Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-11-13
Postal Improvements Savings
Banks
From the National Republican,


foreign countries, has proved success,
and is generally employed by the peo-
I,Ie to. the extent allowed by the law.
Transporting money cheaply, rapidly,
and absolutely safely, filling a long'felt
necessity so satisfactorily, the wonder
is it was not earlier introduced. Anoth-
er want has been met liz the ciassifi-
cation of the postal laws, with a reduc-
ton and complete graduation of pun
ishmeht for Offenses, and not the least
improvement to which our attention
has been directed is the punishment OF
a letter-carrier at Richmond, Virginia,
within few days, for a violation OF
that rart of the law which inhiblts the
delay OF letters. Instead of delivering
the letters on his route panlctudtty, he
delayed them in his pockets, intending
to deliver them at his convenience.
Judge Bond, of the United States Cir
cult Court, fined him 500, and ordered
him to three mont bs' imprisonment in
Jail.
The system of mail contracts, Ill
former DAYS so liable to annoyance and
injury to bona tide bidders and the
service generally, has been remodeIel l,
and straw bidders no more annoy the
Department and impair the efficiency
OF The service. The pOstal-card, With
long train of advantages, convenience
and economy, has inspired a new con-
idence and faith in the head of our
postal affairs equaled only by his great
franking privilege.
We cannot find in the history of our
Government so maay improvements
80 ,,,ff he n
partInents 4i in the dmiSiStfation of
the four years past, anu to John A. }.
Ores we'll the country Is indebted to Il
degree beyond any OF his predecessors.
In view OF his achievement, it is not
surprising that he now proposes to ad-
vence a step further, and give the peo-
plea new advantage that will strip the
money gamblers of L custom that ha~
long been USED r1nl0rseieSsiy against
the masses, and IT, secure TO the people
safe and reaiiy reliable place OF de-
posit for their earnings by the establish
ment OF postal deposit banks. But not
only as IA savings batnk will they be
advantageous if iegalized, but the
transit OF moneys viii be accomplished
SD early, aud al 50 small Il cost, that the
money changers will avail themselves.
The idea is not new. The system has
been pre- we'd and endOrced by actual
experience in the United Kingdom.
The present national banking system
secures the note-hOlder against loss So
completely that notes of iiroken banks
are at premium, but 1t does not cun-
plete the requirements-Itfai fails to grant
Immunity for loss at the hands of de-
positors. At the present juncture
thousands of business men, widows,
orphans, and tiduciaries are harassed
by the SUSPENSION of many institutions
which have failed to honor checks
upon them. To guard against SINH
lar circumstance i'll the future is the
business of the time, and no way
opens so plainly as the adoption of the
ostmaster-Generals plan of a postal
bank system.
In his late speech at Baltimore, Mr..
Creswell said: "By this simple plan
every suitable postOffice could be used
to receive the deposits of the people
and transmit them to the Department
at Washington, to be invested under
the direction of designated officers in
bonds OF the United States. By this
| arrangement the security of depOsitors
! would be based upon the very founda-
ton stones of the Republic" And
again; ''Thereis is nothing in the objec-
| tiOns that the establishment of postsl
bonks would be equivalent to the as
sumption of banking business by the
| Government. The rate of interest
would be too low to justify any such
complaint" The people with bank
notes in their hsnds, better when on
broken banks than on solvent ones,
need now simply place to put them
where with certainty they can recall
their equivalent on call, and where
they will draw rate of interest equal
to the value of their use under the cir
cumstances. Banks are the associated
capital of the stockholders who invest
for profit. They seek deposits, pay in
terest to get them, and, of ofcOurse, must
use them or lose on the transaction.
When high rates are paid still higher
races must be obtained, and as Ordi-
nary legitimate business can afford
economical rates spectators hire the
deposits of tho people from the banks,
and if their gueSSeS and judgments are
rewarded by gains well and good; il
not, somebody suffers. For time the
bank Gail stand losses, but in the end
the compOsitOr il the loser, because OF
his greed for high rate of interest: But
it is not only this class who suffer ..y
such folly, but others, who deposit
simply for convt nience or necessity,
and who seek no interest on their
funds, go down in the ruin oil the baks.
TO guard against this the postal bank
system offers sovereign remedy, and
the thanks of the nation are due to Mr..
Creswell for the timely invitation to
consider the matter, and for the tear
less manner in which ha advocates the
institution.
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