The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1873-12-04
SAVINGS BANKS.
4 New Plan Contemplated by the
Government.

| nection with every fCsfofhce OF which III
revenue exceeds a certain specified sum
Few details Of the project are yet known
but come Of them Pre- that, as in the case O
the ordinary savings banks, the depositol
shall receive bank book containing the rec
ord Of his deposits, and shall b5sides receiv,
a certificate of the same from the Postmaster
General. The system will also be SO ar
| ranged that by the observance OF certain
necessary formalities, money deposits in any
Office can be Withdrawn from any other.
An Eastern exchange, speaking Of the
project, Gays
Among the advantages o: the plan Ia men.
toned the entire security of banks resting on
the credit of the Government, and it il ex.
pected that when the money market hap
pens 10 be easy large SUMS will thus be
placed at the disposition Of the Government,
which can be used for the purchase Of its
bond-, while on the other hand, in a time
of crisis or panic, the Withdrawal of deposits
would afford the Government an exceilen,
opportunity to put lis greenback reserve in
circulation.
IL is further said that this scheme of the
Postmaster General will I've indirectly sup
ported, if not directly recommended, in the
report of the Secretary of the Treasury, az
the report will show that the savings banks
of the country, at least of great sections OF
The country, are in a very Unsatisfactory
condition. This is asserted TO be especially
true in the Western States, where for the most
part the only savings banks known are the
common banks of deposit, and where in the
State laws no sufficient provision ID made
for the security Of deposits. In view of such
facts it il expected, we are told, that tie
proposal TO provide in the Postofii .es banks
entirely secure aud trustworthy, in which
the laboring classes may deposit their saw
ings, will be received by the people with
much favor. Wherever carefully managed
savings hanks do not already exist, the want
of them is, no doubt, painfully felt by great
numbers, while it is grievOusly lsmented by
many, in consideration of the evils which
such institutions would prevent.
1t is perhaps rather remarkable that in a
country like ours there should even seem 10
be reasons why the national government
should provide savings hanks for the people,
Rightly organized and duly guarded against,
both fraud and errors of judgment on the
part Of managers, the savings bank lie so
completely fortified by experience, its ipflu.
ences are 60 bene6cient, that there is abso-
lutely no room for doubt or controversy on
tie subject. In q government of the people,
bv the people, for the people. why is it that
the Legislatures of all the States have not
long ago enacted for the regulation of these
institutions such laws ss are needed to secure
fha
think Of is that the people have not ade-
quately pressed the subject on the attention
of their lawmakers. 1t il huwiliating to
compare the statistics of British and Ameri-
can banks of this class and to know how far
our legislators, men strictly from the people,
fall behind the ari-tocrstic Legislators Of
Great Britain in providing far the
pecuniary welfare of small depositors.
OF the difference-~ithout reference TO
the pOstoffi,e savings han's a-'l;
lished in England in 1851 -,g. U.s may
satisfy himself by a little research. The
truth seems to be that in those Western
States in which few or none of there institu-
tions exist, capitalists consult exclusively
their own interests rather than the interests
of the poorer classes. They do not chooae
to establish or manage a bank unless they
can secure to themselves privileges incom-
pstible with the complete safety Of the de-
positors, remark made some time ago in
substance BY the Boston Adrerti.er. Strange
ly enough, even Ohio, with its truly progress
-ive and intelligent population, appears TO
have utterly failed in reference to this great
interest. For a great interest il surely il, az
feeling in an important sense the prosperity
Of the entire Commonwealth.
Savings banks not only encourage pru-
dence and economy in the poor. but make
available for the development of the State
The aggregate of email savings which would
otherwise be boarded or squandered. Few
persons who have not paid particular atten-
ion TO the subject have any notion of the |
amount OF this aggregate. Such |
PERSONS would he surprised At the statistics
If these banks where they are
veil guarded by legislation and
veil managed, in Massachusetts for
Instance We have not at hard any recent
'olItical Economy" states that, the returns
made to the Legislature nv all the Savings
'anks of that State in 1862 show that the
mount deposited in there Institutions ex-
eeded $50, 400, 600. And he remarks that
his aggregate OF savings-made up BY the
sbor and frugality of savings Of Irish do
,es'ics. email mechanics, day laborers and
ne like-is more than enough to build and
eep in motion all the cotton and wollen
,ctories in Massachusetts, as the aggregate
,pital Of all these establishments in that
tate. in 1865, fall short Of $40. 0O0.0O
Indeed, We have no doubt that If capital
ts really felt a they onght the importance
the interest, and if the people insisted as :.
icy onght to DO on having adequate legis-
,ion BY the State governments for the regu-
ton Of the savings banks with the view to u
:e safely Of depositors, there would be no !,
sd Of any such institutions ~ thoes WITCH I
e Postmaster General il understood to IA !.
". However, the system proposed by him !"
substantially tie same, has proepered in
ngland, and before deciding npon its merits
e had better wait for full statement of i.s
tails. c