Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1872-01-06
Post Ole" Sa> ings Banks.

- CuiHrcSa. recommends lle esb1p-
E,h,n-ut ui savings hanks through
the fundamentally of the P"stofiicc
He gives some Statistics of their sue
cess since their Introduction into
Great Britain, which may be sum
married. thus: They we're founded
by the government in 1861, and
rnme into operation ON tue 10th ot
Scptembcr Of that year. On tho
alst Of December. 1862, the number
Of receiving Postofiices was 535 :;
the number of dcpositors $50, PIG
and the sum received amounted to
5.573.4OO in dollars. At the end Of
1870, the number Of receiving Post
Offices was .Os2, ofdspositors 2, 1885,
1893, and amount received 81 800,
900, all increase Of / 100 per cent,
In nine years"
The Cincinnati Price Current,
from which we clip the above,
after claiming the credit of first in
Producing the subject in this coun-
try, continues:
I'VE are glad to find it not OILY
proposed by the Postmaster-Gcner-
al for legislation, but the public
has become interested and the Ma
tional Board Of trade, meeting i'll st.
Louis last week, had the matter
brought befoie them in paper.
prepared by request. from gentle
man of this city. The government
If the North German Confederation
have already taken action on the
same subject, and poSt"flice savings
banks come into operation in that
country on Jar. |. 1872. They
have borrowed from England this
system, and England has borrowed
from Germany tn ir card postage
system. We may borrow from both
But the Postmaster.Ge General has
rot told half the story. The Post
,ftice Savings Banks have only been
in operation ten years, but savings
banks under trustees have been in
existence nearly one hundred years
in Great Britain, and the depositors
in these local banks are nearly one
million two hundred thousand, and
the amount in the hands Of the gov
~rnment applied to the reduction Of
the national debt ia over two hum
dred millions III dollars, or about
$3.50. 100000 from both kinds Of
banks. On this sum the government
pays 2 ID per cent, per annum.
The interest, il not drawn out, is re-
invested half yearly for the benefit
of the depositor. The funds of both
kinds Of savings banks are managed
by one controller and fifty clerks.
The. English Post"ffices receive
deposits as low as twenty five cents,
but not over $3.50 in one name The
offices enter the amount deposited
III book. which it furnishes, gratis,
to each depositor, and will give re-
ceipts by afixing it's daily stamp
On presentation Of this book. and
after notice Of two to FIVE days,
deposits can be withdrawn, the de-
mand for the return of the money
being sent to the department in Lon
don, aud check IL sent from thence
- any Postmaster to pay. In some
Of the trustee banks . notice of .
week from the deposi,or for q with.
drawal was required, and it WAS con-
>sidered generally useful, a. it gave
time for confederation to the party
withdrawing their savings, between
the LAY Of notice and the payment.
The whole number of applications
for the return Of deposits in 1870
was 2. 10000. In Germany they fol-
low the Hritish sys.em. with . few
sninor alterations suitable t" the cir
sumstances and habits OF the people.
They viii! allow 3 - per cent, inter
est.
III our previous articles we con-
sidrred this plan as the natural Sc
Iu"nce to the funding loan. which
introduced "a lower rate of interest
OH the government debt, and that
Me thrifty working man WAS entitled
TO the same nndoubted security for
his small savings as was offered to
the capitalist III the bonds of the
government. Why may he not in
vert his $40 or $40 in the hands OF
the government. a. we'll as his rich
er neighbor his thousands ? and this
san be done through the postofficcs.
The system may easily I've introduced
ITO :.is country; and if the E.oney
received were invested in the 1 10
Per cents, and the depositor cred
tied with one cent per 500 per
DAY, or 1856 per cent. per annum,
currency, tho department would re-
tain eighty-five cents per 500, gold,
for expenses"
Connected with this subject is
feature which, though, omitted by the
Price Current, is not the least i'm.
portant. We refer to the mora! adj
vantage gained by the Government
ia the affections aud interest of the
people. Disguise it as we may, the
heart of humanity lies very near. if
'"t in its purse. The government,
hy becoming the dcr,sitary of the
peoples earnings, and faithfully re.
turning them. with interest ad ditions,
"n demand, entrenches itself in