US Presidency
1912

The cost of supplies, equipment, and salaries is $ 700,000. It thus appears that the system lacks $ 300,000 a year of paying interest and expenses. It is estimated, however, that when the deposits have reached the sum Of $ 50,000,000, which at the present rate they soon will do, the system will be self sustaining. By law the postal savings funds deposited at each post office are required to be redeposited in local banks. State and national banks to the number of 7,357 have qualified as depositories for these funds. Such deposits are secured by bonds aggregating $ 54,000,000. Of this amount, $ 37,000,000 represent municipal bonds. PARCEL POST In several messages I have favored and recommended the adoption of a system of parcel post. In the postal appropriation act of last year a general system was provided and its installation was directed by the 1st of January.