The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-02-09
WHO IS P"""
MORGAN AGAINST POSTAL saw.
INGS BANKS.
BY Watching Developments You Can
Get a Line on Who is the Big Boss
In Republican Politics.

'' o." "cii Hot 10 nave an p0-
stal saving bank legislation at this
session of Congress, (recommenda-
ton of President Taft to the con-
| trary Notwithstanding
Therefore, in the opinion of some
| OF the political students assembled in
| Washington, friends of postal saw
ing banks may as we'll abandon hope
early, and thus avoid dissappoint-
ment later on. These men who in
cline to believe expressed, and they
they are men of both parties who
study causes and effects in politics,
say that the only possible way for a
postal savings bank bill to pass both
houses of Congress at this session is
for Morgan to change his mind.
At the beck and call Of Morgan
and his associates, it is pointed out,
there is enough money-power and
! political-power to enable him to do
any of the following
Bring about the passage of any
| financial legislation desired; prevent
the passage of any financial legis-
lation desired; stop a panic; start a
panic; interfere with government
| nnance by calling in MILLIONS of loans
on short notice; grant or refuse credit
totalng fabulous figures; manipulate
bank reserves; move money from one
part Of the country to another; stop
payment at hundreds of savings
banks with a few hours notice
| OF course Morgan is not the only
one opposing savings banks in post
offices. Some of the leading and most
reputable Independent bankers of
the country are hostile to the idea.
But the opposition which is counting;
it is his influence that is obstructing
the postal bank bill
But" protest the friends of post
al banks, 1--WE have been assured the
postal bank bill will pass the Senate
within the next few days."
The bill may or may not pass the
Senate. To allow a popular measure
to pass one branch Of Congress, only
to slay 1t in the remaining stages of
Legislation, is only one Of the de-
vices resorted to by Messrs Aldrich
and Cannon to hoodwink the people.
This is an old trick, but it still serves
it's purpose
In the Sixtieth Congress, for in
stance, the bill for the admission of
New Mexico and Arizona as states
passed the house unanimously, but
was strangled in a committee of the
Senate. The House passed bill provi-
ding for uniform safety appliances
on cars, but it was anti-railroad in
The House then passed a bill requir-
ing ocean passenger steamships to be
equipped with wireless telegraph ap-
paratus, which was anti-steamship
and it too died in the Senate
In the House, the postal bank bill
will be referred to the committee on
Postoffices and Postroads, Uncle
Joe" saw to it this committee was
packed against postal banks. The
chairman, ]. w. Weeks, is admittedly
hostile to the idea. Mr.. Weeks was
especially selected for the position
He is member of the firm Of Horn
blower & Weeks, bankers and brokers
at Newton, Mass; is vice president Of
the First National Bank Of Boston,
president of the Newtonville Trust
Co. Mr.. Weeks placed Rep. John j.
Gardner Of New Jersey at the head
of a subcommittee to take care of
postal bank bills. Gardner's record IN
Congress qualified him for the duty
at hand. Gardner is chairman Of the
House committee on labor, which for
| years has served as a catacomb for
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 in
Washington that for years Speaker
Cannon has been packing committees
against this kind of legislation, why
did the President resort to such
heroic efforts to prevent a change in
| the rules which have made it inn
possible for "Uncle Joe" to continue
appointing and packing committees?
Senator Depew Of New York has
| decided that, after all, he may as we'll
| remain in public life six years more,
al la Aldrich.
Senator Depew is chairman of the
board of directors of the New York
Central and Hudson River railroad,
| and director Of sixty-two other