The Bridgeport evening farmer., 1910-01-24
AGAINST GREAT
 CENTRAL BANK
Continued From Page Four !

ddmlfaDly ln compact, Well-organiZed regions such as England, France, Bel gium. and Germany, would not fit the widely scattered business centers of this country where the conditions of credit are fluctuating and vastly diff ferent from those abroad. If the Central Bank were established with its necessary branches, it could not eliminate the independent banks of this country, which in times of crisis could not be made to cooperate with the Central Bank, and might, there fore, defeat it's protective efforts. All kinds of jealousies would arise inter- ferlng with the effective working of a Central Bank; not the least a deep rooted prejudice against New York, which however unreasonable, must be taken into consideration. There is also a strong feeling in this coun- try against any system of branch banking, especially by the National banks. Whatever the advantages of Ia Central bank-the facilities which a Central Bank could offer and the pow CT of protection which it possesses in times of panic are objects that can be more easily attained by other and more practical means. Let us have large banks by all means if they are needed; but many of the ills which advocates of the Central Bank seek to eliminate are best provided against by intelligent, concerted action, such as the New York Clearing House has repeatedly shown itself capable of rendering in times of panic.
 The objections to a Central National Bank also apply to the Government s proposal to establish Postal Savings banks all over the country. It savers too much of paternalism, and would add too much to the concentration of power in the hands of the Federal 4n In 06 icoh Of. good of the country.
 Moreover, it would work practical injustice to the banks generally, es- pecially the savings banks, and all banks in country towns whose cus- toner's deposits are mainly in small amounts, for most of these would doubtless be transferred to the Pos tai Savings Banks because of the se- curity implied by the United States being the banker.
 But there is no good reason why the Government should go into the bank ing business, and the pledge in the Republican presidential platform that Postal Savings Banks would be es- tablished should not be regarded as any more binding than such ante election promises usually are. We all know they are generally ignored afterwards and often made. like pie crust, to be broken.
 Postal Savings Banks would ln- yolve an increase of many thousands in the number of Federal employees, which would correspondingly increase Federal patronage and paternal1sm and develop another political machine to influence elections, so that, in time, we should be in danger of having a Government largely chosen by office holders, whose political power would be always baneful to the Nation.
 
 more, by slow degrees, to increase that paternalism, that concentration of power in the Congress and Adminls- tration at Washington, of which we have already too$ much; for the 1n- fluence of Federal office-holders would always be to foster this concentration, and consequently tend towards dwarf ing the power of the States and pro- noting socialism. This office-holding influence would also be opposed to any change of the political party in pow CT. because a change would or might cause dismissals from the service. Presumably it would be exerted ac- cordingly, without reference to the ln- terests of the people.
 This would be contrary to Republi- can principles, and a menace to our form of Government and to liberty It. self We should never forget, in the words of Patrick Henry, that eternal vigilance is the price of liberty, and encroachments upon it and our poli- tical rights are insidious and hard to undo and redress.
 Those urging the adoption of the Postal Savings Banks system here say that it has proved successful in Eng land But political and social condi- tions there, with it's monarchical. in stitutions, differ greatly from what they are under our own free instl- tutions and universal suffrage.
 The British Government was in a manner forced by the agitation of the socialists, in and out of Parliament, to esta blish Postal Savings Banks in England for the benefit of the working classes, for both savings bank and other banks there were then few in number in proportion to population in comparison with their great abun- dance. or supera bundance, here.
 So the English Postal Savings Banks may be said to have filled long felt want They, nevertheless, represent a step in the march towards socialism that so many are wildly clamoring many; but to some extent in other European countries, and of which we have frequently seen outcroppings in this country, although there is abso- lutely no excuse for socialism here. It should, therefore, not only be dis COurdSCd put ueuOUuCGu Uy dll AIIleI- ican citizens whenever advocated by the aliens who have brought this po- litical heresy with them across the Atlantic, for it is entirely uncalled for and out of place in the United States, besides being hostile to Amer ican institutions.
 In our free political and social at mosphere, socialism would be an an- omalous growth, a fostering sore up- on the body polite. Although our foreign population leans largely to- wards paternalism in government and therefore favors the establishment of Postal Savings Banks,-and desires them all the more because they ex- ist in Europe, American citizens should not allow American ideas on questions of public policy to be subordinated to alien sentiment.
 As nation we have always been self-reliant and padded our own ca noe We should remain so, and make no concessions to foreign opinion, least of all to socialistic opinions, in the management of our public affairs, and especially in a matter Of such Nation al and financial importance as this. But, I am sorry to say, some of our politicians are so eager to catch the foreign naturaliZed vote, at elections that they today yield more or less to foreign sentiment even on socialistiC questions, and so encourage pernicious agitation on matters that concern o'll government There is clearly more of politics than patriotism in this.
 The American Bankers Association +o ely inc