The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-31
The Postal Deposit Bank.

&c Washington i.tFaG'H "t NA"'A''''
ton ors,n) states that among other innings
free banking one of ttcm-Gcneral GRANT
will recommend to Congress at its approaean..,
ING session postal Savings bank. nat
thi, means, we know ness OF course e writ
be fully explained when the President re-
commends it. The name :" Savings bank"
rs that phrase is understood, means a bank
in which money gains a5certainsper cent. by
being deposited therein. If, therefore, the
"postal sarings hank" be such a bank as
this. The proposition is ono Of very impor-
tant nature. IT, will work revolution in
the system or depositing and saft-keepIng OF
money, and Il still more important one in the
relations of government to the system Of
national finance. lt .-a,I
The reader will readily see that il savings
bank is connected with the post-oftice OF
every considerable town-a bank conducted
BY Government officers, the Government IT.
self paying interest on all deposits placed Id
it, and responsible for all the money so oe-
pos;scd-it must be strong aud reliable IN
stitutior. 1t would make great inroad upon
the present system Of savings banks, If not
entirely destroy them. Not only would it
have the long-sought quality Of undoubted
solvency, but it would present the additional
claim upon public favor that it could readily
and for a nominal charge transmit funds TO
any place in this country with entire safety
aud in the most rapid manner. ..~.-...
There cin be no question about the power
and the usefulness Of such an institution.
But when we come to look at the manner IN
| which it would swell the patronage or the
Government and increase the army oil Fede-
raj office-holders, it must be alarming to those
| who still entertain fears of the consolidation
of all power in the hands Of the Federal
Executive. We do not know what estimate
| TO place upon the increase of o11ice-holders
that would be rendered necessary by such
an institution, but it would be immense
possihlv equal to oao-fourth Of the present
aggregate of the whole official force.
For ourselves, we have become quite &C.
nuicsccnt. Further additions to Federal
mower do not mpart terror to our breasts.
We believe that rs the power Of the Federal
Government has been so greatly enlarged
some further uSrrpations," if you will,
are requisite for the completeness of the
symmetry of its functions. For Instance, in
this matter Of banking and finance it has
exercised the power Of supplying the coun-
try with 4 currency. We have seen how
easy it is under this system to cause
q famine OF paper money that dl>ablcs
The banks and produces national
pressure and disturbance greater than
WAS known when gold and silver were
the bases OF the paper circulation, and that
circulation was furnished by State banks.
Thus has the Government, while annihi-
lating the old banking system, given us one
which, although supplying Us with the most
perfectly creditablc papcr.medium, exposes
u, to new danger, from which it should
protect the country As far as possible by
some additional measure. The Government
is thus by the logic Of its own conduct
forced into the position Of undertaking the
direction of banking and finance for the
whole country. If it can perfect Il system
for this purpose it will secure for the coun-
try much benefit as consolation for any
stretch Of authority it may be charged with.