, 1873-10-21
POSTAL SAVINGS BANKS.

postmnstor~<acncral urcssvcllsa Panic
pnnnccn.
Baltimore {0ct. ~ Dfspateh to the Ne,o Fork Herald.
At - Republican mass-mooting hora tonight
Postmaster uonoral Crcswell advanced Ills ideas
Of postal savings bankB, which, It ia understood,
will bo enlarged upon in bis annual report. He
spoke Of the only fault Of tho National Banking
syston1 being, that the deposition Is not equally
n ab bfaa a 'a tint tho
provide tho machinery. wlieroby tho laboring
masses could have tho fruit Of thofr toll PRO-
tec;od from law1osa ape.oulation ana guarded
could DO uBod to rcooivo depositn Of tho poo
plo aud transmit thom to tic Department
at Washington to be inyeBtod .1ndor tho direction
Of designated officers, In tho bonds Of tho UNI
dopoaitora would be based upon tho founilat{on-
stones Of tho republic. In timoa Of panic poo-
ple, instead Of boarding mcans, would place
them on deposit with tho Government, to To In
vested In governments aud loans aud then sent
into circulation. Like water, currency thus fur
nishod would flow to points Of tho lowest doproB-
sion, and tend to correct nll dorangomonts Of
circulation. however caused. Thus tho people
would 10 served by tho security Of their invost~
mentH, a Government would be served By tho
moans placed at its disposal, aud the banks and
capitalists would be soryod beoa,lEo Of tho tom
doney to prevent tho boarding Of tho currency
Of tho country.
II nm aware, said he. "that this plan will
capitalists, who would compel people to deposit
with thom upon their own tor7nB, and thus afford
them tho uBo Of 40 much additional capital but
lot 1t DO remembered that am not speaking In;
tho interest OF banks or capitalists I am Bpeal-
ing for poor poople who ore to DO protected, and
not In bohnlf of tho banks, many OF whom have
recently given n notable Instance Of the manner
in which they Gun Violate their promise to pay.
Bat why should the banks complain In ad-
lition to Their chartered privileges, qovo1nment
Tor security thor United stntes notes
in tho nationnl Treasury, receiving therefor
certihcateB Of deposit which might be counted
as part Of thoir roacrvo used for clearing g-honso
purposes, and converted at ploaBuro In tho place
where deposits were made. Undor this law the
Treasury Of the United Stntes has boou used na
place Of aefe deposit for tho banks to tho ex-
tont Of millions. Why, then, should it not be
tont for tho security OF tho nassos of tho peo-
ple2"
Mr. Croswon argued that the Post-oflloe
banks would furnish tho Government with
graph. Lie aaid cyo.y indIcation points te
tho curly SUCCESS Of that grcat measure.
"As the people are ontitlod to pure wate,
and pure air, upon tho best possible tornls, sc
are.they, In my Judgment equally entitled to tlt
best md chaapost modes Of communication and
intercourse. No mnn or got Of mon hayo right
arbitrarily to Ecizo upon tho lands mud thou
| as means Of levylng tribute upon their follow
| men. / believe TINT the electric current lat
| been given by God for the bcneiit of tho who'll
huinln race. III thisag men must act quickly,
md to act quickly mud 1T tho Bame time wisel,
they muat learn quickly, and hnyo at their com.
1ard the same means aud information that art
| open to othera. Thoro should be no mo