
a factor in the prosperity of nations.
Bankers cannot afford TO close
their eyes to these facts. Postal saw
ings banks will come in this country
as they came in Great Britain. France.
Italy. and in almost e civilized
country on earth. They will cocn
whether you oppose them or not. II
would be the part OF men engaged in
he important business of the
country 10 recognize this, and to
speed rather than to retard the move
meat.
The result cannot be different in
this ountry with it's untold
The hoardings of the people who dis
trust banks conservatively estimated
at FIVE hundred million dollars would
he brought into circulation. and 70
that extent would aid the money sit
uation. But far more valuable than
the availability of this great amount
is the fact that by means of postal
savings banks. the millions of wage
| workers. the miners and the woods
men in the most distant sections, he
women and children everywhere
would be trained to habits of saving.
General thrift and economy inoculat-
ed among the masses of the people
most finds its reflection I'm great in
~creases of the funds deposited in and
flowing through the banks of the
country. We sincerely hope that an
enlightened spirit which deals in the
first place VITA the welfare of the
many will cause you deliberations
to result In ~favoring rather than in
| opposing the demands Of the people
for postal savings banks"
The Bankers Association. however.
: put its o. X. On the Recommendation