American citizen. [volume] (Canton, Miss.) 1864-1890, 1873-12-06
NO.. 40.

the mailing office the Office of delivery.
ful revision of the subject confirms in the opiH
Ion that the postage on all such matter should be
collected in advance at the mailing office. CoIlec-
tons now made with great difficulty. and there
Is no provision whatever by which dishonesty or
negligence can be detected. No stamps used
department Is compelled to accept in fun
| satisfaction whatever sums Of money Post
| exccrably bad is the system thar postal
| officials of high standing have estimated
thar not more than Onethrd Of the postage proper
iy chargeabl. on newspapers is accounted for and
paid over Furthermore, disputes are continually
| whether the sheets they transmit come within the
! meaning Of the term newspaper. and as To the
number of their bona fde subsc ibers. In the hope
of contributing faithful collection of
hostages, The more prompt and efficient trausmis
sion of newspapers, the saving OF labor in Post
Offices, and the general advantage, as well OF the
! Department a. Of publishers and their patrons.
re-pec fully submit the following plan for prepay
Inent OF newspapers OF the second class, and urge
its adoption Let all publishers, their business
managers agents, be required at the beginning
| OF every quarter TO state under oath that, after
diligent inquiry, they satisfied that they will
send in the malls TO regular subscribers during the
coming quarter not more than = copies of the
| Der of copies and name OF newspaper and let
| them be further required TO pay in ad vance the
postage required by law taking therefor duplicate
receipts, one Of which shall be transmitted the
| Post-Ofice Department. and. to afford reasonable
| opportunity for an increase Of circulation during
| the quarter. let the oath taken N The beginning
of thu. next Quarter embrace ali additional copcs
| for the last quarter, well the number 10 be
| sent during the then commencing quarter On the
within weeks after the beginning of every
quarter correct lists Of all the newspapers address
ed 10 regular subscribers and dispatched in the
mails from their respective offices, sta ing the num-
| Der Of copies Of each newspaper, the average
weight per paper. the number OF issues per week
| Payment having been made in advance for the
quarter. no stamp or manipulation would be need
ed. but when received into the Office, every paper
answering to the description given IN the receipt
would be treated as paid The papers OF persons
Immediately and paid for 1t the beginning Of the
| next quarter. So marked would be the improve
eve the could safeiy Consent p in case
OF its adoption, to q reduction in newspaper rates
OF forty Per cent on present prices Al the deauG
| ize more revenue than now. l also believe that SO
| great would be the saving Of labor to newspaper
the mail and decided their gain from the greater
dispatch and freedom from mistakes in transmits
| sion and delivery, that they would lind the new
| plan more advantageous TO them tnan the present
one. similar plan could be adopted for maya
zines and periodicals Of the second class.
Posr-oFFIcE SAVINGS BANKS
! The events Of the past few weeks have awakened
aiively interest in plan heretofore submitted for
pie by pledge Of the credit and faith OF the
| United States. In my reports for 1871 and 1-72
| pose, under the title Of post-ofice saving banks
| The name was not wei chosen. The lnsututIo
| and should not be permitted to encroach upon the
! legitimate powers and dutiss Of the National
|
their scope and character, in the machinery they
| employ. and in the ends they intended 10 ac
| eompfi-h ana may be more accurately designated
| States.
The financial difficulties in which the country
| has been Unexpectedly involved. and which still
continue to oppress il, have demonstrated The ne
| cessity for come means Of maintaining confidence
ana wisely employing the immense wealth scatter,
| ed among the people. 70 prevent panic and escape
the people Of The United States hold the reins of
financial as well political power, clearly appears
from The tables taken from the public debt state
ments. reports Of the National Banks, and from
| official accounts:
II, therefore, plan can be devised that will af-
ford TO depositors equal security to that afforded
to note holders but little doubt can be entertained
| that general amelioratiOn of the present condi
| ton will be effected; the immense sum Of Sc ~
UO0 OOJ held by the people in June last, with the
4 large accessions since made thereto by heavy
| drafts upon the Treasury and the banks, will be
| brought out from its places Of conceaiment and
| applied its legitimate work Of aiding in for
| warding our crops and products TO market. and in
sustaining our vast manufacturing and other busi-
| In my judgment, system Of postal savings de-
| positories would powerfully contribute TO this
| plan for their organization and work two ideas
predominant; first, the United States is to insure
the safe return of principal and interest whenever
| demanded; and, secondly, the extensive machin-
cry Of the Post Office is 10 be used to bring its adj
| vaniages home TO the great mass Of the people.
| The details would be simple, safe, and efficient
| Money-order offices. agents of the Government,
would receive deposits in small sums. ranging
| from 81 upward to the limit fixed by law. which
| sums The Postmaster would forward at short in
| tervals to the nearest depository OF The United
States Treasury A certificate, fixing the respon-
| sibility OF the Government. would be issued i'm
mediately to the deposltor by the POSTMASTER, and
notice thereof would be rent either to the Depart
| ment some established branch Office, to the end
| that due entry thereof might be made and a
more formal acknowledgment forwarded to The
depoeitor for the amount No depostor should be
allowed in any one year to deposit exceeding S3UO;
greater accumulation OF deposits should be per-
| rod pnp dannS han n
greater accumulation Of deposits and interest
should be allowed than s1,500 Meantime howev-
e-t not exceeding per cent, to be computed from
the first day of the month following the deposit.
which any withdrawal might be made. Interest
should be computed to the end Of the fiscal year,
principal. 1t would OF course be to keep
| an exact account OF all such depo-ifs and of the
| expenses incident 10 the management thereof. in
| the reasury Department. also. TO make provision
| for the payment Of the amounts due depos1ors
draw them; and to allow and credit to such accu-
| mutations somewhat greater rate OF interest than
that paid depositors so that all expenses might be
paid out Of the fund and the institution made self
sustaining. l am confident that the plan OF opera
tons thus generally sketched may be SO ampided
| and guarded that the people could be efficiently
served, and the Government may be saved from all
| loss expense. The great ends to be attained
first, absolute security; secondly, the utmost
facilities for deposits, Withdrawals and transfers.
and thirdly. perfect secrecy
The extent of the benefits which will inure 10 the
people and the Government from the establishment
of this system will be bees. indicated by statement
of the amounts deposited in existing savings banks
| in come OF the States Of the Union.
| Thus seven States (Massachusetts, Rhode Island,
| Maine. New hampshire, Conneciic A. New York
| and California; had. many months ago. Is rs
| depositors. and 1923. 70, 90 on depo-it-an
| amount greater by 693 than all the deposits,
including those of individuals. the United States,
and United States disbursing officers, held by all
| the National Banks of the United States, number
| ing 1919 on the Sd day Of October, 1872.
! Objection has been made to the establishment OF
postal savings Repositories on the ground that they
| would interfere with and overthrow the present
savings banks. l respectfully submit that this OBJ
| lection is without foundation. Savings banks were
originally established by the benevolent and phi
lanhropc provide safe places OF deposit for the
small savings Of aboring people. and in the begin
mng they were conducted without hope OF either
| profit reward Other than that which comes from
the consciousness of doing good. In far a. they
have since been used fsr purposes of speculation,
| their managers have diverted them from their
original design, and TO that extent have abused he
confidence reposed in them. Security Ia TO be
spirit of speculation should be thoroughly Grad
icated from their administration IL savings
| banks subjected to risks. and prosiituted for
| purposes of gain for their managers they should
be oyerthrown- IT, on the contrary. they continue
| to be well and probably managed, and pay
greater of interest than that paid by the Gov
ernment they will in nowise he put TO disadvant-
| age. because every depositor will be left free
! select his place of deposit
Nor the National banks raise valid objec-
ton. They are organized to afford facilities 10
the community by lending money on personal Sc
curly. dealing in exchange. issuing notes. ana re-
ceiving deposits not for permanent investment;
but temporary custGdians. Bankers should
own the capital they employ. When they attempt
to do business on borrowed capital they are oper
niing a fictitious credit and become mere spec
est than they pay. they make a profit by raising
the price of money above its value IL thtS 90