The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-11-07
1908

1908.
Now the postal bank is once more
becoming a political, and not an econo-
mic, issue. Senator Aldrich, Speaker
Cannon and others have declared
against it. President Taft favors the
postal bank for itself, because it was
Roosevelt policy, and because it
became such a distinct pledge in the
campaign which elected him
\ large percentage of the bankers
Of the country seem to be lining up
against what they consider the inva-
sion by the government of q purely
legitimate field OF private enterprise.
The establishment of such a system,
while it does not directly concern the
plans for currency reform, is so vast
~ important that Senator Aldrich and
the members OF the monetary COM
mission have a good deal of reason
oil their side when they insist that
the postal bank shall be treated as
part of the general financial plan, and
that nothing shall be done about it
until the commission reports along
about Jan 1, 1911
Country congressman from the mid
die west do not relish this program of
delay. They say the time has passed
for an academic discussion of the adj
VantageS or disadvantages of the pos
tai bank They insist that 1t has
become as fixed a feature of the party
policy as the tariff itself. These men
have been talking with the farmers
during the summer, and have become
much impressed with the gravity of
the situation They argue this way:
In the first place, the party stood
for tariff revision. President Taft in
his campaign constantly referred to
that revision as one generally down
ward. Congress disappointed the peo-
pie grievously. President Taft inject
ed into the law about all there was of
good in II. For that reason the peO-|
pie feel inclined 10 forgive him for
not taking a hand earlier in the game
Now they are watching the postal
bank. If nothing is done at the ap-
preaching session, these country con
gressmen say, there will be blood on
the rural moon. Currency reform
was not a feature of the Republican
platform Of 1908. Postal banking was.
So the farmers argue that a. party
pledge should be redeemed by itself
independent of its supposed relation
to some financial policy about which
the people are far from agreed and
concerning which even the banks find
it difficult to get together
President Taft and the party lead |
eES are therefore confronted Win the i
problem as to whether they can face
the congressional elections Of 1901
with a partially redeemed promise on ]
the tariff and delayed redemption on
postal banks. OF whether they will
pass the postal bank bill on the score
OF political exigency regardless of the
increasing scientific objections of the
bankers not only in the large cities.
but even in the small towns as we'll .
It would be a pity to decide such a
vast subject on a political basis, and
vet when congress meets in Deem
Der there viii be found a large con
tiugeut of republicans from the mid
die west who will insist that the
prompt passage Of a postal bank bill
Is the only thing which viii take out
of the mouths Of the people the bad
taste left by the tariff fizzle
Otherwise, they say, they viii tell
President Taft to be prepared for a
democratic house of representatives,
which viii pass a postal bank bill and
a bank deposit bill On top Of 1t, and
compel the republican senate and
president to choose between them.