Lower coast gazette., 1910-07-09
SATURDAY, JULY 8, 1910.
The Adjournment Of Congress.

tf'"N 'AN''
Tar has in the end secured the passage OF a
ncnber Of the bills that he began promoting III
tie early days Of thelreSent administrators. We
attribute mach Of this rlaIse /" real ignorance
Of the science Of government because, as d H'"l-
ter Of fact, the American people as d mass VIII
not consent TO the c'ncehtra'"'n OF 'Ne p""'o
Of a hundred millions OF peoplt ihSo '"e "''''''
Of a governing ciIqoe ID "dS"i'E.""' 'I'
whole people are eS"ehtdiJ defiioc'atc III" u"
sire to reserve to me STATES all 'He IiS"'' 'h"'"'0
reserved . theIn ~ IL" institution a'' "'1N
as q people to a'ola 'he c''''i'"~''S W 'N ~"
efS III lhe hhperal lo''H ''" "PI"'e"~' Nv i"r
ular. Inc RepuDhcah party III olueI " nam
fest its extreme l"ya''y 10 us own '""S' Seen'
to have gone "iid III me afe'''"h u 'r""'"
za'toh ana II requires az u '"' u "'' .
the Leading Democrats o. me country '''"t
the count! III d 7ldp!e '"'''i'''N """ w NN
our i0cal governments al" " "''""NS' II ~
cable, Their local strength. III oui OWN ''''V
we nave leit the ihsIoi'uS lmueh0c u ZIG ~"
posed income taH' Nh''f' """" po' q ie''i"'
tax gatherer INTO tNe mouse 'l every h'8' III us
land and compel nm 10 lsi''i all ACCOUNT u
just what HIS ilcolNt 10 "l'r' ,'"'1'' 't
own legislature HAS petH "'S'n''iie" ~ o'o0a'
the income tax law, aI'N"Gh d 'lAS "r'lns
the legislature las hoS"oJ u'heo anu o"e VIC
may not correctly Interpret 10 '""' e"p'e'''"
OF It's views.
The success of President Taft in forcing his
Postals Savings Bank bill through congress IS d
scheme of Capitalization that IS contrary 10 the
true idea of savings banks WORK. The savings
banks of New York, Boston, Phliadelphla ana
. Baltimore have several thousands OF millions or
dollars of the savings Of the people under their
control and the management OF these banks has
been so wonderfully successful as to impress Itself
upon the entire country and showed what can be
done in the way Of savings if the people can be
convinced of honest administration. In this state
We have never had any savings banks Of the
eastern style. There the theory is that a GER
t@th number Of men shall act as trustees ard
Z he care Of the savings OF the people ana as
these savings accumulated the money shall be
loaned out under legal restrictions and generally
on unincumbered real estate at not exceeding
One-half of its market value. The safeguards
wisely adopted and carefully adhered to, have
built up the great savings bank interests IN the
Atlantic States and there it has been regarded
as a distinguished honor to any gentleman to be
made one of the trustees of these financial lnstl-
tutions. In our own state our so-called savings
banks have been parts of, or branches Of larger
banks and any way identified with the stock OF
the banks and hence the savings banks have
been run in the interest of the stockholders and
have not been strictly cooperative as have the
Eastern savings banks, where there are no
stockholders and where all of the profits belong
to the depositors subject to such legal restrlc-
tons as might be enacted By the legislatures.
As it now stands, the postal savings banks
will invite deposits and at present those deposits
aro presumably deposited III local depository
banks, but liable to be called to Washington
whenever the Secretary OF the treasury sees III
t. make such calls The money to be called to
Washington means that IL may be called to New
York and the whole scheme, whether so III
tended OF not, will result IN placing IN the hands
of eastern tinanclers the entire control OF the