New-York tribune., 1909-10-18
LETTERS TOTAE EDITOR
CENTRAL AND POSTAL SAVINGS Bavz,
Argument Against These Projects f,,~
Standpoint Of Country Finaneisrs

To the Editor Of The Tribune a
Sir. President Taft's recommendation r..-,
ing the interstate commerce law. anti-trurs -
central bank and postal savings bank plans a1s.s
/. % the income tax law, raise the question - -
whether there Is not grasping for more ue~.- -
the different branches and departments OF re - -
eTnment and strong current setting m te-,,.s
imperialism.
Canadas growth has been very SLOW and a. a..
banking system has the Capitalization of nou..e
idea 20 large degree IL is not unfair 70 claim 49,.
development has been retarded by this vsrv -
Money Is drawn from smaller places 10 anane,,
centres. there is chance for the small bants- -
the holding OF funds IN the newer sections - -.
can be used for development Managers OF brs-.s
banks are bookkeepers merely. taking orders -
the parent oaies. and there Is no chance for tss
veloPment Of individuality under the branch bsoE
ing SYSTEM.
It is not out Of the way to claim that the u,n.s
States has developed more rapidly than anv 60.
country because OF our banking systems ~.
are many of them, as know state laws di~.rs,,
this subject in some degree but all Of 49,
allowing the organization Of small banks zfgi.,
smaller communities facilities for handing brsf-
Not only have the smaller hanks prosperad u-4s.
these systems. but there have been Developed "a,
Of broad ideas. who have become great forces ~
the building up OF the country. The country bsrs
er may begin In a small way. bat a rule ne -
comes a leader. a man 20 whom others % f,v
counsel Twenty thousand OF more banks h ~,
cessfuI high, minded men. No other banking So.
TEN can show such results. When city and corn,rv
bankers unite in opposition 20 the postal saving
banks there must be some good arguments aesio..
them.
Postal savings banks are rot opposed by rizss
thinking bankers because they think their bushes,
will suffer but they feel the Postoflce Deparms,+
Is large political machine that needs no adiitors
should it's deficit be Increased. and. above an
they fight IL on account OF the effect it Will havs N
retarding development OF the country EstablIss
postal savings banks and money is Withdrawn from
smaller communities and the newly settled sections
where Il Is being used by the small bankers ana
business men in advancing our frontier lines arf
taken to the larger towns where it is not 50 bssv
needed Savings bank money is a conserving. uot
a constructing. force. and banks Of this ehaFactsr
should come in the future, IN the past slowly
and In well settled sections.
The country Bankers wish the monetary eormi.
sion TO follow the advice Of a LOndon hHanci-r
who told his colleagues 70 study their own sysrsa
II they wished 20 improve it and 20 pay no ats---
tion to those Of other countries where conditions
were different. If they will do this and viii sy
70 secure the ideas of practical bankers and bas-
ness throughout the country. they SHOULD Be-
able TO make common sense changes IN our pFessrs
system that will work for the good OF the counrv
whole.
The central bank is urI-AmeTican and the aao-.
ton OF such plan. united with that OF the postal
savings banks. would bring a larger amount o.
power into the hands OF Congress and cur arss
financial centres. would Withdraw funds from ths
newly settled portions Of the country thus hinisr-
ing their growth. and more than all would restrict
the development OF Individuality the strongest up-
building force OF this nation. F. E. LYFORD
Waverly, n. T.. Oct. H. 1909