Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-06-22

numbers OF people. In order TO provide
for a few. and I believe "A very few,
ignorant and timid people, many OF
whom are aliens and who are tempo
J rRrily with ms with "A design TO take
their money with them. on returning to
their native lands; In case OF any
emergency affecting the credit OF the
| government, such "a war, foreign or
| civil. or any other calamity. would not
these very same timid people whom
| II Is designed Ia aid by this measure.
be the first To- withdraw their deposits
and either send them away. or hide
| them again. and thus cause the gov
! ernment an embarrassment which
| might be considerable?
| MANY OF Us have seen Just such "a
contingency (notably the times OF tho
| Civil war; when the credit Of the gov
| eminent was hardly as good AS that
| of good banks. and 1t Is not impos-
| sible for such. or other calamities TO
| again arise, which would impair the
| credit OF the government to an exc
tent to cause large Withdrawals OF
postal deposits.
HIS OBJECTIONS.
ITO me- a very Objectionable feature
OF the question is that II pledges the
government To a perpetual debt. and
"A debt that may not be diminished ex-
cept by the viii of the depositors, II
was the desire Of the old line OF
Americans to apply principles which
they thought TO be good for them
selves, (that Is, to get out OF debit
TO the general government, ana at one
time the government was out Of debt,
and had surplus money I'm the treas
urN, which II loaned 20 the several
states to aid them In their material
development And after tine heavy OBJ
legations created by the eNigencies OF
tho civil ~
Of the old timers to pay these obliga-
tons as soon and as fast as the pub
lie good would permit But now. In
the face Of this. a measure Is pro-
posed In direct conflict with these
laudable desires. and instead pledge
ourselves TO a perpetual ard ever in
creasing debt
1--WE are told that there is scarcely
an European government without this
system. To me this Is ono Of the
strongest arguments against Il. for II
u not the Intention or desire Of
European governments 20 get out OF
debt, and even II the intention and
desire were present the thing would
be impossible on account OF tho ever
increasing demands made by them to
support large armies and navies, and
ever increasing civil expenditures, he
sides the demands made by the pco-
pie Themselves to put into operation |
socialstic principles In the shape Of |
old age pensions and Kindred de- |
mands. So that an ever increasing flow |
OF money into the government Golfers |
from the savings Of the people. is the /
thing most desired by them. And this |
Il the principal use FOR which these
savings arc used in European coun-
tries
1T IL difficult to compare dissinllar
things and gain n point IN argument
by H. so that the fact that European
governments necessities make postal
sayings'a thing TO be desired by them
there Is nothing In this condition to
commend the measure TO us. nor
urnish any argument In its favor.
WORKS ECONOMIC HARM.
The evidence is strong that in
Europe, whore this principle Is most
n vogue. that II works an economic
larm IN that It drains the surplus
money from the outlying districts TO |
governmental Golfers. and thus de-
,rives the people Of means to improve
heir own local conditions And II |
Gems TO mo that would be the opera
ion or the law here. ! know We are |
Promised that the money shall re-
main I'm the communities where col
ected. and placed I'm the local banks.
nj we all know that this would be
ossihle only nv the local banks pur-
hasing securities to protect the gov I
rument deposits and that to their s
.il race ana THIS implieS sending al
his money away To purchase securi- :
les which can be had only as far ~ q
utlvinE communities are concerned. D
v going to the larger commercial q
enters to purchase them 7 confess I =
an see no method or keeping these \
'onoys In the communities where DO a
osited cxcept by the government n
king UNPROTECTED deposits 81 them d
.hich IS not To be thought a. y
RANK INJUSTICE" .,
And another objection ] have is. =
link II fundamentally wrong for the =
oNeInment to go into the banking II
isiness, which this measure certainly
'ntemplates. The great economical.
1ancial and political results attained
7 the people Of this country have been q
'hieved by the free and untrammeled II
forts and genius Of its citizens n free O.
md has been given individual enter a.
Use In all the activities Of life. and "
r the government 20 now enter the q
Id occupied by the savings banks, in | a.
mpetition with $1,000 banks now re- g
living savings deposits. from 1900 900 | u
depositors. IL as rank nm Injustice u
N would be FOR the government 10 | "
Ia blsh $1,000 dry goods or grocery !,
ores In opposition TO or In competition | "
TN. the citizens who make the gov III
nment what II Is. IL would he Just ~
logical for the government to as ~
me all the banking activities. wheth- y,
state or national or the country The | 4,
vcrnment entered the banking bust :.
So I'm 1871 and went out OF business | =