East Oregonian : E.O. (Pendleton, OR) 1888-current, 1910-08-03
PAGE THREE

saying, as I am bound to ny, that had
natural for the banks "a resist be-
cause the repositories are in a sense,
competitors in business. Therefore,
the board will be from the beginning
the focal point OF all the political in
fluence that the banks can arouse
and direct
The law should be amended so that
repositories are selected ~ some
standard. either OF population or o.
| business, which could be applied in
flexibly TO the whole country.
Second, the most serious objection
to the law will be found in the dis
position of the money after it is gath
cred at the pOstoffices. Until few
weeks before the bill passed it had
never been suggested that the money
Sc taken in at the postoffice was, un-
der any circumstances, 10 be removed
from the communities in which it was
gathered, except as it went out under
the ordinary laws Of commerce and
trade.
The subject has been Considered by
more than one postmaster general,
bills had been introduced and reports
made by committees, but It had never
been intimated that it would be wise
to withdraw and invest them in gov
ernment bonds. Our platform was
bottomed upon the fundamental idea
| that the money put in the postoffices
should not be Withdrawn by the gov
ernment from that community.
The power of the east over the west
in controlling the supply Of money rs
already too great and what we have
done will add immeasurably to the
| eastern influence.
Protect Country Banks.
In my judgment, if We want to pop
ularize postal savings repositories,
J and allow them to fulfill the purposes
we have had in view. We must speed
| lily amend the law so that the coun-
try banks will not be injured, and so
| that money will be permitted to per-
| form its full functions in the locali-
ties to which it naturally flows.
In this connection / must be per-
mitted to dwell upon the proposition
| for a central bank. 1t Will soon be a
| live question in American politics, and
| it is high time that republicans should
| give it that fireside consideration
which in the end settles all pubic
problems. Leaders may fret and
fume about it; they may write books
about it; committees and commits
sions may sit upon it; the Congress
| soinal Record may be filled with
pages concerning it, but finally the
quiet reflection of the farm and fac
tory; the shop and store, the street
corner and the roadside will enter the
judgment.
The proposal has not yet taken def
mite form, but it is in the air that
central bank shall be established with
the sole power of issuing paper mon
ey and of determining therefore how
much money at any given time we
shall have, and how it shall be dis
tributed.
do not say that l will oppose a
central bank but l do say that will
oppose any bank with the powers that
l have described. for if that misfor-
tune should befall us we would suf-
fer financial slavery more complete
even than the industrial servitude
which now afflicts us.
: In the consolidation of the great
banks now in progress We see the
!. preparation of such a condition. Al
; ready a dozen men, or less, can eXer1
: an influence which makes the country
tremble in apprehension of theil
: mighty strength and if we permit
them to enlarge their authority we
!, will richly deserve the subjugation
which will follow.