, 1877-08-30

tho deposit OF each person WINS S1}, which
would Indicate nearly tfeo millions Of dcIos-
itors. The CPS limit is got nround by snv-
eral persons in The same family opcning MI
account, SO that an ordinary sized fa1niiy
may havc si00 or $500 in tho Government
Savings Dauk.
Why should not d similar arrangement no
possible in the United states7 Every Post
oDlco authorized to receive registered letters
might be made receiving oillco for savings
doposits:: This money might be forwarded
to the 6nb-Trcasnry and sold for coin. md
with tho coin call In s-20 bonds drawing 6
per cent interest, or purchase 5-2os with
currency in tho open market, whichever
wonltl he best. With grecnbackn worth NJ
or more. there world not he much loss in
buying That class Of bontls which draw liel,
interest in gold.
Tho Government could ahord to pay to
lilo lepositor o.G, per cent interest, which
would leavo n sufficient margin to pay .he
cost of managing those trust finds. That
rnte Of interest In easy Of computation. tits
one cent day on oach $100. It is half
cent day on $50, and two AMI n qunrtos
conta day on S2e5. It il 20 cents a
week on $1,000. Every dcrositor could
rendiiy compute tho a,nouut Of interest dino
him at my moment. In England, ns wclsnso
Hail. tllore is limit to the sum deposited by
any one person, which limit ia, we think,
twenty-five pounds, or 1925, tho purpose be-
Ing to fur'iiala safe investments for T.rsons
Of email nthna mud OF Industrious and thrifty
hahss. Wo have no question that. with de-
posits limited to s50O by any ono person,
there would in n very fow ycnrs bo many
hundreds Of millions Of dollars seek this
National Savings Bank in this country
II would be safe beyond all question or
suspicion. Tho details, OF course,
would DO such as might bo sug-
gested for such largo undertaking,
but ovcry mnn, and woman, and child dcpos-
iting Il or $500 waald have tho fullest 1s-
surnncc Of safety from loss by dofntcation.
cmbozzfetnent, fraat1, or Encouragement.
So long As the American naliou contiuucts
TO exit, their deposits would bo absolutely
safc, the interest certain, and payment would
DO beyond all doubt.
Tho post-ollce banks in England aro not
rzohibitory. Private savings banks exist,
and they invest the deposits III consols
which pay 3.35 per ccut interest, and they
pay fepositors per cent. At tho end Of
1870 the whole savings-banks deposits, H.
cluding Government Post Office an1 pri-
vate banka, was nbout 93G3, 200, 600, Of
which nearly oue.half tho amount WAS in
the Government Post Office Savings Tanks.
Eventually, SO far as the small deposits aro
concerned. tho POST Office Savings Danka
will superoedo tho others. In this
country tho largo ratio Of interest
hitherto paid by tho savings bsuks has
been means Of fraud, banks
which lack substance and resuonsibility sue.
cessfully attracting customers by Offering
higher rites Of interest than substantial
banks could afford to pay. The State
Savings Of this city paid per cent after It
was we'll known tint such interest could not
he Afforded except at loss. Our people
who mako use of SAVINGS banks hnye been
accustomed TO such high rates of interest
that they may at first refuse, as they lid in
England, to accept tho lower ratio. even with
absolute security. This, however, will 10
m objection which time and experieuco-aud
tho experience promises 10 be an oxpousiyo
one-will in time overcome. The offer Of
absolute security, certain payment of prln.
cipal aud iutcrost wl,on wanted. with Tho
power to assign tho credit at any timo, will
render tho post-Ol1ico Savings Danks tho
universal depository Of small savings aud &C.
cuinulatious. While other savings banks