The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1873-12-11

Il
fishers, or their business managers or agents, b
required, at the beginning Of every quarter, 4
state under oath that, after dilgent Inquiry, the
| are satisfied that they will send in the mails 4
regular subscribers during the coming quarter NO
more than - copies Of the newspaper known o
r., lgiving the number Of copies and nam
pay in advance the postage required by law taEinI
therefor duplicate receipts. one of which shall b
transmitted to the Post.Ofiice Department; and I,
for an
at the beginning u the next quarter embrace al
additional copies for the last quarter, as well .
; Tue n%moer 70 DC sent during the then commenc
DC required to return, within two weeks after tn.
beginning OF every quarter, correct lists Of all tn
newspapcIs addressed to regular subscribers ant
offices. stating the number Of copies Of eacl
newspaper. the average weight per paper
the number Of issues per week, and tn,
Payment having been made in advance for thu
quarter no stamp or manipulation will be needed
but, when received into the office, every paper an
would be treated ss paid The papers Of persons
subscribing after quarer-day would be forwarded
Immediately and paid for at the beginning Of thu
| next quarter. So marked would be the improve
ment in the collections, under this plan, that be
levc the Department could safely consent, in cast
Of its adoption. to reduction in newspaper rates
| rate, am satisfied the Department would realize
| more revenue than now. also believe that &c
great would be the saving Of labor to newspaper
the mail and decided their gain from tie greater
dispatch and freedom from mistakes in transmis
| sion and delivery. that they would find the new
one. A similar plan could be adopted for . maya.
zines and period ais Of the second class.
| POsT-OFFICE SAVINGS BANKS.
The Inc events OF the past few weeks have awakened
lively interest in plan heretofore submitted fOl
securing the savings Of the great body of the PEG
pie by pedge Of the credit and faith 81 The United
the organization Of institutions for that purpose
under the title Of Post-ofdce Savings Banks.
The name was not well chosen. The institutions
have in view and recommend ale not designed
and should not be permitted, to encrcach upon the
Legitimate powers and duties of the National Banks
They totally distinct from banks in their SCOPE
and character, in the machinery they employ, and
| in the ends they are intended to accomplish, and
| may be more accurately designated rs Postal Saw
| ings Repositories Of the United States.
The financial difficulties in which the country has
been unexpectedly involved, and which still con
tinue to Cypress 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 tho ruin
which inevitably follows in its track. That the
people Of the United States hold the reins Of nan
clal rs well as political power clearly appears from
the tables taken from the public debt statements
reports Of the National Banks and from official &C
counts.
II, therefore. plan can be devised that will A.
ford to depOsitOrs equal security to that afforded
to nOte-hOders, but little doubt can be entertained
that = general ameliOratiOn of the present condi
ton will be effected; the immense sum Of $500
QUO 600 held by the people in June last with the
large accessons since made thereto by heavy drafts
upon the Treasury and the banks. will be brought
out from its places Of conceament and applied t.
Its legitimate work Of aiding in forwarding oul
crops and products to market and in SUSTAINING
our vast manufacturing and other business in
terests.
In my Judgment, system Of postal sayinps.
repositories would powerfully contribute to this
most desirable contamination: Throughout the
predomlnate first. the United States is 10 insure
the safe return Of principal and interest whenever
demanded; and. secondly, the extensive machin.
vantages home to the great mass Of the people.
The details would be simple. safe and efficient,
Money order offices, as agents Of the Government,
81 upward to the limit fixed by law, which sums
the postmaster would forward at short intervals Id
the nearest depository Of the United States Treas.
iy h n the r;ssponsioiiy Of the
depositor by the postmaster. and notice thereof
would be sent either to the Department OF
some established branch office, to the end
that due entry thereof might be made and q
more formal acknowledgment forwarded to the
deposition for the amount. No dcpostor should be
allowed in any one year to deposit exceeding $500;
no greater accumulation of deposits should be per.
mitted to any one deposition than 81 600; and nc
greater accumulation Of deposits and interest
should be allowed than $500. Meantime, how
ever, the United States should contract to nav in
terest not exceeding four per cent to be computed
from the first day II the month following the de-
posit and to stop upon the first day Of the month in
should be computed to the end Of the fiscal year
and then. if not drawn, should be added to the
principal. 1t would of course be necessary to keeu
an exact account Of all such deposits, and Of the
expenses incident to the management thereof, in
the Treasury Department; also to make provision
for the payment Of the amounts due depositors
draw them, aud to allow and credit to such accu.
mutations somewhat greater rate of interest
than that paid depositors, 60 that all expenses
might De paid out Of the fund and the institution
50 ampsiaed and guarded that the people
s could be efficiently served and the Gov:
or expense. The great ends to be attained are,
first. absolute security; secondly, the utmost fa.
ciitiss for deposits Withdrawals and transfers, and
The extent Of the benefits which will inure to the
people and the Government from the establishment
Of this system will be best indicated by astatement
in some Of the States Of the Union.
Thus seven States (Massachusetts, Rhode leland
Maine. New Hampshire, Connecticut New York
postors. and $629 1856 2O79a on deposit an amount
greater by 8 476 $50 than all the deposits including
those Of individuals the United States, and United
Banks Of the United States, numbering 19i9 on the
third day Of October, 1872.
Objection has been made to the establishment
Of postal sayng; upon the ground
This objec,ios is without foundation. SAVING Ing.
banks were originally. established by the benevo-
deposit for the small savings Of laboring people.
and in the beginning they were conducted without
hope OF either profit or reward other than that
good. In 80 far as they have since been used fof
purposes OF speculation, their managers have di.
vered them from their original design and to that
them. Security is to be sought above all other
considerations and hence the spirit Of speculation
should be thoroughly eradicated from their ad.
ministration. II savings banks are subjected to
sks and prOettuted for purposes of gain for their
managers, they should be overthrow. II, on tn .
contrary, they continue to be well and probably
managed. and pay greater rate Of interest than
be put to disadvantage, because every depos-
itor will be left free to select his place Of de-
post.
ton. They are organized to afford facilities to
the community by lending money on personal se
cnrity dealing in exchange, issuing notes and re.
as temporary custOdians Bankers should own the
capital they employ When they attempt to do bust.
ness on borrowed capital, they are operating on .
they succeed in realizing more interest than they
pay, theDpake profit BY raising the price Of mon.
ey above Its value. II they do not succeed in 60
doing. then, like other unfortunate spectators,
they fail and their creditors become their dupes
the banks would simply confne them to their le-
climate business, and prevent them from assuming
improper risks. With the Government It is totally
different Its obligations must be met BY resor,ng
either to loans or taxation. And In determining
lite choice Of alternatives, the paramount coneider-
ton should be the best interests Of the people,
whoee agent 1t is. Sound policy dictates that the
Government should lose NO opportunity Of borrow
the purpose Of dischargng an indebtedness abroad,
or relieving industry and enterprise 1t home from
the trammels of taxation. But when the Govern.
ment can arrest panic, reetore confidence, csll
forth the boarded treasure Of the country, and re
yive the pursuits Of industry, by q simple pledge
Of the peoples credit for the peoples security, who
will ray that that pledge should mot be Riveni
Another objection IL the tendency to centralixa-
ton. To this answer, that II to eetab ish postal
savings repositories would be In violation or the
Constitution there Is an end Of the matter ct once
II. on the contrary. such action would not be nm.
constitutional, then the only question IL whether
their establishment would on the whole be advan.
" .' p'Sp'' ~"s ''' So''rn"en'
Another objection, more practical, II not mors
tenable e based ON an alleged increase Of