The Irish standard., 1910-02-12
been reduced to 81. And today it is,
but Al.

j. Pierpont Morgan has intimated
that it would be just as we'll not to
have any postal savings bank legis-
lation at this session OF Congress- Ore
commentator of President Taft to the
contrary Notwithstanding
Therefore, in the opinion of some vi
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 ex-
pressed, and they are men of both
parties who study causes and effects
in politics. say that the only possible
way 'or a postal savings bank bill u
pass both houses of Congress at this
session is for Morgan to change his
mind.
At the beck and call Of Morgan ana
his associates, it is pointed out there
is enough money-powcr and POLITICAL
power to enable him to do any of tho
following:
Bring about the pa:sage of any a
nancial legislation desired; prevent the
passage of any financial legislation
desired; stop panic; start panic;
interefer with government finance by
calling in millions oe loans on short
notice: grant or refus" credit totaling
fabulaus figures; manipulate bank re-
serves; move money from ore part Of
the country to another; stop payment
at hundreds Of savings banks with A
few hours notice.
OF course, Morgan is no. the only
one opposing savings banks in post
offices. Some of the leading and mos.
reputable Independent bankers of the
country are hostile to the idea. But
the opposition of Morgan is the op-
position which is counting; it is his
bank bill.
But" protest the s-iends Of postal
banks. I'VE have been assured the
postal bank bill will pass the Senate
within the next few duys."
The bill may or may not pass tn,
Senate. To allow popular measure
to pass one branch Of Congress, only
to slay it in the remaining stages OF
legislation, Is only one Of the devices
resorted to by Messrs. Aldrich and
Cannon to hoodwink the people. The
is an old trick, but il still serves its
purpose.
In the Sixtieth Congress. for in
stance, the bill for the admission of
New Mexico and Arizona az state
passed the House unanimously, but
was strangled in committee of the
Senate. The House passed 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 bill requiring
ocean passenger steamships to De
equipped with wireless telegraph ap-
paratus, which was steamship and
it, too, died in the senate.
In the House, the postal bank bill
will be referred to TIE committee on
Postoff1ces and Postroads. Uncle Jo,'
saw to it this committee was packed
against postal banks. The chairman,
j. w. Weeks, Is admittedly hostile to
the idea. Mr.. Weeks was especially
selected for the position He is MEM
Der of the firm of Hornblower &
Weeks, bankers and brokers at New
ton, Mass; IL vice-prcsident of the
First National Bank of Boston, and
Mr.. Weeks placed Rep. John ]. Gard
ner Of New Jersey a. the head of o
sub committee to take care Of postal
bank bills. Gardeners record in Con-
gress qualified him Cor the duty at
hand. Gardner Ia chairman of the
House committee on labor which for
SSeAAS AAoo 00A VVO GO q SdNdOOllID LII
bills disapproved of by the special in
terests.
Postal savings banks constitute one
of the principal Taft measures. Query:
Since it is a notorious fact III Wash
ington that for years Speaker Cannon
has been packing committees against
this kind Of legislation, VIII ydid the
President resort to such heroic efforts
to prevent a change in the rules which
would have made t. impossible for
Uncle Joe" to continue appointing
and packing committees?
Senator Depew Of New York has de-
cided that. after all. he may as we'll
remain in public life six years more,
la Aldrich.
Senator Depew is chairman of tho
board of directors IF the New Vork