New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-09
100000 Po.,oace savings Bank.

General La Rue Harrison, special agent
If the Money Order Department OF .no
uostntf;ce. has been making tour OF lnspec-
rt;nr thronohout the West. Referring 10 ing
atfaot If The panic upon the money oroeI
svstem. he said that the orders o pau
in ST. Louis rose to the amount to 2l'ooO IN
one day during the panic, ana tney NV
average $4,000 day, while formerly Cue tne
average was only ABOUT $io,ooo. ~ G
a;nnaf; sl0 600 a dav is the average, agalnst.
S6OOl formerly. In Chicago the number VI
rriers rose from about 1000 day, am0ut-
inc 70 from Sl4, 600 to $4,000, to 1000 day,
amounting to $4,000. A similar increase
has taken place throughout the rest OF TUG
country. .noa
With respect to the projected postoihce
saving bank, which Presldent UrahI sol"
he would recommend in his next mossago'
General Harrison said that during the pane
Iarge number OF offices held back their
surplus funds, instead of sending them 10
this city. from fear that the orders next oay
would exhaust their funds, the receipts not
being equal to the emergency. AL tlHes'
therefore. the New York pOstotfice had a
very small balance, but all demands nau
ALWAYS been met The confidence created
by this promptness and safety OF exchange
through the postOtfice, under circumstances
the most adverse, had caused great interest,"
Cresweil for a postal savings bank. General
Harrison visited Canada last mOnth 10 ex-
anime the workings of the similar lnstitu-
ton in the Dominion, which is modelled after
the English system.
The nostmasters at Montreal and TOrOn-
to, who are virtually assistant postmaster
generals. assured him that during long
Series of years the system had proved high
ly satisfactory. The plan OF the POST
~ - so tn fata hlSl
a national savings institution, OF when all
| first and second class money order Omces
shall be branches. In these offices money
| can be deposited in sums OF - and up
ward, the depositors having the amounts
regularly recorded in bank books, and the
| government paying stipulated rate OF IN
terest-tour per cent, for lnstance-ior INC
use OF the money. This money Will DO
transmitted to the nearest assistant treas
urer for deposit to be used by the Treas
ury Department i'll the payment OF
the public debt and current expenses
In this way the poor man, like the
bondholder, can become a creditor OF the
government. The immense amount OF
money now boarded in the country by per
sons who are afraid to deposit in savings
banks, but would trust the government,
would then, it Is said, be put into circula-
ton; and it is also suggested that the treas
ury would, like certain savings banks,
eventually accumulate large reserve fund
from unclaimed deposits. The chief ad-
vantages which would accrue to the gov
eminent from the plan, as urged by its
promoters, should be the circulation OF
money now idle and the retention in tins
country of money which would otherwise
be sent abroad. The bonds now held
largely in Europe, on which the govern
ment is paying six and seven per cent in
terest, would, under this plan, be called in
as soon as legally: possible. The cost OF
maintaining the system, with the necessary
increase OF clerks and other extra expenses,
is estimated at three-fOurths of one per
cent on the deposits, the present cost OF the
money order system being nine-sixteenths
of one per cent.-I,ibn,,e.