The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1873-11-01
POSTOFFICE SAVINGS BANK.


From the speech of Postmaster General
Creswell, delivered at Republican Mass
Meeting, held in the Assembly Rooms,
Baltimore, on Friday night, 18th ultimo.,
Mr.. Creswell said in the course of his
remarks:
"Whilst would not indiscreetly trench
upon the domain of another department, or
in any way interfere with the financial or
| banking business of the country, yet be-
lieve that the Government, through the
fundamentally of the department COM
mitted to my care, can provide a machin-
cry simple, safe, practical, and thoroughly
consonant to our institutions, whereby the
great laboring masses of the country will
have the fruit of their toll protected from
| lawless speculation, and guarded with alb.
solute security. | have recommended for
two years past, and still recommend, the
establishment of postoffice savings banks.
BY this simple plan every suitable post
office could be used to receive the deposits
of the people, 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 DEPosIToRs
would be based upon the very foundation
stones of the Republic. Nothing short of
political chaos, overthrowing the Govern
ment, and the total destruction of all NOR
ality and honor among the people could
leopard their interests; SO that it may be
said that they would be absolutely secure
In times of panic the people, instead OF
boarding their means, would place them on
deposit with the Government to be invested
in Government loans, and then sent again
into circulation. Like water, the currency
thus furnished, would flow to the points of
lowest depression, and tend to correct all
arrangements of the circulation, however
caused. Thus the people would be served
10y the security of their Investments, the
Government would be served by the means
placed at its disposal, and the banks and
the capitalists would be served because of
the tendency to prevent the boarding of
the currency of the country. l am aware
that this plan will meet with the opposi-
ton of some banks and capitalists, who
would compel the people to deposit with
them upon their own terms, and thus
afford them the use of so much additional
capital. But let it be remembered that |
am not speaking in the interest of banks or
capitalists. | am speaking for the people,
who are to be protected, and not in behalf
of the banks, many of whom have recently
given a 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,
the Government has recently interposed in
their behalf. By the act of June 9Th, 1872,
the banks were authorized to deposit, for
their better security, their United States
notes in the National Treasury. receiving
therefor certificates of deposit, which might
be counted as part of their reserve, used
for clearing house purposes, and converted
at pleasure in the place where deposits
were made. Under this law the Treasury
of the United States has been used as a
place of safe deposit for the banks to the
extent of millions. Why then, should it
not he used with equal proprety and to the
same extent for the security of the masses
of the people?
There is nothing in the objection that
the establishment of postal banks would
be equivalent to the assumption of bank.
ing business by the Government. The
rate of interest would be too low to Justify
any such complaint. 1t would not control
the active capital of the country. 1t would
not check reasonable enterprise and activ-
ity. Its offices would be twofold, yet linn
tied. 1t would supply, first safe deposit
for the earnings of the people, and also
serve as a regulator to control undue ex-
element in the money market. This is no
untried project. 1t is no longer an expert
ment Twelve years actual use in Great
Britain have established its feasibility and
success. Postal savings banks were estab-
lished in the United Kingdom in the year
1861, and can now count nearly two mil
lions and ahalf of depositors and nearly a
hundred millions of deposits"
A CHANGE NEEDED IN MARYLAND.
Sat the last election the power of the
Democratic party outside of the city of
Baltimore was almost annihilated. Here
it seeks to prolong its life through frauds
in registration. Organized rings have been
formed to prevent the possibility of fair
election. They have endeavored to stitle
inquiry into their acts, and compel submits
sion to their enormities by claiming them
selves to be the only true representatives
of the Democratic party. Meantime, the
vampire of the ring has fastened upon
the vtals of your city,
And, like the bat of Indian brakes,
Her pinions fan the wound she makes,
And, soothing thus the dreamer's pain.
She drinks the like blood from her vein.'
These outrages upon propriety and de-
cency, as well they might, have excited the
disgust of all good men. A reform move
ment has been started for the purpose of
correcting them, and ticket presented for
local and Legislative offices. But few of
the gentlemen whose names appear on that
ticket are personally known to me, but
Judging from those known to me, and from
the high reputation Of others, | can truth
fully say that no better ticket was ever pre-
suffrages. In this situation of affairs how
can any Republican doubt as to his duty ?
An organized ring presents to you list of
candidates, many of whom leading Demo
Gratis have pronounced to be most unworthy
and contemplate. That a deliberate pur-
pose has been formed to violate all laws,
decency, and rights of fair election, to Sc
cure the success of that unworthy ticket,
appears conc!usively from the fact that one
of that body is manipulating the registry
lists to secure his own election to the Leg
islature, in order that he may vote to elu-
vate to the United States Senate the very
man who appointed him registrar. Should
an
OUTRAGE so PALPABLE AND GROSS
remain unrebuked? In times like these,
to thwart such unholy attempts, all good
men must unite. Their duty was indicat-
ed by Burke, when he said, When bad
men combine, the good must associate, else
they will fall one by one, an unpitied sac
rifice in contemplate struggle"
ST. NICHOLAS first number of 81.
Nich9las has just been issued by Scribner
& Co. Pictorially it is one Of the most
beautiful magazines in the country, being
enriched by designs from the pencils of
Miss Hallock. Sol Eytinge, Miss Ledyard,
Sheppard, Stephens, Bodies, and Others.
The reading matter is varied and bright.
There are thirty-three articles, some for
The very little ones, some for the Oldest of
Young people. and some for every age be
tween We find in its broad. well-printed
pages, poems by William Cullen Bryant,
Celia Thaxter. Lucy Larcom, and others.
There is capital human-fairy sketch by
Rebecca Harding Davis. Donald G.. Nit
chell contributes a characteristic article.
entitled "Who wrote the Arabian Nights >"
and the first chapters of serial story by
Frank II. Stockton are given. A salutato
nv by the conductor, Mrs. Mary Mapes
Dodge, is sure to reach the heart of every
child reader-and the hearts of their
fathers and mothers as we'll. Among the
stories we find a charmiugly-tol account