Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1873-12-05

state under oath that, after digent inquiry, they
are satisfied that they will send In the mails to
more than - copies OF the newspaper known as
- -, [giving the number Of copies and name
Of newspaperl and let them be further required TO
pay in advance the postage required by law taking
therefor duplicate receipts, one OF which shall be
transmitted TO the Post-ofice Department, and, 10
afford reasonable opportunity for an increase OF cir
oulauon during the quarter, let the oath
taken at the beginning Of the next quar-
ter embrace all additional copies for the
last quarter, as well as the number to be
INT during the then commencing quarter. on the
other hand let Postmasters be required to return,
within two weeks after the beginning OF every
quarter correct lists OF all the newspapers address.
ed TO regular subscribers and dispatched in the
mails from their respective offices, stating the mum.
Der OF copies OF each newspaper, the average
weight per paper, the number Of Issues per week,
and the amount Of money paid as postage therefor.
Payment having been made In advance for the
quarter no stamp or manipulation would be need.
ed, but, when received into the office, every paper
answering to the description given In the receipt
would be treated as paid The papers Of persons
subscribing after quarter day would be forwarded
next quarter. SO marked would be the improve
ment in the collections under this plan, that be-
leve the Department could safely consent, In case
OF its adoption, TO reduction In newspaper rates
OF 10 per cent: on present prices. At the reduced
rate, am satisfied the Department would realize
more revenue than now also believe that sc
great would be the saving of labor to newspaper
proprietors In the preparation Of their papers fol
the mall, and decided their gain from the great
er dispatch and freedom from mistakes in trans.
mission and delivery, that they would find the new
plan more advantageous to them than the present
zines and periodicals Of the hecond-cass.
PosT.oFFIcE SAVINGS BANKS.
The events Of the past few weeks have awakened
lively interest In plan heretofore submitted fol
securing the savings Of the great body Of the peo
pie by pledge of the credit and faith Of the United
States. In my reports for 1871 and 1872 urged the
organization OF Institutions for that purpose under
the title Of Post-Office Savings Banks.
The name was not well chosen. The institutions
l nave In view and recommend are not designed
and should not be permitted, 10 encroach upon the
legitimate powers and duties of the National Banks
They are totally distinct from banks in their scope
and character, in the machinery they employ, and
in the ends they are intended 10 accomplish, and
may nc more accurately designed as Postal Savings
Depositories of the United States.
The financial difficulties in which the country has
been unexpectedly involved, and which still con
tnue to opprcss it. have demonstrated the necessity
for some means OF maintaining confidence in times
OF threatened disaster, and OF gathering and wisely
employing the immense wealth scattered among
the people, to prevent panic and escape the ruiz
which inevitably follows in its track. That the
people Of the United States hold the reins of hnan
cial as well as political power clearly appears frem
the tables taken from the public debt statements
reports OF the National Banks, and from ofiicia
accounts.
IT, therefore, plan can be devised that will
afford to depositors equal security to that afforded
to notehOlders, but little doubt can be entertained
that general amelioration OF the present condi
ton Will be effected; the immense sum of x6OO
OOOOOO held by the people in June last, with the
large accessions since made thereto by heavy draft
upon the Treasury and the banks, will be brough
out from Its places of conceament aud applied tC
Its legitimate work Of aiding in forwarding oui
crops and products to market and in sustaining
our vast manufacturing and other business in
terests.
In my Judgment, a system Of postal savings
repositories would powerfully contribute to thii
most desirable contamination. Throughout The
plan for their organization and work two ideai
predominate: first the United States is to insur,
the safe return Of principal and interest whenever
demanded; and, secondly, the extensive machin
cry Of the postofice is TO be used TO bring its ad
yantages home to the great mass Of the people
The details would be simple, safe and efficient
Money-order offices, as agents of the Government
would receive deposits in small sums ranging from
81 up%aTa 10 the ennd nm liked by law which sums
the nearest depository of the United States Treas
ury. certificate, fixing the responsibility Of the
Government, would be issued Immediately to the
depositor by the postmaster, and notice thereof
would be sent either to the Department OF
some established branch Office, to the enc
that due entry thereof might be made and
more formal acknowledgment forwarded to the
depositor for the amount. No depositor should be
allowed in any one year to deposit exceeding $500
no greater accumulation Of deposits should be
| permitted to any one deposition than $1,000; and
| no greater accumulation OF deposits and interest
| should be allowed than $1,000. Meantime, how
ever, the United States should contract to pay in
terest not exceeding per cent, to be computed
| from the first day Of the month following
| the deposit, and to stop upon the frs
| day Of the month in which any with
drawal might be made Interest should be com.
| puted to the end Of the fiscal year, and then, Il
not drawn, should be added to the principal. l
| would of course be necessary to keep an exact nc
| count of all such deposits, and of the expense
incident to the management thereof, in the Treas
| ury Department; also TO make provision for th'
payment OF the amounts due depositors wheneve
| and wherever they might desire to withdraw them
and TO allow and credit to such accumulations
somewhat greater rate Of interest than that pait
depositors, so that all expenses might be paid ou
Of tho fund, and the institution made self-sustain
| ing. am confident that the plan of operation
thus generally sketched may be so amplifed ant
guarded that the people could be efficiently served
| and the Government may be saved from all los
| or expense. The great ends to be attained are
hrst, absolute security; secondly, the utmost ia
gs nG thSv r9T deposits and transfers
The extent Of the benefits which will inure t
| the people and the Government from the estat
lishment Of this system will be best indicated by
statement Of the amounts deposited in existin
| savings banks in some Of the States Of the Union
Thus seven States (Massachusett,
Rhode Island, Maine, New Hampshire, Connect
cut, New York and California; had many month
ago, 1857, ,eO2 depOsitors, and $629, 1856 30T 90 o
deposit-an amount greater by $3476, $50 than a
| the deposits, including those of individuals, tn
| United States, and United States disbursing off
GERS held by all the National Banks Of the Unite
States, numbering 1919, on the third day Of OctC
Der, 1872
Objection has been made TO the establishment
Of postal savings repositories upon the groun
that they would interfere with and overthrow n
present savings banks. respectfully submit thu
this objection is without foundation. Saving
banks were originally established by the benev,
lent and philanthropic to provide safe places
deposit for the small savings OF lahoring peopl
and in the beginning they were conducted withor
hope of either profit or reward other than tn,
which comes from the consciousness of doin
far as they have S. since been used f
verted them from their original design and TO tn,
extent have abused the confidence reposed
them Security is to be sought above all 9TH
lation should be thoroughly eradica
ed from their administration. II sayinl
banks are subjected to risks, and prostituted Il
purposes Of gain for their managers, they shou
be overthrown. If, on the contrary they continl
to be well and proatably managed, and pay
greater rate Of interest than that paid by the Go
ernment, they will in no wise be put TO disadva
tage because every depostor will be left free
select his place Of deposit.
| Nor can the National Banks raise valid obje
ton They organized TO afford facilities to Il
community by lending money on personal securit
dealing in exchange, Issuing notes and receiyiI
deposits not Tor permanent Investment, but as tel
porary custOdians. Bankers should own the cal
tai they employ. When they attempt to do bui
ness on borrowed capital they are operating on
fictitious credit, and become mere spectators.
they succeed i'll realizing more interest than tn
pay, they make profit by raising the price of mo
ey above its value. II they do not succeed in
doing, then, like other unfortunate speculation
they fai', and their creditors become their dupC
Hence law prohibiting the payment Of interest
the banks would simply confne them TO their lie
itimate business, and prevent them from assumil
improper risks. With the Government 1t il total
different. Its obligations must be met by resortil
either TO loans or taxation, and in determining
choice Of alternatives, the paramount considerable
should be the best interests Of the people. who
agent II IL. Sound policy dictates that the Cover
ment should lose no opportunity Of borrowing
its own people, at a low rate Of interest for Il
purpose Of discharging an indebtedness abroad,
relieving industry and enterprise at home from Il
trammels Of taxation. But when the GOvernme
can arrest panic, restore confidence, call forth 4
boarded treasure of the country, and revive Il
pursuits Of industry, by simple pledge Of the pc
pies credit for the peoples security who will 81
that that pledge should not be givenf
Another objection is the tendency TO centralz
tiOn. To this | answer that. If to establish post
savings repositories would be in violation Of h
Constitution, there is an end Of the matter at one
IL, on the contrary, such action would not
unconstitutional then the only question
whether their establishment would on the who
be advantageous for the people and the Gever
Another objection, more practical, II not mo
tenable, is based an alleged increase of expens
and public officers. SO far as the establishment
1