Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1873-12-04

aud the Government may be saved from all los,
or expense The great ends TO be attained are
hrst, absolute security; secondly. the utmost IN !.
eiiiies Tor deposits, Withdrawals, aud transfers,
aud thirdly, perfect secrecy.
/ The extern of the benefits which will inure TO
The people and the Government from the estab-
lshment of tins system WIN be best Indicated by n
statement of the amounts deposited IN existing
savings banks in some of The States OF the Union
Thw seven States MASS achusetts
| khoae Island, Maine, New Hampshire, Connect
/ cut New York and California; had, mans months
/ ago lso"sGa deissitors, and $500 lS5, 20, w
depo.h~-an amount greater by s3,4i6,gS0 than all
/ me deposits, incluCng those ~ individuals, tho
I united States, and leited States dshursiag OIL
/ GERS hsld by all the National Banks of the United
states wandering l9a on the thLT day of octo-
! Der, 1872
/ Objection has been Icade to the establishment
! OF postal savings repositories upon the ground
that they w3pld interfere with aud overthrow the
present saNngs banks. especially submit that
lhls ohIecuan Is without foundations Savings
banks were originally established by tse hentvo-
lent aud phil uAhropc to provide safe places of
deposit for the small sarnga OF lahorug people,
and IN the beg nniug they we've conducted without
nope OF tlLhcr profit or reward other taau that
which comes nom the consciousness ut doing
good. In so far ss they have aince been Used for
purposes OF speculation, their managers have di-
"ried them from sheif original tesign, and 80 that
extent have abused the confidence repuped in
them. Security s'to be sought above all other
considerations, and hence the spirit OF spcCu
'auon should be Thoroughly craticat
ed from their administration II safngs
~ are euhJcClNu 10 risks, ana prpstturG' for
purposes of gain { y their manag W., they sh ,uld
Nv overthrow, IL, m the contrary, they continue
10 be well and prohably managed, and pay II,
greater rate OF interest than that paid by the oy
ernnsnt, They Will ia NO wise be put 10 disadyan-
tage, because every deposor viii Nv loft free to
select his place OF doporit
Nor can the National Banks raise a.Nald ohjec-
ton. They are organ 'sd To afford facilities to the
community by lenolng money ON personal security r.
dealing in exchange, issniug notes and receiving
deposits not for pcrmar sut investment but AS tenn
Vi
tai they employ. When they attempt 20 do bust
ness on borrowed capltah they are Opcr ltng on a
fictitious credit, and becunc mere spectators IL
they succeed in realizing more interest than they
pay, they make profit by raising the price of mon
ey above its value. II they do not succeed In 20
doing, then, like other unfortunate SPECTATORS
they fai and their creditors become their dupvs
Hence law prohibiting the payment Of interest by
the ban KS would simply conhne them 70 their leg
Ultimate business, and prevent them from assuming
improper risks With the Government II IL totally
different Its obligations must be met by resortng
either to loans or taxation and IN determining its
choice OF alternatives, the paramount consideration
should be the best interests of the people. whose
agent II If. Sound policy dictates that the Govern
meni should lose no opportunity of borrowing OF
Its own people, nj IA low rate OF interest, for the
purpose OF discharging an Indebtedness abroad, or
relieving industry and enterprise At home from tho
trammels of taxation But when the Government
can arrest panic restore confidence call forth the
boarded treasure of the country, and revive the
pursuits of industry, by simple pledge Of the pco-
pies credit Tor the peoples security, who will say
Another objection IL the tendency to cenrali2a-
ton To this answer, that, II TO establish postal
savings repositories would be In violation of the
Constitution there is end Of thu matter at once.
IT, on the contrary such action would not be
unconstitutional, then the only question ia
whether their establishment would ON the whole
be advantageous for the people and the Govern
mcnt.
Another objection, more practical II not more
tenabie Is based on an alleged increase of expenses
and public officers SO far as tho establishment Of
MI,
appointments, its tendency would be to secure
better class Of officers In all respects None but
petent persons could discharge the duties Of such
Institutions, and no man or party, having reputa-
ton to sustain, would be willing 20 commit inter
ests so important 10 unworthy hands. The Gov
eminent would seek is principal agents and en-
ploYes among experienced men, wherever they
could be found numerous force OF additional
officers would not be required Many persons al
ready employed in the postal service could be
made 20 discharge "A portion Of he required du-
ties. force far less than that now needed in
savings banks would be suilcient with the assst-
ance OF the machinery of the Posonice 70 accom-
plish the same amount OF work, and this, together
with supervising bureau IN the Postohlce Depart
msnt aud the necessary accounting officers in the
Treasury, Is all that would be needed.
Reason and philanthropy, beinethus sustained
by the prolonged experience OF so many peoples
speaking the English language, how can the sue
cess of similar Institutions in the United States be
longer doubtfulY believe that the financial perils
through which we are now passing could have been
HhlHly hNtD'tu IL thtNt lllrulululls NAu Dtc0 open
to receive deposits. The people of this country
can earn more and deposit more than those of any
other. The State OF New York alone exhibits an
aggregate OF savngs-bauk deposits equal to those
Of the whole United Kingdom Of Great Britain aud
Ireland; and it If not extrayagant to say that II
spirit OF universal frugality could be encouraged
by an assurance OF good faith and absolute seouri-
~, the savings OF the American people would soon
grow into such gigantic proportions that the voun-
larry loans OF "A single generation would exceed tho
whole Of the national debt.
POSTAL TELEGRAPH
The telegraph should be made part Of the
postal system without further delay. A Congress-
does not seem inclined 10 exercise the discretion
given in the third section Of the act Of JAY ~ 1866
to appoint appraisers 10 value the Vines, property,
and effects OF the companies in operation,
and, as the Western Union Company appears to
be unwilling TO make Il voluntary fale at n fair
price, recommend that provision be made by law
for the Immediate establishment OF the postal tel
egraph and for the construction Of all such lines
a. may be needed, under the direction Of compc-
tent officers Of the Engineer Corps of the Army.
The experience they acquired during the wR OF
the rebellion would enable them to do the work ia
the most economical and satisfactory MANNER