The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1877-09-12
Commercial job Printing
WEDNESDAY, SEPT. 70, 1877.
The Postmaster General Favors a Postal
Saving DepsOitory.

CosinS DcpsOitOry.
The Postmaster General will devote
considerable space in his annual report
to Congress in argument and state
ments favorable to the establishment
Of postal saving depository system.
He will use as a foundation some of
the main features Of the proposition
submitted and recommended by Post
master General Creswell in 1873, which
was embodied in a bill introduced in
the House of Representatives by Horace
Maynard, but which was pigeon-holed
in his Committee on Banking and Cur
rency. Mr.. Creswell, in his report,
said in relation to these institutions,
that they are not designed, nor should
they be permitted. to encroach upon
the legitimate powers and duties of the
national banks. They are totally dis
tinct from these banks in their scope
and character, in the machinery they
employ, and in the ends they are intended
to accomplish. Throughout the plan
for their organization and work two
ideas predominant. First, the United
States is to insure the safe return of
principal and interest whenever de-
manded, and secondly, the extensive
machinery of the Postofice is to be
used to bring its advantages home to
the great mass of the people. The
details would be simple, safe and eff
Gent. M~oney-order offices as agents
of the Government would receive de-
posits in small sums ranging from one
dollar upwards to the limit fixed by law,
which sums the Postmaster would for
ward at short intervals to the nearest
depository Of the United States Treas
ury. A certificate fixing the RESPONSE
bility Of the Government would DO
issued Immediately to the depositor by
the Postmaster, and notice thereof
would be sent either to the department
or some established branch office, to the
end that due entry thereof might be
made, and a moro formal acknowledge
ment forwarded TO the depositors. No
depositor should be allowed in any one
year to deposit exceeding $500. No
greater accumulation of deposits should
be permitted for any one depositor than
$1,000, and no greater accumulation of
deposits and interest should be allowed
than $1,000. Creswell provided,
in addition to the foregoing, that
Meantime, however, the United
States should contract to pay interest
not exceeding 4 per cent, to be COM
puted from 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 nee
cessary to keep an exact account of all
such deposits, and of the expenses in
cident to the management thereof in
the Treasury Department, also to make
provision for the payment of the
amounts due depositors wherever and
whenever they might desire to draw
them, and to allow and credit to such
accumulations n somewhat greater rate
of interest than that paid depositors,
so that all expenses might be paid out
Of the fund, and the institution made
self-supporting."
Now, in view of the reduced rates of
interest paid by the Government, there
would have to be a different provision
in relation to the interests that would
he allowed the depositors. The great
ends to be attained by the system of
postal savings repositories are absolute
security, the utmost facilities for de-
posits, Withdrawals and transfers, and
perfect secrecy.