National Republican., 1873-11-17
posr OFFICE SAVING BANKS.
ny PROFESSOR W. II. DouERrr.


Tho habit Of saving q portion, howevc
small, Of their earnings Is found to be tn
best Of all discipline for the working ciasse
OF men. 1t gives the invaluable power o
self-control, without which improvement h
impossible; II creates an honorable feeling o
self-rcspcct, dignity and Independence; re
strains the indulgence Of appetite and cx
trnyagancc, and raises the restless and dis
contented creature Of impulses TO the ranh
Of prudent and reliable citizen. Nothing
therefore, can be more useful to any com.
munity than q good and secure bank OF dc.
poslt, In which small savings can be be lodged
In sums as may be convenient, and from
which they may be drawn at any time OF
need by the depositors. But the sod dlscour.
agement which the ftoppage or Insolvency
Of such banks has recently cast upon the
whole class Of depositors Is TOO likely to dc.
stroy confidence and Increase reckless ex-
penditurc.
In order, therefore, to give perfect security
to dcpositors, and at the same time to secure
the Government against loss, the following
plan will be submitted to Congress on ia
meeting In December next. II Is founded on
the system adopted In tho British Empire,
which has been found 10 work so successfully
and is now 80 popular The English system
Of post-ofiice saving banks was established
BY statute, May IL, 1881, and went into
The following Is copy OF tho Official return
OF the amount remaining on deposit In tho
post-ofilce saving banks OF Great Britain and
ireland at the end Of the undcr-named years,
showing the great and ever-increaslng pro-
gress OF these excellent Institutions In the
1854, amount Of capital on deposit, s16, ,ss4, 7,
lao In gold; December 81, 1895, amount Of
capital on deposit, s82, $50, 600; December 81,
1853, amount OF capital on deposit, cal ,605,-
S75; December 81, 1857, amount Of capital on
deposit, e4s, ,749,G45; December 81, 1903,
amount Of capital on deposit, s55, $50 2I5;
December 81, 1869, amount Of capital on de-
posit, e67, ,62i 900; December 81, 1870, amount
Of capital on deposit, s75, ,4Q5, 500.
The returns for the last two years have not
reached us, but they are, no doubt. equally
satisfactory, as the most perfect confidence
may be reposed ln the security Of the invest
ment, and the British Government Is pledged
to repay all deposits on demand, with the In
terest due thereon. A low rate Of interest,
with Government security, Is always pre-
ferrcd by deposltors Of small sums. The fol-
lowing is the outline and main features Of q
bill for the establishing Of post Office saving
banks In tho United States, which will be
submitted 10 Congress In December next. II
is thought desirable that It should be pub
lished for general consideration and, discut-
sion by the pressi
A Bill to grant additional facilities for deposit
Ing small savings at interest, with 0ivern-
Whereas Il Il expedlent 10 give encourage
ment to the habits OF economy and self-denlai
among the people, By inducing them TO deposit
secure and accessible; and whereas many de-
positors have suffered great Inconvenience and
loss By the failure Of savings banks, Is at present
Tlsr,Jore, be II enacted, are., That the Post
master General shall have authority to direct
such Of his ofcers a. he shall think nt to receive
H-- - shA ali. ~ I.Syl.
and to repay the same under such regulations as
he may prescribe, in accordance with the follow
ing general directions:
/. All depoaits to he entered in the pass-bo, TX
Of the depositor by the persons authorized to re-
oelye the same, and attested BY the dated stamp
.. All moneys 90 deposited shall DO transmitted
at once, by the next mail, TO the Postmaster Gen.
eral, whose acknowledgment Of the same, by
himself or by some oficer duly appointed for
shall be conclusive evidence Of his claim OF prin-
cipal and interest duly accruing, ~ hereinafter
set forth, against the Government OF the United
Q. The Postmaster General shall make daily
lodgment OF all the moneys so received by him
or his Officers with the Treasurer OF the United
90 % received on % account @ Of the said depos,ts sen
arate and apart from all other accounts In his de-
partment, and hold the amount Of the same sub
ject 70 the order OF the Postmaster General to be
drawn only as required to pay depositors, and for
no other purpose whatever.
Z. The Postmaster General, In drawing such
sums as may be demanded by depostors, shall
state the names Of such applicants and the sums
required by each, and 10 no case shall more be
drawn from the Treasurer on account than has
deposits shall be retained in the hands Of the
Postmaster General nor any Of his officers, but
all deposits shall be placed and remain until
Ss Hy esss y s Ss ss
United States. |
5. when any deposltor wishes to Withdraw
any part or the whole amount Of his deposits, |
with the accrued interest, he will apply TO any
post once and be furnished with printed form,
In which he will enter his name and the post
also the amount required and the place where he
desires Il to be paid. The application will be
forwarded by tho next mail TO the Postmaster
msae IN
local postmaster or the duly authorized agent.
This order must be paid In ten days at the
master % Of tSe ofiice where il is payable. ' p''
Q. All amounts paid or drawn as above shall |
be Kept secret by the postmaster, and tho state
Of the account o. each depositor shall not DO re-
I. No sums viii Be received on account Of any
depositor less than twenty-five cents or more
eoun, u m favor q any % depo.or become se more ore
than nve hundred dollars, exclusive OF inter est
9. The rate OF interest allowed shall be- two
ss Ur o. M
but the interest shall begin to be reckoned from
the nrst day Of the month after the deposit ia
made to the last day OF the month preceding
that In which application for withdrawal IA
made, and no interest will be paid for sums less
than i've dollars.
%. A full and particular report OF all the post
once saving banks will be laid before Congress
every year Immediately after Its meeting In De-
oember by the Postmaster General, and by the
Treasurer OF the United States.
Sd. AL necessary additional regulations, not In
consistent with the provisions Of this act, will
be made BY the Postmaster General, and imme-
diately sfterward submitted to Congress, aud
every facility for theApeedy and general estab-
lishment OF these banks will be given. II
Ath. All moneys deposited a. above shall be I'M
mediately Invested In bonds Of the public na-
tional debt Of the United States and In no other
security Whatever, by the Treasurer Of the UNI
ted etstes, and the interest accrulng from such
bonds shall be applied to the credit Of the said
saying- bank fund, and used exclusively for the
payment Of said interest, and for the liquidation
Of all necessary expenses incurred 10 the es,ab-
lishment and working Of the said system.
bth. All the moneys so deposited, both principal
and interest, shall be held - sacred trust Tor
the depostors, and shall be always payable on
demand, as hereinbeiore ordered.