The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-08-03

| contribute, and all the courage which
! the highest type OF patriotism can
/ create TO carry the government 30 a
Z safe and just copclusion.
I The history of the previous decade
/ IN this respect had been so lamentable
: that our national platform i'm 1908
made emphatic references to this
jhase OF the subject. The president
assumed the iniAtive, but unfortu-
nately, as | view II, he delegates to
the attorney general the task OF pre-
pairing a bill TO be laid before Com
gress. have no reason to doubt the
honesty or the attorneI general. but
he had just come from n long profess
sionai training and association which
untitled him to deal wisely with this
subject, and there came from his
hands into the House and Senate a
bill which, II II had passed. as Al
drict1 SO emphaticaily declared II
should pass, would have consigned
tho Republican party to eternal dis
grace and defeat.
Another Repusiiation.
Contrary to our solemn promise in
the platform it proposed TO repeal the
antitrust law with respect to traffic
agreements among railways specify
ing rates and charges, and TO permit
such agreements and the rates and
charges made under them to go into
effect. without the approval of the
Interstate Commerce Com mission.
With the Introduction of the bill
there began such a struggle as has
heen rarely witnessed between the
forces Of progress and reaction. The
progressive Republicans did not get
Ill naxd all hnr tf
to have had, bat they succeeded in
converting a measure which In its
original form would have been long
step backward. into measure that
is a gratifying step forward.
Wall Street Interests.
Certain Republicans who are en-
amored with the manipulations of
Wall street joining themselves with
certain Democrats who found no an-
thority IN the constitution for such
legislation, defeated our amendment,
We are not, however, without hope,
for under the recommendation Of the
president provision was adopted
which viii insure an immediate in
yestigation OF the subject, and we
may shortly he more successful in our
efforts TO regulate railway stocks and
bonds.
Upon the whole, the Republican
party Is to be congratulated upon the
bin as 1t became law. 1t IL "a step
in the right direction, and ultimately
we viii reach the end toward which
all patriots are striving.
trust I VIII not be accused OF
any desire to stir up facttonal feel
ing for saying, as | am bound to
say. that had it not been for the pro-
gressive Republicans in the Senate,
men who have been derided through
out the country as insurgents, the bill
would have passed the Senate as it
came from the pen OF the attorney
general. and the Republican party
would have staggered along in this
campaign under burden too heavy
for any party to successfully carry,
Postal Banks.
our platform of 1903 committed
the party to the establishment Of pos
tai savings institutions. 1t is proha
bly, true that Iowa needs such facli-
ties for savings less than any other
State in the Union, hut nevertheless
am convinced that tn policy is
wise one.
There are many parts of the coun-
try in which the banks are neither
80 numerous nor SO near the peo~
pie as they are in Iowa, and what
ever we can do 10 encourage and slim
ulate habits of saving and thrift We
ought 10 do,
The law passed by Congress has, in
my opinion. two serious defects which
ought to he removed at the earliest
practicable moment.
First. we have given to the board
of trustees. which is to manage the
postal repositories, the discretion to
designate such postohice as it sees
Mt
Second the most serious objection
to the law will be found in the dis
position Of the money after il is gath
cred at the pcstoifices. Until a few
weeks before the bill passed 1t had
never been suggested that the money
so taken in at the postoftice was, un
der any circumstances, to be removed
from the communities In which it was
gathered, except as 1t went out under
the ordinary laws of commerce and
trade.
Protect Country Banks.
In my judgment, If we want to OPP
ularize postal savings deposit Ftcs.
and ALLOW them to fulnll the purpose
we haye had in view. we must speed
lily amend the law So that the coun-
try banks Will not he injured, and so
that money will he permitted to per-
form it's fun functions in the locali-
ties to which II naturally flows.
I do not say that ! will oppose a
central bank. hut / do say that l
VIII oppose any bank with the powers
that / have described, for If that mis-
fortune should befall us we would suf-
fer A financial slavery more complete
even than the industrial serVitude
which now afllicts ns,
In the consolidation Of the great
banks now in progress We see the
preparation for such a condition. AL
ready a dozen men, or less, can exert
an influence which makes the ooun-
try tremhle in apprehension OF their
mighty strength. and II we permit
them to enlarge their authority We