Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-12-05


for the payment of such postage, and the
Department is compelled to accept in full
satisfaction whatever sums of money Post
masters choose to charge against themselves. So
execrably bad is the system that postal
officials Of high standing have estimated
that not more than onethird of the postage proper
ly chargeable on newspapers is accounted for and
paid over. Furthermore disputes are continually
arising between Postmasters and publishers as TO
whether the sheets they transmit come within the
meaning of the term aseagspdper and as to the
number of their bona fide subscribers In the hope
of contributing TO a more faithful collection of
hostages, the more prompt and efficient transmits
sion of newspapers, the saving of labor in Post
Offices, and The general advantage, as well of the
Department as of publishers and their patrons l
respectfully submit the following plan for prepay
ment of newspapers of the second-class, and urge
Its adoption. Let all publishers or their business
managers or agents, be required at the beginning
OF every quarter to state under oath that, after
diligent inquiry, they satisfied that they will
send in the mails to regular subscribers during the
coming quarter not more than = copies OF the
newspaper known as --, [giv1ng the num-
Der of copies and name of newspaper and let
them be further required to pay in advance the
postage required by law, taking therefor duplicate
receipts, of which shall be transmitted TO the
POst-0ffice Department; and, to afford reasonable
opportunity for an increase of circulation during
the quarter, let the oath taken at the beginning
of the next quarter embrace all additional copies
for the last quarter, as well as the number to be
sent during the then commencing quarter. On the
other hand let Postmasters be required to return,
within two weeks after the beginning of every
quarter, correct llStS OF newspapers
ed to regular subscribers and dispatched in the
mails from their respective Offices stating the num-
Der of copies of each newspaper, the average
weight per paper the number of issues per week,
and the amount of money paid as postage therefor.
Payment having been made in advance for the
quarter, no stamp or manipulation would be need
ed, but when received into the Office, every paper
answering to the description given in the receipt
would be treated as paid. The papers of persons
subscribing after quarter-day would be forwarded
Immediately and paid for at the beginning of the
IN W0ul0 hp
ment in the collections under this plan, that I be-
lieve the Department could safely consent in case
OF Its adoption, to reduction In newspaper rates
of forty per cent. on present prices AT the reduc
ed rate, am satisfied the Department would real
ize more revenue than now. l also believe that SO
great would be the saving of labor to newspaper
proprletors in the preparation of their papers for
the mall and SO decided their gain from the greater
dispatch and freedom from mistakes in transmits
sion and delivery, that they, would find the new
plan more advantageous to them tnan the present
one. similar plan could be adopted for maya
zines and periodicals of the second class
PosT-oFFICE SAVINGS BANKS.
The events Of the past few weeks have awakened
lively interest in plan heretofore submitted for
securing the savings of the great body of the peO-
pie by pledge of the credit and faith of the
United States In my reports for 1871 and 1872
urged the organization OF institutions for that Dur
pose, under the title of post-offce saving banks.
The name was not wei chosen. The institutions
have in view and recommend are not designed,
and should not be permitted to encroach upon the
legitimate powers and duties of the National
their scope and character, in the machinery they
employ, and in the ends they are intended to ac-
complish, and may be more accurately designated
as Postal Savings Repositories Of the United
States.
The financial difficulties in which the country
has been Unexpectedly involved and which still
continue to Cypress it, have demonstrated the
cessity for some means of maintaining confidence
in times of threatened disaster, and Of gathering
and wisely employing the immense wealth scatter
ed among the people, to prevent panic and escape
tbp in
the people of the United States hold the reins of
financial as well political power, clearly appears
from the tables taken from the public debt state
ments, reports of the National Banks, and from
official accounts.
If, therefore, plan can be devised that will af-
ford to deposiors equal security to that afforded
to note-holders but little doubt be entertained
that general amelioration of the present condi-
ton will be Effected the immense sum of $780,
600 O00 held by the people in June last, with the
large accessions since made thereto by heavy
drafts upon the Treasury and the banks, will be
brought out from its places Of cOncealment and
applied to its legitimate work of aiding III for
warding our crops and products to market, and in
sustaining our vast manufacturing and other bust
ness interests. ~
In my Judgment, system Of postal savingsade-
positories would powerfully contribute to this
most desirable consummation. Throughout the
plan for their organization and work two ideas
predominate; first, the United States is to insure
the safe return of principal and interest whenever
demanded; and, secondly, the extensive machin-
cry of the POst-Ofice is TO be used to bring its adj
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,
would receive deposits in small sums, ranging
from ST upward to the limit fixed by law, which
sums the Postmaster would forward at short in
tervas to the nearest depository of the United
States Treasury. certificate, fixing the respon-
sibility of the Governments would be issued i'm
mediately to the deposltor by the Postmaster, and
notice thereof would be sent either to the Depart
ment or some established branch Office to the end
that due entry thereof might be made and
more formal acknowledgment forwarded to the
depOsior for the amount No depositOr should be
allowed In any enc year to deposit exceeding 5000;
no greater accumulation of deposits should be per-
mitted to any one depositor than $1,000; and no
greater accumulation of deposits and interest
should be allowed than $1,000. Meantime, howev-
er, the United States should contract to pay inter-
est not exceeding per cent, to be computed from
the first day of the month following the deposit,
and to stop upon the first day of the month in
which any withdrawal might be made. Interest
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 keep
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
whenever and wherever they might desire to with
draw them; and to allow and credit to such accu-
mutations somewhat greater rate of interest than
that paid depositors, that all expenses might be
paid out of the fund, and the Institution made self
sustaining. am confident that the PLAZA of opera
tions thus generally sketched may be so amplifed
and guarded that the people could be efficiently
served, and the Government may be saved from all
loss or expense. The great ends to be attained
are, first, absolute security; secondly, the utmost
facilities for deposits, Withdrawals and transfers.
and thirdly, perfect secrecy. x
The extent of the benefits which will inure to the
people and the Government from the establishment
of this system will be bestindicated by statement
of the amounts deposited in existing savings banks
in some of the States of the Union
Thus seven States Massachusetts, Rhode Island,
Maine, New Hampshire, Connecticut New York
md ,io\ hod o q
depositors, and $629, 1S5, 207 90 on deposit-an
amount greater by $3,47693 than all the deposits
including those of individuals the United States,
and United States dsbursng officers, held by all
the National Banks of the United States number
ing 1919, on the Sd day of October, 1872
Objection has been made to the establishment of
postal savings repositories on the ground that they
would interfere with and overthrow the present
savings banks respectfully submit that this OBJ
lection is without foundation. Savings banks were
originally established by the benevolent and phi
lanthropic to provide safe places of deposit for the
small savings of laboring people, and in the begin
ming they were conducted without hope of either
profit or reward other than that which comes from
the consciousness of doing good. In so far as they
have since been used for purposes of speculation,
their managers have diverted them from their
original design and to that extent have abused the
confidence reposed in them. Security is to be
sought above all other considerations and hence
the spirit of speculation should be thoroughly Grad
lcated from their administration. If savings
banks are subjected to risks, and prostituted for
purposes of gain for their managers, they should
be overthrown. If, on the contrary, they continue
to be we'll and proftably managed, and pay
greater rate of interest than that paid by the Gov
eminent, they will in nowise be put to disadvant-
age, because every depositor will be left free TO
select his place of deposit.
Nor can the National banks raise valid obec-
ton. They are organized to afford facilities to
the community by lending money on personal Sc
curly, dealing in exchange issuing notes, and re-
celvlng deposits not for permanent investment,
but as temporary custodians. Bankers should
own the casital they employ. When they attempt
to do business on borrowed capital they are oper