The New York herald., 1873-10-18
POSTAL SAVINGS BANKS.
Postmaster General CresWell's
Panic Panacea.
Establish Government Savings Banks
and the Postal Telegraph.
Valuable Suggestions for
the Country.


AT republican mass meeting here tonight POST
master General Cresweu advanced his ideas of
postal savings banks which, 1t is understood, will
be enlarged upon IN his annual report. He spoke
OF the only lault OF the national banking system
being that the deposltor is not equally protected
with the hillholder, and said that government
might, through his Department, provide the ma
chinery whereby the laboring masses could have
the fruit OF their toll protected from lawess specu-
latlon and guarded with absolute security. He
contended that by this plan every suitable Post
once could be used to deposits OF the peo-
pie and transmit them to the Department.
at Washington to be invested, under the
direction OF designated officers, in the bonds
Of the United States. By this arrangement
the security OF depost0rs would he based upon
the foundation stones OF the Republic. In times OF
panic people, instead OF boarding means, would
place them deposit with the government to
be invested in governments and loans and then
sent into circulation Like water, currency thus
furnished would flow to points OF the lowest de-
preston, and tend to correct all arrangement
circulation, however caused Thus the peop,>
would be served by the security OF their invest
meDts, government would be served by the
means placed at its disposal, and the banks and
capitalists would be served because of the ten
dency to prevent the boarding Of the currency OF
the country.
OPPOSITION EXPECTED.
tT am aware" he said, "that this plan viii meet
with opposition from some banks and capitalists,
who would compel people to deposit with them
upon their own terms, and thus afford them the
use Of so much additional capital; but let it be re-
membered that am not speaking in the interest
OF banks or capitalists; am speaking for poor peo-
pie who are to be protected, and not in behalf or
the banks, many of whom have recently given
notable instance of the manner In which they can
violate their promise to pay. But why should the,
banks complain In addition to their chartered
privileges, government has recently inter-
posed in their behalf By the act OF June
8, 1872, the banks were authorized to deposit
for their better security their United States notes
in the national Treasury, receiving therefor certid
Gates OF deposit which might be counted as part
of their reserve used for clearing house purposes,
and converted at pleasure in the place where de-
posits were made Under this law the Treasury
OF the United States has been used as place Of
safe deposit for the banks TO the extent of mil
lions. Why, then, should it not be used with
equal propriety and to the same extent for tho
security OF the masses OF the people ~
ESTABLISH ALSO THE POSTAL TELEGRAPH.
Mr. Creswell argued that the post ONCE banks
would furnish the government with the money to
establish postal telegraph. He said every indi-
cation points to the early success OF that great
measure. LAS the people are cutIIltu W pure WdtcE
and pure air, upon the best possible terms, SO are
they. in my judgment, equally entitled to the best
and cheapest modes OF communication and inter.
course. No men or set OF men have right arbi-
trary to seize upon the lands and use them as q
means OF levying tribute upon their fellow men.
! believe that the electric current has been given
by God for the benefit OF the whole human race.
PROMPT ACTION NECESSARY
In this age men must act quickly, and to act
quickly and at the same time wisely they must
learn quickly, and have at their command the
same means and information that are open to
others. There should be monopoly OF intelligence.
There should be no dctatorial power vested in any
individual company to deprive any man of in
formation which he may seek, or to suppress any
portion OF the press which may rebel against the
arbitrary demands OF any stilted and selfsuff-
cient corporation. Hence I say that the
postal savings banks and the postal telegraph
are in my estimation, a portion OF the
work yet to be accomplished by the allacheving
republican party in the interests OF the people OF
the United States. In my estimation no greater
glory crown the efforts of any man than to
make these measures successful, and thereby pro-
vide system OF communicating intelligence SO
cheap, so extensive and complete that it may in
all respects be found worthy Of this great Ameri-
can nation, now marching in the van of human
proUressU