The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-13

to Arizona and New Mexico. and tho bin
! providing such statehood has passed the
| house and has been favor9 bly, considered
by IN" committee Of the senate. so that
there seems q, he no reasonable doubt
that this promise will nc fully kept
Postal Savings Banks.
The Republican national platform con-
! tained the following.
| I'VE favor tho establishment of post
| al savings bank system FOR the convcn-
lencc Of the people and the encourage
| ment of thrift
\ bin has been introduced 10 cstab-
! lish n postal savings bank. The great
aiihcuity on In the bill seems. to have been
TO obtain proper provision for the
| money deposited. The great advantage
of postal savings bank is the encour-
asemenl age to thrift of those whose fears of
the solvency OF any depository except a
| government depository teprpts them
| away from saving. a government prom
| Use 10 repay seems To be specially effec-
their savings. The machinery OF the
postoffico department, with IT'S so: 900
postoffices and 10000 money order offices.
| oiters an economic and far-ren ching ma
| chinery III places remote from banks, and
| among people who fear banks who. but
for the opportunity, would not save but
| spend. The low interest offered, that of
per cent, prevents such postal savings
btanks t,a irom interfering win regular saw
| is in excess Of per cent.
I
In the present stage Of the senate bill
! there have been inserted amendments
drawn apparently for the purpose OF hav-
Ing money deposited as savings in gov
| ernment Dostofficcs. distributed through
the locality where deposited in the banks
state and national. and so deposited as
! to make it impossible for the trustees OF
| the fund appropriated under tho law TO
| withdraw money Tor the Investment In
| other firms.
regard such an amendment as likely
TO defeat the law. First, because II takes
away a feature which ought 10 be pres
| ent in the law TO assure its constitu-
tionality, II the law provided that the
trustees to be appointed under the law
| for the funds thus deposited could meet
| tho financial eXigenCies of the govern
| ment by purchase or redemption of the
government per cent and other bonds
the measure would certainly bo within
| the federal power. because the postal
! banks would then clearly be an instru
ment of national government IN borrow
| Ing money.
We have now about 81. 600, 900 OF Q per
cent bonds. with respect 10 which we
owe duty 70 the owners to sec that
| these 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 10 meet.
Possible Contingency
| Secondly. IL the funds TO be arbi-
trarily deposited in all banks. state and
national. without national supervision
over the state banks and a panic were
| TO come. it is difficult 10 see how the
| government could meet its obligations to
| its postal savings banks dcpositors, be-
! cause with every bank suspending pay
| mcnt the funds Of the postal savings
| banks would be beyond the control of tho
cial disaster greater than any panic we
| have heretofore met. y provision that
! when the money is not needed to invest
in government bonds or TO redeem the
| same. il may be deposited in national
| banks In the neighborhood of the place
| Of deposit. Will avoid the great danger
of panic and VIII strengthen bank
ing system which is an arm of the fed
| eral government,
j sincerely hope that before the meas
| ure Is hammered into It's final shape II
| may take these characteristics, which
| shall give 1t a constitutional validity and
sound financial strength and usefulness.
Those who Insist upon the elimination
| OF these two necessary characteristic fea-
lures of the bill will put the party In the
position where it cannot hope 10 escape
| the charge that il is NOT in good faith
| In seeking the passage of a postal saw
inGs bank act. and is not seeking. there
! fore. TO comply with the promise OF the
Republican platform In that regard,
Again Quotes Platform,
| I'VE Iudorse the movement inauGu-
rated by the administration Tor the con-
seIvatlon of natural resources: We APP
prove all measures TO prevent the waste
OF timber; VIC commend the work now
going on for the reclamation of arid
lands, and rcaffirm the Republican policy
OF The free distribution of the available
areas OF the public domain 10 the land
less settler. NO obligation OF the future
is more inslstcnt and none VIII result In
greater blessings TO postcrity. In line
with this splendid undertaking is the
further duty, equally imperative, 10 en-
ter upon a systematic Improvement upon
large and comprehensive plan. lust To
all portions OF the country, OF the water
| ways. harbols and great lakes. whose
natural adaptability To the increasing
traffic OF the land is ono of ihe greatest
gifts of benign Providence
In accordance with this plank meas
urcs Tor the conservation of the public
domain. for the rcclassincatlon Of lands
according 10 their greatest utility and
the Yestlng of~powcr In the executive TO
dispose of coal, phosphate oil and min
erai lands, and of watcr-powcr sites In
such q. way as to prevent thoIr mouop-
oily, and unIGn of ownership in syndicate
or combination have already been intro
duccd and will doubtless IN 4 form ap-
proved by congress. bc made into law.
interest. aud It's Importance is becoming
more aud more impressed upon the
American people.
The river aud harbor BIN which has
Just been reported by tho river and har-
bor committee OF the house. has been
framed with view TO complying with
tho plank of the platform which I have
above quoted.
Panic and Revenues.
Following the panic Of 1907 the gov
crDmcut revenues fell of and the eXpau-
diturcS continued. leaving n deficit for
The years 1907. 1908 and 1902. There was.
however no deficit In the whole admin
istIatioIi Of Mr.. Roosevelt when the cN-
pcnsoS are compared With the revenues.
Indeed, IL VIII bn found that under the
operation OF the D!ngley bin. which coy
crs most OF his administration and tho
first siA months Of the present admins
tratiou. the surplus, on the whole. WAS
about $3.50. 900 600. NJ tho beginning Of
this administration however. il was per
fectly evident that. the expense in
crcasIug IN revenues, decreasing. there
would he q continuous deficit and this
the Republican party with It's majority
IN congress and the responsibility placed
upon IT, has proposed 10 meet by re-
ducing expenditures and increasing reve-
uu"S.
lIarc already shown what tho In
crease i'm revenues has been. Tho pres
ent administration. in estimates Tor che
year ending Jun" 90. HIl cut them some
forty odd million dollars below tho ac-
| tunl upprDDril Ions of tho Year before.