Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-10-28
POSTAL SAVINGS
BANK CAMPAIGN IS
DELAYED
WILL WAIT FOR EXPECTED
CURRENCY LEGISLATION
Next Years Postal Card Con-
tract viii Provide for More
Attractive and Artistic Pro-
duct.

Morning Journal Bureau.
613 Munsey building,


Washington, ID. G., oct. -.
There will be no currency legisla-
tion at the next session OF congress,
and until that legislation is Il ~ me
way no effort will be made to give
consideration to the postal bank
scheme which was uhsed SO vigor-
ously while Secretary Meyer was post
master general A statement to this
effect has been made by Congressman
Weeks of Massachusetts.
Mr.. Weeks is a member of the
house committee Oh banking and cur
roncN, of the monetary commission
which il investigating the entire sys-
tenn of banking laws in this country
and abroad, and was recently appoint
ed chairman Of the house committee
on postoftices and post roads. All
three committees are closely related
and the statement by Mr.. Weeks that
no currency legislation will be at
tempted by senator Aldrich makes it
seem certain hat the major portion of
the lex session of congress Will be
devoted to the corporation legislation
which is being prepared by President
Taft and the members of his cabinet.
As chairman OF the postoffccs and
post roads committee. Mr.. Weeks will
have jurisdiction OF any legislation
~ t'ililii6 w I'i1hhi FiNAiiSE bbAihP ~
is himself a banker and has given the
subject considerable study. He re-
sents the statement that On" of the
reasons which prompted Speaker Cam
o in giving him the cnairmanshIp
WAS to make certain that the postal
savings bank measure would lie mr.
led. Mr.. Weeks say that his mind Isl
open ON the pet project of Secretary
Meyer, but he does not believe it
WD1ll he WISE IN RGfa h1iGB -1nR. payE
form of banks until the monetary
commission makes its report.
The commission says Mr.. Weeks,
has ample power to consider not only
the currency system. but the entire
banking system of the United States,
and ii viii have a carefully considered
to make at the earliest pos
sihle moment. If the tariff had not
been under consideration his past
Summer, ! have no doubt that the
monetary commission would hHvc
ready TO report at the coming
session of congress-. but owing to
many members being intimately oc-
cupied with tariff matters il has been
I'm impossible for the commission t. do
any work recently. It is, therefore,
probable that q report cannot be
made until q year from this winter.
in either case it does not seem to
me that it would be wise or sensible
undertake the establishment OF an
other form of banks when the none
commission viii be likely to over
the whole subject
Chairman Weeks statement would
indicate that the fate of the postal
savings bank viii rest entirely with
the monetary commission There is
no doubt that the commission can
the matter If il sees fit, and rs
Weeks, as chairman of the house
postal COMMITTEES, will not make q IA
report on any such legisla-
lion referred TO his committee. the |
advocates of the postal savings bank
VIII have to put their faith in the
commission OF which Senator
Aldrich is chairman. The commission
: fully empowered to consider The de-
STABILITY of establishing a bank Of
central issue, similar to tho central
banks of foreign countries. the dcsir-
of establishing branch banks. |
IF changing the location Of the re-
serves, limiting or extending the char
icter OF the loans which national
banks may take, ana the whole qties- I
ion of rearranging our currency sys-
EN-.