New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-29
GOVERNMENT EXPEDIENTS.
1HE PROPOSED POsT-OFFICE SAVINGS BANKs-THE
MONEY ORDER DEPARTMENT


Gen. La Rue Harrison, Special Agent of
the Money Order Department OF the PostOnce has been
making tour OF inspection throughout the West. Re
errng the effect of the panic upon the money order
system he said that the orders paid in st. Louis TO
the amount Of 81 900 in day during the panic, and
they average $4,000 day wne formerly the aver
age was only $4,000. In Cincinnati $4,000 day
is the average against 5000 formerly. In Chicago the
number OF orders from about 1000 q day amounting
TO from $4,000 90 $4,000, to 1900 day, amounting TO
about $4,000. similar increase had taken place
throughout the rest OF the country,
With respect projected Post-Ofce savings bank
which President Grant said that he would recommend
Ia his next annual message Gen Harrison said that
during the panic large number OF offices held back
their surplus funds instead OF sending them 10 this
city, that the next day would exhaust
their funds. the receipts not being equal 10 the
geucy. At times, therefore, the NewYork Post-Ofce
had very small balance, but all demands had always
been met The confidence created by this promptness
and safety OF exchange through the Office under
circumstances the most adverse. had caused great
terest in the proposition of PostmasterCenera Cres
we'll for postal savings bank. Gen, Harrison visited
Canada last month TO examine the workings
Of the similar institution 10 the Dominion,
which Is modelled after the English system
The postmasters at Montreal and Toronto, who are
virtually assistant postmaster generals, assured him
that during long series of system had proved
highly satisfactory. The plan OF the
Is for Congress establish national savings institution
which all first and second-cass money-order Offices
shall be branches. In these offices money he de-
posted in sups of Is and upward the depostors having
the amounts regularly recorded in bank books aud the
Government paying q stipulated rate Of Intersections
per cent for nstance-for the OF the money. This
money will be transmitted TO the nearest assistant
treasurer for deposit to be used by the Treasury De-
In the payment Of the public debt aud current
erpenses In this way the poor man, like the
hondhoder can become creditor Of the Gov
srnuept The immense amount OF money now
boarded in the country by persons who are afraid 70 de-
nsit 10 savings banks but would trust the Government
would then IL Is said, be put into circulation and s
alan sneeested that the Treasury would. like certain
Gavin es banks eventually accumulate large reserve
fupd from unclaimed deposits. The chief advantages
which would accrue 20 the Government from the pian
az urged by promoterf, would Dc the clrcusuon
money now idle and the retention In thir country OF
MONEY which would otherwise be sent ABROAD Inc
bonds no held largely in Europe on which tue GOV
ernment 10 paying six and seven per cent ipteIes.i
would under this plan be called III as soon as legally
possible. The cost maintaining the system wtn inc
necessary increase OF clerks and other extra oApecs'
estimated ut reefourths OF one per cent on 'ne ae
pOsits the present cost OF the money oruei tyh pehs
about nine-sixteenths OF one per cent
EXCHANGE OF SILVER FOR CURRENCY.
The resumption" OF specie payments by the Govern
men, as eXemplhed by the exchange OF silver Tor cur
rency, has been the OF much amusemcnt IN
Walist, where the recent operations at the fnb1roas
NY have been regarded ~ . farce. Tho Government