New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-13

Of sufficient funds with which TO n1eet
the very heavy but necessary eAperldl-
lures Of carrying on our great soFei''-
ment
POSTAL. SAVINGS BANK
The Republican national platform con-
tanned the following:
We favor the establishment of a postsI
sa rings bank system for the conNeI'i.ices
If the people and the encouragement 81
thrift,
bin has been introduced to estap-
Iish 2 postal savings bank. The great
diff7cIlIt-- in the bill seems TO have been
TO secure proper provision Tor .ns
management and investment OIL me
money DEPOSITED. The great advantages
OF a postal savings bank is the encouf-
egeipt.nt TO thrift Of those whose fears
OF the s1Iya11rv OF any depository except
2 government depository tempt tfem
away from saving. & government prom
Use to repay seems 70 be specially st
ferIiye in leading people TO save ana de-
post their savings
The machinery OF The postofnce, WIN
its sixty thousand postoh1ces ana foT'y
thousand money order Offices, ouers all
economical and farreaching machine Tor
the reception in places reuiote from
banks and among people who rear
banks, Of that which but for tha oppor-
tUnity they would not save bu1 sPenI-
The low interest offered to II. that OF :
per cent. prevents such postal savings
hanks from interfering with regular say
ingS banks whose rate of interest always
is in excess Of . per cent. In the pres
ent stage of the Senate bill there have
been inserted amendments drawn ap-
pareutlv for the purpose OF having
money deposited as savings in govern
ment postoffices distributed through the
locality where deposited III the banks,
state and national, and so deposited IS
to make il impossible for the trustees of
the fund appointed under the law 10
Withdraw the money for Investment in
any other form.
I regard such an amendment as likely
10 defeat the law. First, because II takes
away q feature which ought to he pres
ent in tbs law 70 assure its constitution
ality IF the lazy provided that the
trustees to be appointed under the Ia
with the funds thus deposited could meet
the financial exigencies Of the govern
ment by purchase or redemption of the
government . pEr cent and other hohdS
The measure would certainly be 4'ithin
the federal power. because the postal
banks would then clearly be an instr'l-
ment OF the national government III Dor
rowing money.
We have now about 800 100000 OF
rer cent bonds NTH respect TO which We
QUE dutv TO the owners to see that
those bonds NAV be taken care Of with
cut 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 or
the government the postal savings bank
funds would easily enable II to meet
TO AVOID A PANIC
secondly. if the funds are 70 be ar
hitraril5 deposited in ali hanks. state and
/ national, without national supervision
! over the state banks. and a panic were
/ TO come it is difficult 20 see how the
I government could meet its obligations 70
! its postal savings bank depositors. be
! cause with every bank suspendins pay
rllent the funds Of the postal savings
! banks would be beyond the control Of the
| government, and re should have a
! financial disa stsr greater than any panic
! We have heretofore met. \ provision
that when the money is not needed 10
! invest in government bonds or to redeem
the same i may BE- deposited in national
/ hanks IN the 1ieighborhood Of this place
/ of deposit nil avoid the great danger OF
/ q panic and viii strengthen banking
! system which is an arm Of the federal
I government.
I sincerely hope that before the meas
! ure IS hammered into its final shape. il
/ NAV take on these characteristics, which
/ shall give il q constitutional validity and
! sound financial strength and usefulness,
| Those who insist upon the elimination
OF these two necessary chara cterisJiC
features OF the bill will put the party
| in the position where II cannot hope to
escape the charge that Il IS not in good
faith seeking the passage OF d postal
savings bank act. and is not seeking,
therefore, 10 comply with the promise
| of the Republican platform in that re
sard.
TAFT'S RAILROAD VIEWS
ora the subject OF railroads the Re
publican platform said:
TTe Z pprove the enactment Of the railroad
rate la7T and the Vigorous entorcerle L1
uTes against rebates and determinations,
a result Of which the advantages for
merry possessed by the large shipper over
the small shipper have substantially disap-
resred. and in this connection VIE commend
the approximation b. the present Congress
20 eng bIa the Interstate Commerce Com
mission 70 thoroughly investigate and give
| publicity 10 the accounts of interstate rail-
roads We believe. however, that the in
trrstate commerce law should be further
amended 50 TO give railroads the right
to MAKE ana puells4 tfatF1c asreI3sel,s SD
iect 20 the approve al 81 the "crlhlss1ol. p2lC
maintaining always the principle of cornpe-
titiou between naturally competing lines
and avoiding the common control OF SUCH
lines by any means n-harso We favor
such national Legislation and supervisory
viii prevent rt7e future oTeriS%Ue OF
stocks and BONDS by Interstate carriers
: pill 90 carry out these declarations
has been introduced in both the House
and the Senate. and is now being con
eidered before the appropriate commit
tees Of these two bodies. and there is
every hope that the bills thus intro
dured ~ Substantially the same shape
80 introduced will pass and be enacted
into Law.
Indeed, this railroad measure goes fur
Their than the promise Of the platform,
for while IT SUBJECTS ti1e issue Of stock
and bonds to the restrictive supervision
OF the commission and prevents future
Watering of securities, and forblds tbs
acquisition by railroad company OF
stock in q competing line. il also puts
| OF the commission for the regulation of
| rates and 1t facilitates IN every way the
! ease Of supervision by the commission
| Of the railroads TO secure q compliance
| b. the railroads With the rights of the
public and OF the shipper
| The bill Tas prepared by the Attorney
! General. after q full conference With the.
! Interstate Commerce Commission. nth
/ the representatives of the shippers and
| with the representatives Of the railroads,
| and while 1t ~s5 not the result OF an
| acreeme0t between all the parties III in
| terest y vas Ora fled with a view 70
meeting all the fair objections and sug
! gestIOns made b. Gerry one Of them.
The platform further provided.
The Republican party nilI uphold at all
! times the authority and integrity OF the
courts state and federal, and r-in ever in
! sist that their powers TO enforce their
process and 30 protect life, liberty and
! property shall bs preserved irvclare. We
! believe however. that the rules OF pro-
! cedure il the federal courts with respecr