The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-02-13

the fund appropriated under the law TO
withdraw money for the investment in
other firms.
Il regard such an amendment as likely
to defeat the law, First, because it takes
ent in the law to assure its constitution
ality. If the law provided that the trus-
tees to be appointed under the law for
the funds thus deposited could meet the
financial exigencies Of the government by
purchase or redemption of the govern
ment ? per cent or other bonds, the
measure would certainly be within the
federal power, because the postal banks
would then clearly be an instrument of
the national government in borrowing
money.
I'VE now have about 100000 Of 2 per
cent bonds with respect to which we
owe a duty to the owners to see that
those bonds may be taken care of with
out reduction below the par value there
of because they were forced upon ma
tional banks at this low rate in order
that the banks might have basis OF
circulation. This implied obligation of the
government the postal savings bank funds
would easily enable it to meet.
In Case of Panic.
Secondly, if the funds are to be arbi-
trarily deposited in all banks, state and
national, without national supervision
over the state banks, and panic were
to come, 1t is difficult to see how the
government could meet its obligations to
its postal savings bank depOsttors, be-
cause with every bank suspending pay
ment the funds Of the postal savings
banks would be beyond the control of the
government and We should have a finan-
clal disaster greater than any panic we
have heretofore met A provision that
when the money is not needed TO invest
/ in no nrT7rrl nj n
the same, 1t may be deposited in ma
tiOnal banks in the neighbOrhOOd of the
place of deposit, will avoid the great dan
ger of a panic and will strengthen
banking system within an arm OF the
federal government.
4 sincerely hope that before the meas
uTe Is hammered into It's tlnal shape II
may take on these characteristics, which
shall give II a constitutional validity and
sound financial strength and usefulness,
Those who insist upon the elimination OF
these two necessary characteristic rea-
lures of the bill will put the party in
the position where il cannot hope to es-
cane the charge that it is not in good
faith IN seeking the passage Of a postal
savings bank act and is not seeking
therefore to comply with the promise of
the Republican platform in that regard.
Regulation of Railroads.
ION the subject of railroads, the Re-
publican platform said:
We approve the enactment Of the
railroad rate law and the vigorous en-
forcement by the present administration
of the statute against rebates and dis
ordinations as result of which the
advantages formerly possessed by the
large shipper over the smaller shipper
have subsequently disappeared; and in
this connection we commend the apprO-
priation by the present Congress to en-
able the interstate commerce commission
~ phi IN n b.
Ucity to the accounts Of Interstate rail-
roads We believe, however that the in
terstate commerce law should be further
amended so as to give railroads the right
to make and publish traffic agreements,
subject to the approval Of the commission,
but maintaining always the principle or
competition between naturally competing
lines and avoiding the common control
of such lines by any means whatsoever.
We favor such national legislation and
supervision as Will prevent the future
over-issue of stocks and bonds by inter-
state carriers
Bill Now Before Congress.
"a bill to carry out these declarations
has been introduced in both House and
Senate. and is now being considered be-
fore the appropriation committees OF
these two bodies, and there is every hope
that the bills thus introduced in sub
stantially the same shape as introduced
will be enacted into law
Indeed, this railroad measure goes fur
Their than the promise Of the platform,
for, while it subjects the Issue OF stocks
and bonds to the restrictive supervision
Of the commission and prevents further
watering of securities and forbldS the
ACQUISITION by railroad company of stock
in a competing line, ii also puts very
much more power into the hands OF the
commission for the regulation OF rates,
and il facilitates in every way the ease
-4 nv
railroads to secure a compliance by the
railroad with the rights Of the public ana
Of the shipper.
1.-THE bill was prepared by the attorney
general after a full conference with the
Interstate commerce commission, with
representatives of the shippers and with
representatives of the railroads, and, whlle
it was not the result or an agreement De-
tween all the parties in interest, it was
drafted with a view to meet all the fair
objections and suggestions made by every
one of them.
Integrity of the Courts.
1.-The platform further says:
THE Republican party will uphold at
all times the authority and integrity OF
the courts, state and federal, ana VIII
ever insist their powers 10 enforce thelT
pr6cess and to protect life, liberty and
nroDertv shall be preserved inviolate. We
believe however, that the rules OF pro-
ceedure in the federal courts, with re-
spect to the issuance Of the writ OF IN
function should be more accurately de-
fined by statute and that no injunction
or temporary restraining order should be
issued without notice, except where ire
parable injury would result from delay,
in which case a speedy hearing thereafter
should be granted.
"A bill 10 carry out exactly this promise
has been introduced into both the Senate
and House, and will doubtless come up
for consideration and passage. The bill
does not go as far as Mr.. Gompers and
the Federation of Labor demand, but IL
goes as far as the Republican convention
was willing to let ii 60 and it is so drawn
as to make an abuse of the issuance of
injunction without notice very impTob-
able. tt REQUIRES that no injunction shall
be issued without full notice and hearing.
unless to prevent irreparable injury, and
pc in such cases the court shall make
a finding from the evidence edduced.
pointing out with the injury anticipated
is and why irreparable, and why there
is not time to give notice, and after the
i.,i17potior shall he issued without notice