Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1909-09-18
OTHER COUNTRIES ARE CITED
Americans Along Border Make Depos-
its in Canadian Banks.
ANOTHER PLANK OF platform
Creation Pf Postal savings Bank sys-
ten Is One of the Contracts
Republicans Made with
People.

MILWAUKEE,. Sept. 17-President Taft
devoted his principal address in Milwaukee
at the state fair today to the subject of
postal savings banks. which he strongly
endorsed before large and enthusiastic
gathering that overflowed the grandstand.
President Taft said that the postal saw
ings bank plank in the republican plat
form bound everybody who calls himself p
republican
"Or If they do not like the platform itself
they cease to be republicans or they are
Republicans with an exception, and that
indicates a free and enlightened and dis
eliminating people.
But am here to uphold the doctrine Of
the postal savings banks (applause), be-
cause l believe that they will fill in this
country long-felt want. In the first
place. it is said the postal savings bank
is very paternai institution; that it has
a leaning towards socialism, state social
ism, and that It proposes to take the bank
ing business out of the hands of private
persons and put II into the government.
No, l am not a paternalist, and / am not
a socialist. and / am not in favor OF hav-
ing the government do anything the citi-
gems can do as well or peter, but there
are conditions.
I'VE have passed beyond the tide Of
what they call the laise faire school, which
believed the government ought to do moth
ing but run the police force; and we do
recognize the necessity for the interference
OF the government because IL has great
capital and great resources behind 1t and
because sometimes it can stand the lack
of an immediate return on capital TO help
out We did 1t in our Pacific roads. We
have done II in a great many different
ways and this particular postal savings
bank business the government is especially
fitted to do what no system of private
bankers can do great applause)
The great usefulness OF the postal saw
ings bank is the great encouragement to
thrift on the part Of those who are just
wavering IN the balance whether they shall
have the money or use 1t. because they do
not know where they can put IT safely
(Appiause)
The president said he did not want to
antagonlze the bankers but he did not
believe their opposition to postal banks
was well founded In some parts of the
country especially New England, where
for every two citizens there is one savings
bank account Mr.. Taft said the need OF
postal banks was not felt. In other Sec
tions where the savings accounts amounted
10 only one in 157 citizens, the need of an
announcement TO thrift was acute.
New Class Of DePOsitors.
Postal banks, paying only per cent In
terest would not attract depositors from
public banks who were paying to 4 pei
cent but they would attract the accounts
of those people who were wavering II
the balance as to whether or not they
should spend their money for the want Of
knowledge OF safe place to put it.
The president dwelt at length upon thu
fact that the deposits OF the alien popula
tion now sent back to government banks
would be held in this country II there wer'
postal banks with the government behinC
them to reassure the timid and panickI
depositors Of foreign birth and affiliation
President Taft read list Of the coun
! ties that have postal savings banks.
Canada has the savings bank, posta
savings bank" he said and what is th'
result along the border up In the north
west? You find Americans going up thu
border ana making deposits in those saw
ings banks. Why? Because they have
got the guarantee Of the Canadian govern
ment
President Taft said the government had
issued upward OF $4,000. 900 of two per cen
bonds Of the United States and floatet
them at par at two per cent or a httl'
more
1--WE did Il by getting the banks into I
Garner so they had to have under tn
law some government security, and 81
they we're obliged to buy those two pc
cant bonds" he said
In closing, President Taft said;
1--WE are looking forward, ] hope. will
confidence, TO a re-adjustment OF our who'll
financial system and banking system
certainly II needs il. an 1t had been sug
gested that the savings bank might wei
await that. 1 am bound 20 say that
do not see the necessity for uniting then
together 1t seems to me that one system
can stand by itself and II we adopt tn
savings bank they will easily be worke'
into a general system OF banking becaus
those savings banks will fyFnish us fiv
or six hundred millions II dollars an
that is a very tidy pile TO have aroun'
for the government to T.se legitimately 4
order 10 earry On any financial operation
Crowd Awaits Executive.
The presidents train arrived here at
a. m, after a slow run Of three hours fror
Chicago Secretary OF War Dickinson. VIII
had some departmental matters 70 take u
with the president was expected to com
along, but after spending an hour and
half on the train in Chicago he had oh
tained action on all the matters he had 4
hand at midnight and decided not to max
this portion Of the trip. The secretary wi
join the president at III Paso. Tex. octo
Der L.
Mr, raft slept unth 7 o'clock this morn
IA ipg and then breakfasted on his car, whie
Y had been placed in the yards at the foe
OF Wisconsin street. The crowd had begu
10 gather in the vicinity OF the train a
early as S o'clock. and when the presider
appeared three hours later, he was eheere
BY a throng which extended for block
Entering an automobile, the president wa