Wilmington daily gazette., 1873-10-16
PosTsOFPIoR wNWKV.

A ma ordinarily OF few Wusas, Ehs PEesldSat
bpcame 1ingulnfiy Ioquacious IN hls ConVaESation
on banking topics lately reported By the AssoeA.
ted EHoss. little Of his usual Hutioanea Wonld 1
have neen hettSr Sof him on tAas occasion. Il !
would lave saved him from puttinR G60Sh SaaO q /
the cru0est nOtiOl9, and fFum involving hsoiR IN /
numhsr Of cOntradietions. Not to uisasiOn 9TH |
81 abSasditol, Ne would notice here his sshema Of
& post-oRoe. -bank - This a fraah cnncention. |
though not original tog. England has savings |
banks attached - kAf V1uG-o - saystem. The |
idea OF copying that EaRlish inStitatiOn in this |
county was sy,asny .S ssggssld Z. the President
money order system during the panic. man in
the country desiring 10 rSmiE funds 10 the city,
could not get them out Of the banks In his Iocnli-
y, snS pc dIAf3 SOul9 eet Pc e1shSA hSEI but
orders (slxty dollars being the limit for each ons
% any extent rg4 they Wyrp cashed on pppsenta-
ton. Temporarily, this was Q real conTshianc0
but II Is hing way from that TO the establishment
Ot Post-atAee savings banks. The ons thing hasl
oSdeF systsm 3 msssIy un q d 4 i 1scsioH n
the tFaRemissiSn Of fn1ds; for which the govern
u1ent charges FSuhda rti0A S1E the poskCGiess
were better managed, there would be but little
need OF . money order system, and IL would be
gsrae m@ SIlpWsq ida The derllse as az kwardGqr
pohtiOAl Nw6tA, thai no louA 9eeh cnadancs y
ssndlng money through the nails For this rea-
son ths money OSdorsyuten1 b alWVys WDil patron
Aeo, AoG tnat ooee Ee1QeE tno eH0nlo91on OF 1un0S
reasonably sale anaiT. hut besides being en-!
pensive TO the sendsT, Il i awkward and vexa-
hously red tapiah; Is we have often found out in
the transaction OF our own business with the
money order branch in this city. No one would
think Of using it II the ordinary mail delivery Of
money letters could be trusted: The President
now proposes that this money order system shall
be utilized for the creation OF post-ofice bank
| lie means postofice banks and Ereat many Of
them. To make his plan at all elective, there
Al q.
ingtOn, and braneAes aWhersveE there 4 d money
order office. No other system would work. A
man residing IN Chisagc, OF 81. LauiS, or New Or
leans, would net send away his savings to be
banked at Washington. lie would want to know
4 thai u vas somewhere near him, where he could
get it out instantly il wanted, and obtnia his Vn
nual interest on 1t without delay
This would bS exalting pOstmasters and their
clerks into bank presidents aud cashiers, with
lot Of money always In their hands, IE h no dis
paregement of the postmaster class to say that
they are inexpGieacsd ID the banking business
and that VIC would not regard the pOst-offices as
the safest possible repositories for the peoples
mopeg. The preseAt savings banka Differed By
on account OF their known prOblty, would be, o.
q rule much safer than post office banks managed
by p0lIticiaMa hesias8 TAO othnr objections, W.
would make the point that the pd(mAsters have
quite euough % do to attend to dispatching, re
ceiying and delivering the mails, without super
. make his scheme palatable, the President recon-
monds the payment Of fOuP per cent. to depOsi
tors In these post tOtce hanks, and the conversion
Of deposits olihgg IllO outstanding bonds OF Int
neW foqrand- lIalf PEI cent. bonds, and the tax
4 Ina hP . acolFssP a1asaut Of those Ontstand
. ing. This would mot be paying depOsitOFs nearl
aslwell - the leverage OF saTiRgs banks. and il
lao respect dPea the Bchenle. .08sf advuntags OVe
those Ofauy respsstable aaEnga Institution in th
toOaRtFY. ilt ls cuRlOnS -lAesnsistsucy that thi
reeollinendaOloh uePayiaR 1Our per cent. on de
: POslls follows Weray assault On the pSactiOe O
. precisely that cOaFSo by banks and banking house
The President chargaa. and very Justly, that smuc
domoEallzlng and lnlnTiOps speculation aud gam
: bling" is eaHSSd 6y ne aeCnmulatlon of capita
Z in large centrss. kept there by the charm Of th
fOuEperrent. interest Op deposits, and says th1
the ppnhela hol lliag the fuAas sre fogced 70 sec
: > high rates Of Pfoht On thcm by ',gAmbliAg l
fincy stocks" and "buildlng Of railroads that aI
. not wanted, )" SC, SC. Therefore, he advises thi
7 the payment Of interest on daily balances shall
. forbidden BY IaW-and then lin alsOst the mel
sentence) that the QOVoEnment shall do exact
the thlng which n - horribly wrong for bankG
TO do These propositions cannot be reconcile
> with each other, The whole object Of the Pres
y dents Recommendations ON this head Is 30 ere
70 an lud6hnite naIAbet OF goVanment saving
2 banks on the ruins Of the deposit and interes
u paying banking system, and 70 eentgaliSe u
" Management Of all OF them at Washington.
We had no Otheg Aalt 10 Aad With Ave lnstin
lively object % 4 baeanaa d h ameAsnE0 of fina
cial and pollioal cantFalEatiOn, In Its last anal
= isls.-Jes1T'El If CVMEsres. ..i..,
.-