New-York tribune., 1910-06-23
rFron The Tribune Bureau-1

Washington. June 22-President Taft
won a series of notable victories IN the
Senate to-day. In the closing hour OF a
Icpg and weary session three measures
which lie close to the heart Of the Prest-
dent were started on their certain way
+o the White House. These bills will be
presented TO the President for his sig
nature within the next thirty-six hours,
and their approval by Mr. Taft Will con-
5titute another great triumph for the
sane and progressive policy of the Re-
publican party. They are the postal
savings bank, campaign publicity and
reclamation bond issue measures.
The President regards the postal saw
ings bank bill as one of the most bene-
fetal pieces of legislation ever enacted,
and infinitely more far reaching in it's
effects than is generally realized
The primary purpose of the bill is, OF
course TO afford a safe and convenient
place for the savings of those remote
from or unfamiliar with the advantages
of savings or other banks, and that end
will be completely achieved by this BILL
A further and almost equally impor-
tant feature of the measure is that IL
will operate to produce a class OF bond
holders of the most satisfactory char
acter-peopIe content, in the knowledge
that their security is gilt edged. with
the low interest. 219 per cent. which the
postal bonds viii pay
Opportunity will be afforded unGer
the provisions of the bill TO refund exist
ing loans, as, for instance, the outstand-
ing government IS. of which there
are S63 OOoO0O. with bonds in the de-
nominations prescribed by the new bill
and at 2112 per cent
In connection with the immediate
finances of the government it is pointed
out that the corporation tax Will yield
abundant funds to tide over any pressing
needs and thus avert the necessity OF
A Panama bond issue. which the Secre-
tary of the Treasury is unwilling to or
der in view of the fact that the tax on
such securities has not been adjusted
as he deems necessary to protect the
parity of the outstanding Is.
| But should the Supreme Court Of the
United States declare the corporation
tax unconstitutional. and il should be-
| come necessary TO refund the tax. ths
receipts of the postal savings banks
would be available for the purpose. IN
deed. il is believed that they will prove
sufficient 10 meet all demands on the
Treasury from the building of the Pan
| anna Canal
| MAY Permit Retirement of Bonds.
The abundant discretion delegated 20
! the President or TO the governors OF the
proposed bank. will permit the devotion
| of deposits 10 the retirement of out
| standing bond issues should central
| bank of issue be decided on. although
| this process would doubtless be accom-
| plished by means OF the substitution OF
postal bonds. as provided for in the bill.
/ thus permitting the gradual retirement
of the outstanding bond issues.
1T is simply Republican luck. and the
| poor Democrats might as we'll go out OF
| business" the President Is asserted to-
| have said TO some of his callers this
evening. and there is no Disgusting the
fact that he Is delighted beyond meas
use with the passage OF the bill which
| in his opinion will afford the greatest
satisfaction 70 the people generally. and
will at the same time remove every en-
4 barrassment from the path Of those