The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-02-08

Washington, Feb. I'll. Pierpont
Morgan has intimated that it would be
lust as well not to have any posta
savings bank legislation at this ses
sion of congress, Recommendation Of
President Taft to the contrary not
withstanding).
Therefore, in the opinion of some
OF the political students assembled in
washington, friends of postal banks
may as we'll abandon hope early, and
thus avoid disappointment later on
These men who incline to the belief
expressed, and 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 legisia-
ton desired; stop a panic; start a
panic; interfere with government
finance by calling in millions Of loans
On short notice; grant or refuse credit
totalling 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
80 h0
reputable independent bankers of the
country are hostile to the idea. But
the opposition of Morgan Is the oppo-
sition which is counting; it is his in.
fluence that is obstructing the postal
bank bill.
But" protest the friends of postal
banks, I'VE have been assured the
postal bank bill will pass the senate
within the next few days"
The bill may or may not pass the
penate. To allow popular measure
10 pass one branch of congress, only
10 slay it in the remaining stages OF
legislation, is only one Of the devices
fesorted to by Messrs. Aldrich and
Cannon to hoodwink the people. This
Is an old trick, but it still serves its
purpose
In uQG COUST6SS, LOT LII
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 a bill pro
viding for uniform safety appliances
on cars, but it was anti-railroad in
character and died in the senate. The
house then passed bill requiring
ocean passenger steamships to be
equipped with wireless telegraph ap
paratus, which was anti-steamship and
Il too died in the senate.
In the house, the postal bank bill
will be referred to the committee or
postoffices and postroads. Uncle Joe
saw to it this committee was packet
against postal banks. The chairman
]. w. Weeks, is admittedly hostile tt
the idea. Mr.. Weeks was especially
selected for the position. He Is
member of the firm of Hornblower &
Weeks, bankers and brokers at New
ton, Mass; is vice-pTesldent of the
First National Bank of Boston, ant
president of the Newtonville Trust Co
Mr. Weeks placed Rep. John J. Gard
ner of New Jersey at the head Of {
subcommittee to take care Of posta
Uduh D1If5. ISCpIi III Gun
gress qualified him for the duty a.
hand. Gardner is chairman Of tn.
house committee on labor, which fol
years has served as a catacomb fol
bills disapproved of by the special in
terests.
Postal savings banks constitute one
of the principal Taft measures
Query: Since it is notorious TACT il
Washington that for years Speakel
Cannon has been packing committee:
against this kind Of legislation, VIII!
did the president resort to such heroic
efforts to prevent a change in th'
rules which would have made it i'm
possible for Uncle Joe; to continut
appointing and packing committees?
repew to Remain.
Senator Depew of New York has de
cided that, after all, he may as wei
remain in public life six years more
q la Aldrich. Senator Depew is chair
man of the board of directors Of thu
New York Central and Hudson Rive
railroad, and a director of sixty-tw'
other transportation and franchise col
porations and combinations. At ban
uuets he extolls the reactonaries o
congress and denounces the Pre-
gressives. One of Senator Depew'
eccentricities is to mot vote" on bill
which would have tendency to- aligl
him for or against the people. Out o
33S roll calls in five sessions of cor
gress, Depew Is reported as not vot
ing 1877 times, or practically on fit,
per cent of the roll calls. When h,
does vote, 1t is as Aldrich dictates. L
five sessions, he voted against Aldric,
only five times-once every two years
81 expect that the next house o