New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-20
M'ADO0 PLAN NOT L|KED|
Banks Generally Oppose Scheme
of Campaign Contributions.
PROFIT AND LOSS QUESTION
Would Be Nothing in 1t Unless
Funds Could Be Held Until
Needed by Organizations.

Officers OF local banks and trust COM
nar,es asked Yesterday TO comment upon
the proposal of William @. McAdoo thal
banking institutions should agree 70 re-
ceiye contributions for campaign expenses
OF the Democratic, Republican and Pro-
gressive parties were, on the whole, IN
clined to regard the suggestion as
chimerical. although some OF them pro-
fessed willingness TO accept. such sun
scriptions. There would be nothing illegai
about II. most of them agreed, but IN gen
eraI they we're apparently not impressed
with the idea of Mr.. McAdoo that they
ought, as a patriotic duty, TO take cam
paign contributions, their incnFuon De-
ing 10 look at the plan solely from t'Ie
banking point of view, and 10 favor or
condemn Il as II might show the posi-
bility Of profit or loss
An officer OF one large institution salo
that. speaking for himself, he believed MS
bank would not object to RENTING CON
tributions TO the treasurers or the ma
tional committees, although there would
be little or no profit I'm giving this service.
The funds contributed in this way now
ever he thought would go chiefly 10 the
country banks az I'm the large cities prac-
,ically all Of the persons who would con-
tribute small sums were members Of the
various political organizations, who would
pay over their money to the treasurers
Of the local bodies.
In another OF the leading banks il was
said that, although the subject had not
been discussed by the management, IL was
probable that IL the three parties should
agree I'm urging the new plan, that insti-
tuition would consent 10 accept subscrip-
tons, RENTING the funds each day TO
the national treasurers. An officer of one
of the largest trust companies said his
company would not cooperate in the
projected plan unless a profit could be
made. There would be more or less risk
to the trust company. he continued, and
good deal Of clerical labor would be called
for.
He suggested as an Improvement upon
the McAdoo plan that the treasurer OF
each national committee designate per-
haps a half-dozen institutions, national
and state banks and trust companies, as
those which would receive general con-
tributions: and that these institutions be
permitted to retain the funds until needed
for actual expenditure by the treasurers,
thus affordng the bankers an oppor-
tunity for making a reasonable proht
Another banker said Why should the
banks and trust companies do work or
this sort? or course. it would be entirely
different with a charitable fund, or IL
there were being taken up countrywide
contributions in a great disaster relief
fund But for a purpose of this KIND the
political parties have one OF the best col
lection and forwarding agencies in the
country. the postoffices, government and
or,clal institution. Why not the post
offices?
"or. If not the postoffices, why. the very
simplest way Of forwarding subscriptions
I'm the world is a simple two-cent stamp !
attached TO an envelope and mailed TO
Democratic or Republican or Progressive
headquarters.
Il dare say. however. that good many
banks in smaller communities would take
up the scheme for the sake OF the adver-
Using and publicity they would get out
OF IT, Doubtless. some would be rather
glad OF this advertising And there might
be considerable competition among some
Then YOU would have the spectacle OF
the banker in politics. this mans bank
the biggest contributor 10 the Woodrow
Wilson funds: that mans 10 the third
termers. This is not the function or
bankers or the position for them TO be in.
In some OF the smaller banks the Nc |
Adoo plan was thought TO be entirely 1
feasible. An officer OF one OF these insti- |
buttons said:
1T would certainly increase popular
campaign subscriptions. Men like TO show
their bankers that they are taking an
active part in the life OF the community /
1t would appeal TO their pride TO walk into
q bank with $40 subscription for one OF
the parties, whereas otherwise they would
probably not have subscribed a cent !
Then, too. there would be a certain nat |
ural spirit of competition among the |
banks. each desiring 10 have its own
subscription list look large in the news
papers This would be especially true in |
small places"