The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-11-06
Esossak Servings Bank, AzHta VeEe-
gr:aasAy.

gooa Of the people, that any SYSTEM or nfefs-
u.e cnntravcnlng this general Thought IS IN
conflict with the spirit Of OUR In tltutions,
and that auy schema which has for It's OBJ
7ecs the securcinent and projections of che /
,in+erests aud rights OF the people, IS but
eoafosning to tie genius Of the government.
Ehs tine is rot far distant when the popular !
ele7.eot OF the country will demand Ia ne
uncsrt aim tones bhas the government shall
exercise its power IN the inauguration OF sreh' |
a.assures OF general utility as the interests
Of All the peepls Will eaal for, and when Inn
;ted notions Of restricted authority w4F be
regarded as ths effee conclusions ct obso-e
lete ereeds. It is a duty as Imperative and
unavoidable as the existence Of the Kepnbai-;
can party is essential to- it's afulfalmeat -
! Having achieved It's prestige in Its establish
ment CO tAe principle thas governments was
/ instituted for the heueat Of MI the people,
| and restiag it's claims to. popular appreTaa
ard confidence upen, the, declared policy OF
securing the nights, and. protecting the ln-
seuests of the, asses, it will be- conapellcd, Ia
order. 10 be consistent with itself and chs
theory Of ONE governments. TO present sys-
tenn of monetary security,.. based upon the
plighted faitliof thenatiun, that'wl4 grardthe
iaterests Of the poor and humble. With equal
sareity with those Of the ricir interpretations.
I The. necessity Of some devisemsnt to- this
and; is. more apparent now than at any
previous history CT the country The re-
cent panic has shown that it is only the te#'
aho are protected il. Trying contingencies,
while the lahcriog element is oppressed
The nese holders and, stockholders. ARE secur--
ed in, their possessions, while-tho> depositors
ia our national banks are at the mercy, of
|tIe arbitrary rulings of the management ef
these institutions. The depositor applies at
1.-The bank eeurse.eto>availa Of his. means, 10
Inject the demands Of business, andSis'quietly
iufaojrnod; that his, money is las the vaults:
l.but will net be paid out. It is thus that Ia
Dor is directly assaulted business stagnated.
landisafering grecigitated. 60 meet the ends Of
leven handed justine, and protect the inter
lest Of the many, hon, J.. A. j. Cres-
WE'LL, Post-aIaster General, has been
pressins, for eral years his scheme Of
Postal. Savings Banks In recent speech
ldeliNerea' in Baltimore; he develops the idsa
involved; whiahr will be- accepted by the
lgreat mass of the people~aa> fuH Of wisdom
land practical sense He says
I AS the,law now stands. ;tis held that the rnat-,
ter of deposits is q subject Of contract between
1.-THE individual ssepostor and the banks. and thai
Eff q bank shall fail to per1orIaits portion, of the
cont 'aet.the remedy must be sought by the indi-
I;vidual himself. Now if the deposter can by, amy
means be made equally ssfe with the hill-hokler.
tbe losses by Of i'll timed aud i'll ventured
Expectations will fall unoH the soskholders VIII 0,
la lone have the power to contro their officers.
L WhilsT wond net indiscreefdy tren oh upon the
domain CT another department., or in any way in
terfere with the financial Or banking business Of
1.-THE country, L get believe that the Governments.
Through the nstrumentality Of the department.
Icon mitted to Ey care, caa@pfoyide1 machinery
simple. safe. pralicsl and. thoroughly consonaut.
Ito cur institutions, Whereby the great laboring
masses of the4country wlllha7e t. fruit os their
itol rejected rom lawless speculation, and guar
Ied with abr olu!e security. I have recommen-
ded for two years past. and still recommend, the
establishment Of tofEce savings banks: By
this simple PLAN every suitable post Office could be
fused corrective the deposits of the people, and
transmit them to'the Department at Washing. on,
to be jn,restsd under the direction of designated
hofiiers, in. the bonds Of the United States. By
ths arran cement the security Of depositors wonid
he based upon the very foundation stones OF the
Republic: Nothing shoot CT political chaos, over
lion of all morality aud honor among the people
could lsopard their interests; SO that it may he
said that they would be absolutely secure. r In
Itlmes of panic the people,, instead Of boarding
Itheir means, would place them on deposit with
the G Government To- be invested in Government
lloans and tn en- ent again intocirculation. Like
water the currency thus furnished would How to
the points of lowest depression, and tend tos cor
1reet all arrangements of the circulation, bowev
er cnused.- Thus the people would be served by.
! the security OF their Investments. the Govern
mont would be served by the means placed at its
Edisposa and the banks end the capitalists would
be served because of the tendency to prevent the
boarding of the currency of the oonntry. l. am
aware that his plan will meet with the opposition
I of some banks and capitalists. who. would COM
|pel the people todeposte' them upon their
own terms, and thus afford them the, use of So
much additional capital But let itbe remember
ed that I am net speaking in the interest,
of; banks capitalists. I peaking for the
people, who to. be protected, and not in be-
half of the banks many of whom have recently
given e notable instance of the manner in which
they can violate their promise to pay. But why
should the banks complain? In addition to their
clfaractered privileges, the Government has re-
Gently interposed in their behalf By the act of
June 9Th, 1872, the. banks authorized to de-
pest for their better security. their United States
notes in the National Treasury, receiving there
for certificates of deposit, which might be ceun-s
ted az part of their reserve, used for clearing
house purposes, and converted at pleasure in the
! place where deposits made. Under this
law the treasury OF tae United States has been
used as q place of safe depesitfor the banks to
Il the extent of millions. Why, then, should it not
be used with equal propriety and to tAe same ey-
tent foR the security Of tae masses Of the peo-
Epiee
There is nothing in the. objection that the es-
r Il Establishment of postal banks would be equivalent
to the assumption Of banking business by the
Government The rate of interest would be too
aw to Justify any such complaint. 1t would not
control che active capital of the country. It
would not check reasonable enterprise and activ-
? ity. FITS Offices would be two-fold- yet limited
1t would supply. first, safe deposit fer tae
earnings of the people, aud also a regu-
later to centrol undue excitement in the money
market. This is no untried preject. 1t is no
longer experiments TwelN years actual
in Greet Britain have established its feasibility
o,a sncneSs Postal cayirrs F,onl7s wpra h.