National Republican., 1873-11-25
POSTAL SAVINGS pRposIroRIr,,

"' hASs'S I'M
In the report of the Postmaster General,
an extended synopsis Of which we printed q
few days ago, large space Is devoted TO q dis
cussion OF the proposition TO establish postal
savings repositories. The scheme suggested
BY Mr.. Crcswell has been treated with good
deal Of ridiculc and nlppancy; but SO far as
we have been able to sec No one has seriously
attempted to answer the arguments adduced
In support cf the measure. To be sure, one
or two Of the fossii,zed Statesmen" and
journals have talked about Capitalization; OF
the danger Of vestlng so much power In the
hands Of the Administration. But that point
Is answered by Mr.. CreswelI, in his report as
follows: Another objection Is the tendency
to Capitalization. To this answer, that II
10 establish postal savings repositories would
be In violation Of the Constitution there Is an
end Of the matter at once. II, on the contrary,
such action would not be unconstitutional,
then the only question is whether their cstab-
lishnent would on the whole be advantage
Gus for the people and the Government.
Since the National Government has assumed
TO organize and control the banking of the
country and has warrant Of law for under
taking the transmission Of the peoples money
through the mails, 1t would appear that 1t Is
only dischargiug Its whole duty and complet-
Ing It's financial work by providing for the
safety Of the small savings OF the industrious
and frugal poor. II, In addition, II can lie
shown that postal savings depositoriss will
serve to fortify the national credit, make more
equable the financial operations OF the coun-
try, cultivate habits of thrift among the In
dustrial classes and Illustrate the excellence of
our institutions by protecting and augment
ing the accumulatlons Of self-denying toll,
and thus in time merging the workman into
the capitalist, the cry Of Capitalization cannot
be made to drown the voice Of the people In
their demand that the Government of the
United States shall execute for their benefit
the high offices enjoircd upon 1t by the Con-
stltuti0n."
Here Is the whole case In nutshell. As
the law stands to-day-the banking law
there Is scarcely q single statute which has
not been framed In the interest Of capital
and against labor. To be sure, nothing may
have been further from the intentions Of the
trainers Of these laws, but nevertheless the
fact stands. During the war the most extra
ordinary Inducements were offered to induce
those who had money to invest In our securi-
ties; but the burden Of sustaining and sup
porting the promises then made by the Gov
ernment has fallen entirely or almost en-
tirely upon the working classes. To-day we
have q universal distrust, because Of the |
failure Of come Of these gentlemen. A panic
has oyertaken oil classes Of business, and all
portions Of the community are suffering more
or less In consequence. Thousands and thou
sands Of people have been thrown out Of en-
ployment, and from every section of the
country come the gloomiest predictions of
possible want and starvation.
We do not wish to be understood us main
tanning that postal savings repositories aro
Ihe remedy for all this in the future, but there
,an DO no doubt that their establishment
you'd have tendency to check the spread OF
Inanclal panics like the present. Whatever
onadeneo tho small savers may have had In
iylngs Institutions has been entirely shaken
y The events oi the last two months, and
is certain that IL will take months
ld months TO restore public feeling to lts
'rmal condition. lo bring the millions Of 9