The Bridgeport evening farmer., 1909-08-30
GREED FOR CURRENCY
 INITIATION IS CHARGED
Chairman of Postal Savings Bank League Bares Motives of Some National Bankers in Fight
 ing Carter Bill
SOPHISTICATED
 IN THEIR VIEW

 George H. CurTier Points Out Benefits
 Accruing to Banks as Well as Pulp
 lie by Pending Measure to Promote
 Thrift and Savings.
 Chicago, Aug. 30-The/ active hostility of some national banking interests to the long delayed postal savings de- pository bill, notwithstanding the ob- vious benefits of the measure to all interests but savings banks has had caustic explanation here by Chairman George H. Currier of the Postal Saw ings Bank League. Anxiety of Nat iona1 banks. to increase their cur rency issues and their consequent greed for government bonds, necessitating an imitation of the public debt, he has held up for public gaze.
 Citing the case of a man who sud- denly came into a legacy of controll- ing interest in a national bank, MT. Currier, in an article in the Chicago magazine, Everyday Iife,'' said: "Now that he was a banker by virtue of sudden good fortune he resolved to find out and settle in his own mind why a postal savings depositary sys- tenn, that he had felt the need of, was so impractical and useless in this coun- try that Congress could continue. ses-
 
 create it. Bills have been pending for fourteen years and there is clear. ma jority for the Carter bill today but the minority prevents a vote.
 TO this principal stOckholder in his bank the president naturally was cor dial and confidential. About that pos tad savings bank scheme, the facts are, Smith, we bankers don't want it, won't allow it, for government bonds are getting scarce, scarce and high. If the government accepts postal deposits up to $1, 900 from individuals and pays per cent on them a great big fund will roll up. That means that the funded debt of the government will not increase as it should for the good of the banking business. You're a banker yourself now and you can see currency to make more money and weeve got to have government bonds.' The president winked playfully. But he added, of course it won't do to say that outside There was hint of warning in the tone.
 '9Emith left the bank amazed at what he had heard of the inner se- crets of that institution, which dis closed suddenly the reasons why the national banks had joined the savings banks in smothering a measure that seemed more than ever to involve the thrift and commercial stability of the nation. There was no secret about it any more, the national banks wanted more borrowing by Uncle Sam. Re gardless of the protestations against an imitation of the currency they want ed more bonds and more currency. Of course the savings banks were afraid their deposits would decline, even though the governments competition for savings was based on the rate Of 2 per cent and they paid and even and per cent.
 "Bill Smiths case is the case of ev- cry fair minded man who examines into the merits of a postal savings bank depositary system such as com mission of the United States Senate years ago endorsed in an exhaustive report of 5000 pages,'' Chairman Cur rier concludes. Every postmaster general for years has approved the plan as practical and necessary stimulus to the thrift of Amreican people. It will get the mites, the sums too small to be banked or too pre- cious, being small and the all, to be entrusted to any institution less than the United States government. Bill Smith had personal knowledge that the mahogany and marble does not entice the man of some standing but with only a dollar or few dollars as a starter for a bank account He had personal knowledge that just such men needed the privilege of deposit ing any surplus dollar at the plain old postofhce where one counts out pennies for post cards and stamps. He had personal knowledge now that the bankers exposition was determined self-interest and the arguments ad- vanced publicly were hollow and spe- cious, designed to make a noise like patriot song.
 .sBill Smiths case is Illuminating. He saw what the public has sur missed but too vaguely to raise the storm unanimous demand that will compel Congress to create the institu- ton of thrift that nearly all Europea countries have found so fundamental ly, helpful to the providence of their people,
 But the sequel in Smiths case is in teresting. He aScertained from gov ernment documents that in Austria a postal savings system has actually in creased the deposits in commercial savings banks. Smith told the direc- tors what he knew about it and they being plain, keen business men not wholly immersed in banking nor glut- ted with the sense of the power there is in bankers combination or any subject, instructed the president to did and was surprised to find he was in company with the biggest, broad est and most farsighted bankers of his acquaintance That inspired him to utter a vigorous protest against the fight the American Bankers As sociation was making on the Carter postal savings depository bill about which Congressmen are hearing so vigorously from their constituents He found the Prosperity band was in the other wagon and was glad to chamber in.
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