The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1873-12-04

transmitted to The Post-office Department; and, to
Citation during he quarter, let the oath
taken at the beginning of the. next quar-
last quarter, as well as the number TO he
sent during the then commencing quarter On the
| within Two weeks after the beginning of every
quarter correct lists of all the newspapers address
| ed TO regular subscribers and dispatched in the
mails from their respective offices, stating the num-
| Der OF copies of each newspaper, the average
weight per paper, the number Of issues per week,
and The amount of money paid as postage therefor.
| 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
AFTER d sd err Woua 9e al @
next quarter. So marked would be The improve
ment in he collections under this plan, that be-
neye the Department could safely consent, in case
OF its adoption, to reduction in newspaper rates
of % per cent: on present prices At the reduced
| rate, l am satisfied the Department would realize
more revenue than now. 1 also believe that so
| great would be the saving of labor to newspaper
| proprietors in the preparation of their papers for
The mail and so decided their gain from The great
| er dispatch and freedom from mistakes in trans
mission and delivery, that they would find the new
| one. a similar plan couI- be adopted for maya
zines and periodicals of the second-class.
| PosT-oFFIcE SAVINGS BANKS.
| The events of the past few weeks have awakened
lively interest in plan heretofore submitted for
securing the savings of the great body of the peo
pie by pledge of the credit and faith of the United
States. In reports for 1871 and 1872 urged the
organization OF siiutions for that purpose, under
| the title of Post-Offce Savings Banks.
| The name was not well chosen. The Institutions
| have in view and recommend are not designed,
| and should not be permitted 10 encroach upon the
legitimate powers and duties of the National Banks
hey are totally inct from banks in their scope
and character in the machinery they employ, and
| in the ends they intended TO accomplish, and
| may more accurately designed as Postal Savings
Repositories of the Uni ed States.
The financial difficulties in which the country has
| been unexpec' eddy involved, and which still con-
tinue to Cypress it have demonstrated the necessity
for some means of main aiming confidence in times
OF threatened disaster and of ga herring and wisely
employing the immense We lth scattered among
| the people, TO prevent panic and escape the ruin
people of the United States hold the reins of fnan-
clal Is well as political power clearly appears from
The tables taken from the public debt statements,
reports of the National Banks, and from official
accounts
| If. therefore, plan can be devised that will
afford depositors equal security to that afforded
TO noteholders, but little doubt be entertained
that general anelioration of the present condi-
ton will be effected; The immense sum of So o.
oC0eOJ held by The people in June lasr, with the
large accessons since made thereto by heavy drafts
upon the Treasury and the banks, Will be brought
out from its places Of concealment and applied 10
| crops and products to market aud in sustaining
terests
In my judgment, a system of postal savings
repositories would powerfully contribute to this
/ most desirable contamination. Throughout the
plan for their organization and work two ideas
| predominate: first, the United States is 10 insure
the safe return of principal and interest whenever
| demanded; and. secondly the extensive machin-
cry of the postofce is TO be used to bring It's ad-
| vantages home TO the great mass Of the people.
| The details would be Simple safe and efficient
Money orier 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 intervals to
the nearest depository Of the United States Treas
| ury. certificate, fixing the responsibility of the
| would &c sent either to the Department or
| some established branch office, to the end
| that due entry thereof might be made and a
more formal acknowledgment forwarded to the
depo~iior for the amount. No depositor should be
allowed in any enc year to deposit exceeding $780,
| no greater accumulation Of deposits should be
| permitted TO any one deposition than 81, Coz; and
| should be allowed than S1,:O1. Meantime, how
ever, the United States should contract to pay in
terest not exceeding per cent. to be computed
! from the first day OF the month following
| the deposit, and TO stop, upons the first
drawal might be made. Interest should be com
puted TO the end of the fiscal year, and then, if
/ -lot drawn, should be added TO the principal Ii
| count of all such deposits, and of the expenses
| incident to the management thereof. IN the Treas
| payment of the amounts due deposiors whenever
| and wherever they might desire 10 withdraw them;
| somewhat greater rate of interest than that paid
depostors, so that all expenses might be paid out
OF the fund, and the institution made sef-sustain-
| ing. / am confident that the plan of operations
| thus generally sketched may be so amplifed and
guarded that the people could be efficiently served,
| and the Govern .ent may be saved from all loss
| or expense. The great ends 10 be attained are,
frst: absolute security; secondly, the utmost ia
cilities for deposits Withdrawals, and transfers,
| and thirdly. perfect secrecy.
| The extent of the benefits which will inure to
| the people and the Government from the estab
lishment of this system will be best indicated by
| statement of the amounts deposited IN existing
| savings banks in some of the States of the Union
Thus seven States Massachusetts,
| Rhode Island, Maine, New Hampshire, Connect
| cut, New York and California; had, many months
/ i X
deposit-an amount greater by S3,416,930 than all
| the deposits, including those of individuals, the
| United States and United States dsbursing Off
Gers, held by all the National Banks of the United
States numbering 1913, on the third day of Octo-
| Der, 1872.
| Objection has been made to the establishment
| of postal savings repositories upon the ground
| that they would interfere with and overthrow the
present savings banks respectfully submit that
this objection is without foundation; Savings
| banks were originally established by the benevo-
deposit for the small savings of lahoring people,
| and in the beginning they were conducted without
| hope of either profit reward other than that
| which comes from the consciousness of doing
| good In so far as they have since been used for
! purposes of speculation. their managers have d-
verIed them from their original design, and TO that
| extent have abused the confidence reposed in
| them. Security is to be sought above all other
| lation should be thoroughly eradicat
ed from their administration. If savings
| banks are subjected to risks, and prostuted for
purposes of gain for their managers they should
| be overthrown. If, on the contrary, they continue
| 10 De well ana prOntaDly managed and pay q
greater rate of interest than that paid by the Gov
| eminent, they will in 20 wise be put TO dsadvan-
tage because every deposition will be left free to
| select his place of deposit.
Nor the National Banks raise valid objec-
ton. They are organized to afford facilities TO the
community by lenning money on personal security
dealing IN exchange. issuing notes and receiving
deposits. not for permanent investment, but as tenn
| porary custodians. Bankers should own the CAPT
tai they employ. When they attempt to do bust
ness on borrowed capital they operating
fictitious credit, and become mere spectators. 1
they succeed in realizing more interest than thel
pay. they make profit by raising the price of mon
ey above it's value. If they do not succeed in 81
doing. then. ike other unfortunate spectators
they fsi and their creditors become their dupes
Hence law prohibiting the payment of interest b!
the banks would simply confne them to their leg
inmate business, and prevent them from assunin:
improper risks. With the Government ii is total,
different Its obligations must be met by reSortini
either to loans taxation, and in determining it
choice of alternatives, the paramount consideration
should be the best interests of the people. who's
agent ii Is. Sound policy dictates that the Govern
nlent should lose no opportunity of borrowing o
its own people. at a low rate of interest, for tn
: purpose Of discharging an Indebtedness abroad, O
relieving industry and enterprise at home from tn
, : trammels of taxation. But when the Government
arrest panic, restore confidence call forth Il
boarded treasure of the country, and revive Il
pursuits of industry. by simple pledge of re PEG
pies credit for the peoples security, who viii sa
that that pledge should not be givens
Another objection ls the sendency 10 cenrralizs
ton To this answer, that. If TO establish poSts