Show POSTAL SAVINGS BANKS DISCUSSED w W Riter Makes a Speech Be Before Before fore Utah Association of Credit Men V THINKS IT RANK INJUSTICE Says There Js Is So No Necessity rot for the to Enter tile the Dust Bust ness at Tills ThIs TIle Time The Utah Association or of Cel Credit Ien Mea Ibid held Its monthly luncheon this after afternoOn noOn It at the Commercial club with nearl nearly GO persons persona present Including as Invited gUts guests quito a number or of the themore te temore more prominent bankIng men or of this city and Ogden The function was note noted Il as being the occasion or of a an In V formal and interesting dl discussion on tile the matter malter of postal savings banks this V being brought up It at the special ruet of the National Credit Mens In New York which Is asking or Ir opInions from the various branches en over oer the nation The address of oC the meeting wa was delivered d by Hon W W V nier president of at the Deseret Savings bonk bank chairman f the board ot of resents regents of oC the state university and one of tile the best known anti and bet beet postel posted financiers In the west 11 Mr werl were especially desired as being valuable from rom one or of Ills his years anti long experience In the banking world and these views were expressed In the following address I fe feel 1 It Is almost presumptuous for rae me to undertake to discuss a sub V which Is largely a technical anti and antiscientifIc scientifIc one For tile the questions or of finances are arc subject to economic laws as Inexorable Immutable a as arc ure urethe tIle the laws that obtain In the physical world Yet Yel I possibly ma may be liar for fOl accepting the invitation to speak to you ou when allen so HO many undertake to discuss ot of finance who have huc lO less knowledge than I and I do donot donot not profess to have hae much I it Is one onD ot of the peculiarities or of American pol poll tc tics that men who know nothing ot of finance do not Ilet hesitate to discuss It is as t free freely as those learned In the professions discuss mateis matters be I longIng thereunto We do not a blacksmith to understand medicine nor llor a to understand geology olo nor nOI the to l but notwithstanding till tills as asI I have han alread already stated staled men who wilO have hav I Ino no knowledge or experience In financial t I matters think tile the leow know all about It V Vand al and do not hesitate to put faIth Corth thel their t V Vr J JJ r J am m reminded ed o of n a wih with which man many or of you OU i a re Sm SonIc years enl ago a ii 11 wll known to mal many of nf you ou kept 1 a jUI V hop In this city lr and the dat sl silver j V j wrote a j was published In one of f our leading pap gIving at t great t i length a solution n or It all I anI fil n I I elal V difficulties I It Is not hot nary ry to 8 say thal his Ies wore abut about as sund sound In regard to lo th these I questions as the slews ies or of th tile shoe t miker maker l be In ill re regard d to tile the neb aeb nebular ular hypothesis nd yet there wera vere doubtless who thought these views very sound You wi If her us as further evidence of tile the leaden tendency cy Ct or of people to discuss mater matters or of V finance of which the they know nothing or of how soundly Om b Grover Cleveland vas was t I for consulting wih with J Pier pont Morgan Morgan In Ill regard to the grave gle I condition the United States treasury f had fallen kIte Into Tn In Ills his writings s lIe he I asks the queston question it If It would have hae V been heen prudent to lo have consulted a i blacksmith Is nO sort o of doubt h that In ill this country especially the tho slon of at bankel el has met with t I V more suspicion and distrust than any other profession V I AGAINST GAI Sl BANKS DAXI S i Coming Coining more directly to 1 my lub sub t P I jeet I 1 ought to lo Sn In he that n nI I ala opposed strongly opposed to tile the t V of savings bank banks I Io I tb o not believe t there l Ia is any i ithe ous demand a foi them as coming n from the pop people but It Is the tho result t tor or of political exigencies I ton am inclined j to that tile the Republican party I t tonic up tills this alid made an ISle of I it to set before the people to offset tile the one taken up b by the party part making nn an Issue or of the goes ques 1 I 1 tion ot of guarantee or of bank deposits At V first glance both of these questions j jare are attractive to the nonprofessional but injudicIous according to I Ithe the views of those who to V know best I It Is certaInlY un unfortunate fortunate for Cor lS us that such grave grate questions fraught wih wIth such possible grave grac consequences should be tile the football of polities In other othel coun countrIes countries trIes these are leC left to tile the V determination or of those thoe skilled In economics anti and tile tho people acquiesce In theIr judgment and as little legisla legislation lion tion II Is enacted us as possible In regard to these economic questions per permit mil mit them to follow the drift ot of economic which they tIley wi will surel surely do In the face of oC any and all legisla ton ion that ma may be enacted to direct V them But you OU may ask and properly so not other nations legislated existence savings banks into Inlo postal And do the they not work wel well elsewhere I II I answer yes nut But under tinder circumstances and greatly different V from om those that obtain In tills country I It Is a great mistake that many make makeIn In supposing that banking and financial conditions that operate we weIn well wellIn In other countries would work at a all with US 0 take Into consideration lon tion the his lor political ond and social and economical development or of a peo people pie together with their temperament Idiosyncrasies and inherited notions In discussing this question for tor what might It ono one people under certain conditions might lIe he unfit for tor forthe the temperament and experiences or of another As 8 fn an illustration The banking lawI of Scotland are aro among the best n tile the world and f fit the wants and ot of the tho Scotch ad and i yet ct the they would bo be hol unsuited to toa a larger naton nation and would break down ft at the tho first stin strain put upon them And i ot men with Ith considerable experience f fand V and wisdom point to tile the Scotch 81 ter tern or of banking and UI its excellencies and h have ve recommended It al as n a pattern for or UI us to tol follow oW I It Is quite possible j that the Chinese method ot of banking although I am wholly unacquaInted V best tor the Chinese with it mi ala be or but not ft fit a single condition which wo we arc surrounded CONDITIONS ARE DIFFERENT Now tIle the savings In Europ Europe perform functions In government mat tars which It Is scarcely possible for or them to hero with u us The Theare They are invested to a cry ery grat great extent perhaps nearl wholly In the govern goorn mont debt ot of different countrIes with their rapid Increase or of debt may mayL continue to absorb all the ci al te L o oV oA V V V A Ii V V I tho people which nIgh might go Into tho MV MI or o In tho nt at that 16 million of r ness or of tIe the European na took ot o tho ot of thoo Now wo havo nu flu nuI In this thI country countr Into which thelle go What will tho I government do with It will be for to put them Into government tor or they are aro mostly b orbed as ai SecUritY tor br baniz liotos I 1 tell you it 11 itIs Is entering upon n a plan pion that a and nation never to touch Such vast will be become como come the football or of and thu enterIng wedge to deadly You may me sarno omo ot of you 01 Is not good I will In OU lj b calling your attention to 0 con OU UN ore Oil nil with Take I D 0 father who h b been n In and who hIlS n a number oC cC 1 sons whom ho coddie and nurses alan along rJ the paths ur oC business activities and fiS as asa II a rule how do O the they compare with th the II Ions EOns ot of men who are tre poor Look Lookaround U around you ou Count up the men who have made this tate state and western what the they arc nrc nn and then consider their thelt lowly It is Ll a at t little rough to quote it but bul I reel feol that I 1 can CIn accentUate accentual nI fly view vie b by to what Bob Dob Ingersoll said when ho he at the thu children or ortho f tho rIch good G God ld what a penalty t 1 hM hl I ij j 1 o governments govern U 11 best who govern least and leave tile the j I to out their own de Jj and give n a full rull play pia for tor all the latent o 0 energIes tho that t the they may po I i think that the business or ol J 4 is mainly to keep the peace und and not notE notI I E the tho i DECLARES IT UNJUST 1 Besides es this I think It 1 a rank In Ins s for the government to enter the tho thoI I banking business when there Is no 1 for tor ll it In opposition to lie lieI 1 I bUl or of mell who spent their 1 ii lve In building u n a reputation or ora ora a honest honesty and fair Calr With Ith as much justice 1 a government enter Into I merchandising or 01 manufacturing or orI I 1 any other industry in III opposition to its J i own on t Another very objection I 1 havo I i to this The Tho opening ot of C channels for postal Ings would woul ere ate a large number ot of n additional office I 1 holder which arc already too large Jare for rorI forI I I the tho welfare of oC the country and It would J J more firm firmly I an ony party part partI I j Sn In power when the they ence got ot In power for or It Is 1 well known knoT that all tile the em or of the notwithstanding standing the tho law it are amon among the most active supporters of the po political political machines The cLaim Is made that It would bring into n use a large o of m money eu flow In the pockets c e of the people p I am Inclined to doubt that the sum Bum wll ho he heas as large as many tell II us But Dut even een it If itCo J IO Co lot let mt me oak asle Is If mane money In the tho thoI I pockets of at the people an unmixed evil Suppose during our last panic the peo people plo hu hail no loose money with them when the banks bank cut oft orr their ability to withdraw their deposits would not this condition have accentuated the trouble Dl Did not this amount n the tho hands or of the people act as a t buffer against moro more I consequences There would be a great loss to the people Ir If the they would put their mone money Into the postal savings instead of In Inthe inthe the ordinary ordinal banks s with which the they have been so long nC acquainted for tor the that the lie 2 per her cent that the government proposes to pa pay I is only about or of what they now re receive An And a admItting that the sov gor offered them a greater security ty for their the tho loss would tIli be great Sleat for If some banks do fall fail and the tho government does doeR not fall fail the loss h by Insolvent banks would only be a fraction or of the tho loss or of Inter eat cst paid to the tho depositor as against government rates As nn an illustration There Thero Is between and 10 or savings deposits In this city on which the depositors receive som per ir year ear which Is i twice the tho amount they would receive Ir If these deposits were In government hands nod yet ot ns as far as I remember no say sav logs bank has ever railed failed here hereSA SA VING DANKS DANIS ARE SOLID It Il Is also said that many people keep mone money about them on accoUnt of at lack or of confidence In the tho banks and their confidence In the government would draw raw out these sums I ant am amI very er free to sa say that I do tb not believe it IL Tim The history or of savIngs banks or of orthe I the last 25 years Is such as aI to Inspire rather than thun lestroy destro confidence for tor the cases or of mIsmanagement dishonesty and failure In regard to savings banks are row few and tar between Another evil as I view It would woul be the ten tendency enc providing people to o the government a tendency to draw mone money held b by the people In the more remote sections of the tho country to the larger mone money centers It Il Is true we tto are aro that the tho bill providing postal savings will provide that these moneys i ma may lie be deposited In the local banks But Dut how ran an that be The government I will demand a class or of securities for tor these theM deposits which the tho local banks would he be unable or It unprofitable able to provide As an Illustration Do you ou suppose banks situated tIl say nt at Cedar City oi 01 St George Georce would pur purchase chase government bon bonds a for tho ho pur purI purpose pose or of protecting the Cite government for tor forthe I the savings deposits It might make mako with them This experience has been had even In the ol older e countries Sonic Some of at the bet best EnglIsh ho have call called Id ed attention to the done dotto to the remote sections of oC and Ire land b by drawing from them tue tho change chango on which the they have don done business Auth nd Ir if the opera tion ot of the law would be this In a countr country a as densely settled 01 a Ireland md and England what would he the condition In lei densely demel settled countries like the Un It and more that port part or of It lying west ot of the Missouri river WHO FOOTS THE BILLS Another thing There Thero will be It a con considerable ad additional expense In Ing handling and disposing of at these funds Veil you may say that Is the Ule governments business It tho they want to Incur the tho expense what business Is It or of ours But Dut let me mc ask Who ho Is IsI and who toots foots Its I One of the plausible made In favor or 01 our providing tor or postal savings Is that ours Is the tho only great nation without them It If this is ht I a good argument then we w ought to toL L adopt other features of especially lu flu national lire life which we are arc now I short hart or of orI I We ro ought ough to have hae a titled f racy We re ought to have n a large lurge standing arm army Vu Vo ought to haea have a nu nit debt Yo Vo ought to have an arms arm or of tAx tAxI I collectors pryIng Into o our r private nr at fairs Our land ought to be terrorized by wll Wild e eyed ell anarchists seeking the th lives or of our highest officials against nil all or of I which Including postal savings I pray G God ld to fore orotund rend us I |