The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-07-07
WlLl CALL out MILLIONS
or HOAROtD WEALTH
mosi n,lsIlaI Means Of Rs.
Alvlng The Treasury,
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II New York, July THE practical w.
feet on the new postal savings bank.
sfhfch,Y because Of the hewness Of the
fanctions' II IS designed to, fill, has
been a subject on which panSers geii-
eraliy are foath to express opinions,
Isl discussed at some length In the
Edly circular Of the ! ational City
kfnk, which falls in with the admin
istration view of the way il will work.
The circular expresses the belief that
Il will call out millions Of boarded
money and assist government financ-
ine In several ways 1t says:
A recent report Of the thiid assist
sIt postmaster general. who has
charge OF tie money order business,
shows that In one year 2S,l46 indiv.
iduals in this country took out money
orders aggregating $S,10i,4f7, each or.
der being made payable to the pur.
chaser.
Millions on Deposit Now
These orders we're issued In the
FIRST and second class postoffices
sione.. the official Investigation not
having extended to the smaller Of
flces II was apparent from the post
office records that all these orders
Here bought for savings purposes By
persons who were not willing TO trust
70 any OF the established savings in
stitutions. but had faith in the secuyI
ny offered by the government.
II Is the Panama Canal |yShich is
csusing the chief strain on the treas
ufy.. the ordinary RECEIPTS being nov
capable OF taking care OF the ordinary
ex7f1LGo. and congress has per
rs, gently refused to pass a law equal
fLi.ig the circulation tax so as to re
lieye the treasury OF embarrassment
that would result from an Issue o
Panama bonds under the tariff act 0
August 5, 1sU9. With an issue OF ca
nal bonds proper out Of consideration
the Postal Savings Bank law afford
source OF relief which II now SEEM
probable will be utilized as soon a
the new postal hanks have attracte'
sufficient deposits. This is. the mos
material and practical means Of re
lievine the treasury which the. ne'
INV affords.
VIII Refund Old Bonds
Another possibility is that the s
million dollars Of 3 per cent l90S-i
bonds now outstanding might be rt
funded by the new 2 IL per cents
The 3s are payable. and the new la'
specifically provides that wheneve
any outstanding bonds are subject
call they may be replaced by the net
authorized 1-2 per cents.
A third possibility Is one which ma
vet have profound eject upon tn
national banks OF the country. Th
question of the establishment OF
central bank OF Issue which shall pr
vide the currency OF the country, tai
fns DIP the national bank notes ,now |
circulation, Is pressing to the front. !,
In attempting to establish centrI
bank, one Of the first and most di
fieuh sproblems to be solved woul
Be.that Of providing for the nation,
hank notes now outstanding III 2
&er' 10 make Satisfactory provision
for -tren some means must be four
for taking care Of the 6S5 million do
Ian, of : per cent bonds now pledge
BY the national banks as securi'
for rcirculatipn and public deposits.
Make A BaN cRSf6el Easier
Il Is held BY administration off
cisls that the postal savings bar
viii afford one such means OF relic
end that fact was one of the reasor
PRESIDENT Taft favored the law. I
fas said recently that in the event
tie attempt TO establish cent
bank OF issue the postal banks mi
become an engine of material assis
alce In the solution Of the probleT
This lis the way in which ii may
done The new law authorizes u
Investment OF postal savings funds
the per cent bonds, BY purchasiI
tsese bonds from national banks T
accounts OF the postal savings syste
corresponding national bank circul
ton would be retired and the WI
would be paved for the issue OF tn
amount OF notes BY the new cent?
Lsrlk. stI
N Is not expected Of course, tn
the postal savings bank would
rbie in any short time to take care
n large proportion Of these per Ger
Hut II might gradually accomplish
great deal in that direction, and ul
n,atcly beconef the bgidgs pyfYf.
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