The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1910-02-07
J.P. MORGAN
SPEAKS OUT

Morgan has intimated that il would
be just as well not To have any por tal
savings bank Legislation at this ses-
sion OF congress, Recommendation OF
President TAFT to the contrary not
withstaading
Therefore, in the opinion of some
of the political students assembled
in Washington. friends of postal banks
may as well abandon hope early, and
thus avoid disappointment later on.
These men who incline to the belief
expressed, and they are men of both
parties who study causes and effects
I'm politics. say that the only possible
way for a postal savings bank bill to
pass both houses OF congress at this
session is for Morgan to change his
mind
At the beck and call of Morgan and
his associates, il is pointed out, there
is enough noney-power and political
power to enable him to do any of tae
following:
Bring about the passage of any fl
nancial legislation desired; prevent
the passage of any financial legisla
tion desired; stop a panic; start
panic; interfere with government II
nance By calling millions of loans on
short ncticn; grant or refuse credit
totaling fabulous figures; manipulate
bank reserves: move money from one
part OF the country to another: stop
payment at Hundreds OF savings
banks within a few hours notice.
or course Morgan is not the only
one opposing savings banks in post
Offices. Some of the leading and most
reputable independent bankers of the
country are hostile to the idea. But
the opposition of Morgan is the OBJ
struction which is counting: il is his
influence that is obstructing the pos
tai bank bill.
Put" protest the friends of postal |
banks. I'VE have been assured the
postal bank bill will pass the senate |
within the next few days"
The blu may or nay not pass the |
senate. To allow a popular measure |
to pass one branch of congress. only 4
to slay II in the remaining stages of |
legislation, is only one of the devices |
resorted to by Messrs. Aldrich and |
Cannon to hoodwink the people. This |
is an old trick. but it still serves its |
purpose.
In the Sixtieth Congress, for in |
stance. the bill for the admission of
New Mexico and Arizona as states |
passed the House unanimously, but |
was strangled in a committee in the |
Senate. The House passed a bill pro- |
viding for uniform safety appliances |
ON cars, but it was anti-railroad in |
character and died in the Senate. The |
House then passed a bill requiring |
ocean passenger steamships to be |
equipped with wireless telegraph ap- |
aratus, which was craftsmanship and |
it too died in the Senate.
In the House, the postal bank bill
will be referred to the committee on |
Postoffices and Post roads. Uncle |
Joe" saw to it that this committee |
was packed against postal banks The |
chairman, J. w. Weeks. is admitted |
ly hostile to the idea. Mr.. Weeks was |
especially selected for the position. |
He is a member of the firm of Horn |
blower a. Weeks, bankers and brokers |
at Newton, Mass; is vice-president of
the First National Bank of Boston, |
and president of the Newtonville
Trust Co. Mr.. Weeks placed Rep
John Gardner OF New Jersey at tae
head of subcommittee to take care
OF postal hank bills. Gardner's rec
ord in Congress qualified him for the
duty at hand. -Gordner il chairman
of the House committee on labor,
which for years has served as a cat
acornb for bills disapproved of by the
special interests.
Postal savings banks constitute one
OF the principal Taft measures
fG
Washington that for years Speaker
Cannon has been packing committees
against this kind OF legislation, why
did the President resort to such he
roic efforts to prevent a change In