New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-26
TO URGE POSTAL BANKS
MR. TAFT WANTS THEN
ESTABLISHED SOON.
Recommendation To BE Made an
Message to Congress-Bank De
post Guarantee Opposed

Beverly. Mass. Aug. 25-President Taft indi-
fcated IN talks with callers to-day that in his
message 20 Congress next December he would
strongly urge the early establishment OF postal
savings bank system. The President realizes
that there is strong opposition TO such legisla-
sion at this time, snd while he does not mean 10
load Congress with too many questions at once,
he will ask that the platform declaration OF the
Republican party IN favor Of postal banks be
fulfilled speedily possible
Influential members OF Congress are urging
that the question be left until the monetary
commission has made its report and ensuing
Financial legislation has been disposed Of. 1t
has even been said that the relation between the
leubjects 20 be dealt with by the monetary COM
omission and the postal banks are so close that
Hhe two should be disposed Of together.
( President Taft believes that several hundreds
tpf millions OF dollars would be placed at tho
kcisposal Of the government through postal saw
fsngs banks. 1t is suggested that this money
Knight well be employed I'm taking up the 5000.
100000 s7oO.oOO.OOO OF government per cent
thonds which are outstanding and which have
eiven much concern to the Treasury Department
-pfficials The per cent bonds are selling below
per, and there is fear OF further depreciation in
view OF per cent issues which have been au-
lthorized and soon may be placed on the mar
fket. The money postal banks would draw. the
president believes, is that sent abroad each year
Nby foreigners. who insist that the governments
rsuarantee shall be back OF any bsnk in which
}shey place their savings and that secreted in
tstockings and mattresses and not sent 20 any
,hank The President believes that the postal
hanks would appeal only 10 timid persons who
lsre afraid TO trust the ordinary banks and would
tSsther get the ? per cent or less interest the
Eovernment would give than 10 place the money
Nm the regular savings banks. where It would
Hraw from 10 per cent.
l. LOW RATE OF INTEREST.
BY placing the interest TO be allowed by the
aostal banks at less than . per cent. Mr.. Taft is
lconvinced that harm would be done 10 the
lordinary banks of commerce. for discriminating
persons who now place their moneys in these
thanks and appreciate what these banks do
Eng for the community would not withdraw
fsnoney drawing high rate and place IL under
fgovernment care at half the interest offered by
Nhe ordinary savings bank.
The money obtained through postal banks. the
s'resident and several OF his closest advisers be-
saeve, would offer satisfactory solution Of the
e per cent bond problem
President Taft expressed himself again to-day,
les he did so often in the campaign a year ago.
rss unslterably opposed 10 guarantee OF hank
'deposits He said he did not believe in making
iune set OF bankers responsible for another set.
rr the states should undertake 10 extend guar
lentee 20 institutions not under government con-
isrol.
1 As 10 the charge of pafernalism reflected in
fshe postal hank idea. President Taft in stating
Mis- position to-day declared that he thought il
frsther far fetched He cited the instance Of the
sPostoffice Department and said that the extern
<ion of the postofice system include a field
sf banking which is not covered by private in
stitutions could not be regarded as a too pa
isernslistie step. Mr.. Taft is great believer in
Ethe good sense and judgment Of the American
people and he has said that they know where
10 draw the line tg
VISIT FROM Mr.. ALDRICH TO-DAY
Tomorrow afternoon the President will have
y conference with Senator Aldrich chairman Of
fhe Senate Finance Committee. and Secretary
iNscNesgh. The postal banks VIII have share
an the discussion.
The President has number Of subjects 10
sake up with Mr. Aldrich First Of all. he wants
10 know when the Monetary Commission ex-
poets 10 have its report ready for Congress and
what win be the scope of its inquiries and rec
Concentrations
M TAFT also wants The advice Of Senator
-Alorieh in connection with administrative feat
'ires Of the Payne tariff law which arc now con-
cerning the Treasury Department Mr.. Aldricb
practically wrote the entire section of she go
" end other administrative provisions FTe = -
The home ~ n. c. Prick, in Beverly Farms 70
snight mr. 10
oapinet officers are frequent visitors 10 Rev
sfv nowadays. Secretary Nagel Of the Denart-
inent of Commerce and Labor is expected he
'"een now and Saturday 10 dispose of the re-
naming vacancies in the list Of census super
Nlsors The President viii see Ambassador Rcid
on Friday. i'''u
fresioent Taft to-day had an interview, with
amos r. Wilder American Consul General a,
Shanghai and discussed with him the opnortu-
s Tor extending American trade in China
MT Iaft believes that the time IS ripe N sain >
ereat advantage for American industries ana en-
'eiPrlse m China. The Chinese people we're
never more friendly toward the United states
.1r' ram has learned, and he is impressed with
me value Of their trade He is anxious that the
sle| minister. Charles r. Crane. and the consular
representative should use their best efforts 70
sake advantage Of the chance that presents ,+ssl,
81 this time