Bisbee daily review., 1910-02-08
MORGAN SAYS
OMIT POSTAL
BANK AEASUSE
Big Banker in New York Sup
posed TO Have More lnflu-
ence With Congress Than
Taft Himself.

WASHINGTON. d. c., Feb. 7.-s.
Fierpont Morgan has intimated that
il would be jus; as well not 20 have
any postal savings bank legislation
al his session OF congress (recom-
mediation of President Taft TO the
contrary Notwithstanding.
Therefore. in the opinion Of some
OF the political students assembled iP
Washington, friends OF postal banks
may as well 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
waylfor a postal savings bank bill to
pass both houses Of congress at this
session is Tor Morgan TO change his
mind.
At the heck aud call Of Morgan and
his associates. it is pointed out. there
Is enough moley-power and political
power to enable MIN 10 do any of the
Following;
Bring about the passage of any r.
nsncial legislation desired: prevent
tne ,.assage Of any financial iegisla-
ZION desired: stop panic. start a
panic; interfere with government fl
nance by calling in millions Of loans
on short notice; grant or refuse cred
g. tofallins fabulous figures: manipu-
late bank reserves. move money from
enc part Of the country 10 another;
SOP payment at hundreds Of savings
banks with q few hours notice
OF course Morgan is not the only
one opposing savings banks in post
offices. Some the leading and most
equitable 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
fuence that is obstructiRg the postal
bank bill.
But" protest the friends of postal
banks, I'VE have been assured the
postal bank bill win pass the senate
vilhin the next few days
The bill may or may not pass the
senate. To allow popular measure
10 pass one branch OF congress. only
TO slap.it I'm the remaining stages Of
legislation. in only one of the devices
resorted to by Messrs. Aldrich and
Cannon to hoodwink the people. This
is an old trick. but it still serves its
purpose.
Ia the sixtieth congress, for in
stance. the bill for the admission Of
New Mexico and Arizona as states
passed the house unanimously. but
was strangied in a committee Of the
senate. The house passed a bin pro
viding for uniform safety appliances
on cars, but it was anti-railroad in
character and died in the senate. The
house then passed a bill requiring
ocean passenger steamships to be
equipped with wireless telegraph ap-
paratus. which was anti-steamship,
and It too died in the senate.
IN the mouse. the postal bank bill
viii be referred TO the committee on
uostoffiees and postroads. Uncle
Joe" saw to it this committee was
packed against postal banks. Tine
chairman. !. ". Weeks is admittedly
hostile TO the idea Mr. Weeks was
especially selected FOR the position
He IS a member of the firm of Horn
blower and Weeks. bankers and brok
ers at Newton. Mass; is vice presi
deat OF the First National Bank D
Boston. and president of the Newton
Vile Trust Co. Mr.. Weeks place.
ReD. John J. Gardner of New Jerse!
at the head of a subcommittee Il
take care Of postal bank bills. Gard
uers record in congress qualified hin
for the duty at hand. Gardner i
chairman of the house committee ol
labor. which for years has served a
a catacomb for bills disapproved o
bv the special interests.
Postal savings banks constitute on
OF the principal Taft measures. Query
since 1t is a notorious fact in WASH
.Hston that for years Speaker Car
non has been packing committed
AGAINST this kind OF legislation, wh
ald the president resort to such here
ic efforts to prevent change in th
rules which would have made it in
possible for Uncle Joe" to continu
appointing and packing committees
Senator Depew Of New York ha
decided that. after all. he may 3
well remain In pubiic life six yeai
more. al la Aldrich. Senator Dope
IL chairman OF the board of director
q the New York Central and Hu
son River railroad. and director I
sixfy-two other transportation an
franchise corporations and combin
rions. At banquets he extolls the 7
actionaries of congress and denounci
the progressives. One of Senator D
uew's eccentricities is to mot vote
on bills which would have tendenc
20 align him for OF against the pc
ple. Out of 33S roll calls in five sc
sions of congress. Depew is report'
Is not voting" 167 times. OF pra
ucally on fifty per cent of the rS
calls. When ne does vote, is is
Aldrich dictates. In five sessions.
voted against Aldsich only five tim