Heppner gazette. [volume] (Heppner, Morrow County, Or.) 1892-1912, 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 Where 1t Must Be More
Than Mere Police Force-Points
to Success in Canada.

Milwaukee, Wis.,, Sept. 1s.-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 overflowed 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 a
platform" said Mr.. Taft. cor if 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-felt want in this coun-
try. In the first place it is said the.
postal savings bank is very paternal
institution; that it has leaning to-
ward cialism-state Socialsm-and
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 interfer-
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 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.
"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
in the Northwest You find Americans
going up to the border and making de-
posts in those savings banks, Why?
Because they have theI heIguarantee of the
Canadian government"
President Taft said the government
had issued upward of $70O, 900, 900 2
per cent bonds of the United States
and fioated them at par, at 2 per cent
or little more. ~
1--WE did it by getting the banks into
corner so they had to have, under the
law, some government security, and so.
they were obliged to buy those 2 per
cent bonds," he said. In closing, Pres
ident Taft said:
"We are looking forward. | hope
with confidence, to readjustment of
our whole financial system. Certainly
It needs it, and it has been suggested
that the savings bank might well await
that. am bound to say that l don't
zee the necessity for involving them.
It seems to me that one system can
stand by itself, and [if we adopt the
'avings banks they will easily be work
I'd into general system of banking,
because the savings banks will furnish
Is five or six hundred millions of dol
ars, and that is very tidy pile to have
lround for the government to use le-
order to carry on any
inancial operations"