The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-12-27

woure~. Of $4,000. zoe. ooo. Senator
sheppard In n carefully written
statement. speaking Of the federal re.
asrya SyRtem In terms of highest
praise. adds None Of these features
and qualities IL u proposed To alter
or endanTrr In the slightest degree
by my bin o.. 2e5D To increase the
Utility 81 the postal savings hanks.
etc" Speaking % disposition Of
postal savings funds under present
laws. be Gays; "And what IN done
with these savings in the postal hank
secured at no low n rate because OF
depoaitorS' confidence in the 4. =.
government which backs the postal
bank Instead OF giving the United
States the benefit 81 tho mon.y--the
benefit ~ this ia per cent money.
IS p~r cent of Il In turned over 20
tho bankers for ~ per cent interest
and tho bankers loan IL to the United
States for "a 20 9. or loan IL To farm.
orp or others for productive purposes
at a stiil higher rate. plus commits.
kions 10 omebody.
This very day the United states
lie paying IA much as 6ts per cent
interest 60 bankers and sthers-and
most Of the nations promises To pay
are hawked In the market at a dis.
graceful discount whereas our petty
postal savings bank. II unshaokled.
viii secure the government practl.
oaily unlimited credit at a cos, OF
approximately Z per cent within a
few months tiue."
Here IN what the Sheppard bill
promises as To loans.
TAI Loans not 10 exceed as per
cent OF the market value OF bonds OF
the u. 8 or other states.
Oh Not 10 exceed 20 per cent OF
the value of such other securities a.
are nc~ admissible investments un.
der the existing laws of New York
or Massachusetts, for savings banks
or as are estimated by the Industrial
savings board as OF equivalent good
standing.
tci Not TO exceed 81 per cent OF
the market value OF wheat. cotton or
other pcrishable products. so.
called. In safe, adequately insured
i'tNh Fh'AAkFf FaAfi FtEnfAa
tons ms the board may prescribe.
tdl Loans against marketable col.
lateral shall be made at any county
seat savings bank or ut postal banks
in larger cities. as designated by the
board and as provided for under sec.
ton Is OF this act. in accordance
with rules and regulations made by
the board"
The senator says In his statement:
Take emphatic note that nothing
is here suggested in the line of fiat
money nor even OF initiation OF cred.
Its. Certifying bank check does
not initiate. and every certificate of
deposit in the postal bank is nothing
but certified check representing
savings deposited"
Sensible people ought 10 fly 10 tho
support of this bill. venture to say
that you can scarcely pick up at
random a man who will not approve
removing tho limit on deposits in
postal savings and TO increase the
rate OF interest follows logically. This
bill applies TO money the banks can.
not get Whether wise or otherwise.
the ignorant foreigner" is not the
only man or person who refuses TO
patronize banks.
There is no possible way for citi.
Gems TO move In such matters-citi.
zens lacking power and influence
except by communication with mem.
bers OF congress. and II Is folly To
talk OF democracy and do nothing to
leave your impress upon legislation
when you know that most all effect.
ual Initiative liz by special interests.
supported by your representatives.
l.. A. VINCENT.