New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-26
POSTMASTER GENERAL. CREsWEll'S
VIEWS.

| POSTMASTER GENERAL CREsWEll
VIEWS.
The views o: the Postmaster General 0
our NATIONAL banking system were recent
given at Republican mass meeting j
Baltimore. According to correspondent
Of the New York Herald he considers tbs
system has bu: one fault, which Is that dc
| posito RS are not equally protected with bill
| holders; and suggested that the govern
ment might remedy this through the Post
office Department, by providing the na
chinery WHEREBY the iaborine classes coul,
have the fruit IF their toll protected from
lawless speculation, and guarded with alb
solute secunt7. His idea is that ever,
suitabl e lostofce can be used to receiv,
deposits OF the people and transmit then
to the Department at Washington to b
invested underthe direction of designated
officers, in bolds OF the United States
BY this arrangsmen. lie believes the Sc
curity Of depoators would be based on as
endu ratle foundation as that which now
secures note holders; and that in times
Of Fl nanciai difficulties. such as are now
being experienced, the people. instead o.
boarding their means, would place them on
deposit with De government 10 be in.
vested and sent into circulation. Thus,
be contends, sle producing and laboring
classes would oe benefited By the secur.
ity Of their Investments. government serv.
ed by the means placed 6: its disposal,
while tie banks and capitalists would ex.
perience relief because the proposed
measure would proven: the tendency 20
hoard euryepc:: in critical times. The
Postmaster General said be was aware that
this plan woul. meet with the opposition
Of ONE tanis and capitalists, who would
compel people % deposi: their money with
them and uponthei terms, thus afording
them the use Q, so much additional CAPT
tai, but he would have it remembered that
he was not spaking in the interest Of
banks or capitalists; he was speaking Cor
the poor people who are to be protected,
and Il OF il behslf Of the banks, many of
which lave recently given notable in
stances CT tie manner in which they can
violate their promises to pay. But why
should the banks complain? asked Mr..
Creswen. n addition to their chartered
privileges, government had recently inter-
posed in their lehalf. BY the act Of June
8, 1872, the banks were authorized to de-
post for thei: better security, their
United States Dtes in the national treas
Try, rec Giving therefor certificates Of de-
post W hich mi hit be counted as part of
hei. reserve usdfor Clearing House pur.
poses. and conertib.e at pleasure in the
place where de1esits were made. Under
his aw the treasury Of the United States
las been used az place Of safe deposit
OK tie banks tothe extern: Of many Nil.
ions G: dollars. He was opposed 10 the
'anis and CAPITALISTS having monopoly
Il these benefits and proposes 10 have
hen. extended the masses OF slae people.
Mr.. Cres~e!, also argued that postofice
,anks would furnish government with the
money 20 establish q postal telegraph.
1e was satisfied tina. there was every in.
lication Of an erly and successful accom-.
'lishment o! ta: grea: measure. He
urther argued hat as the people are en-
tiled to pure wte. and pure air upon tbs
es. possible terms, SO are they, in his
alignment, equally entitled TO the bes. and |
heapest Z. odes }. communication and in. |
eYcourse. No men. or Sc: OF men, in his |
hav q right 70 arbitrarily |
eize upon the ands and use them as a
leans Of levyinet til butte upon their fellow.
Zen. he beiiees that the electric cur.
ent has been gEen by God :os the benefit
the whole Liman race, and for this
sason desires . see Il postal telegraph
ystem established by the government.
Ie con:epded tint IL this age men mus:
Il quickly. andto ac: quickly and at the
sme time wisely they mus: learn
nickiy, and haze q. their command the
me means OF information :ha.
re open 20 othes. There should be no
Q: intelligence: no dicta,orial
owe: vested i. any individual or com.
any 20 deprive any man 0; information
hich he woult seek; OF power to sup.
tess infor!natica from any portion of the
ress tina: .ebes agains: the arbitrary
emands o! :.Hyshlted and seif-suhicien.
,rpora.ion. Vr the reasons set forth by !
=. C.eswell. he believes the postal saw.
gs banks and be posta! telegraph are a
,rt;on 0. tire work sc: to be done by
e al!-ecpiering Republican party in the
teres:s Of ID. people Of the United
a.es. &c IS O. opinion that no greater
DRY can ever Towh the efforts OF any
an OF party thn to make these measures
ccesstui. and hereby provide system
communicating Intelligence so cheap, /;
extensive andconple:e. that it may, in !
respects. b. found worthy of this
ga. american nation, nov marching in .
G van O: human progress. under the !.
nre. g: HepuHican;sm. i
As President tran: has already shown
1t be IS IL :gor Of postal savings .
nix, It IS very likely that Congress, when '
comes :o5eths again, VII ador: some f
assure that vii give the people e safe n
zee for deposithg their hard earnings.
o wan: Q: thisis the great fault of our
sent national 'anking system.