The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-06-23

of the universal distress of the country
Mr.. Bell, with clear vision, penetrates thu
situation. "The people Of the country" he
says, understand the cause of the distress
They find it in the overwhelming indebted
ness of the country and in the tinancia
policy of the government which, manipula
ted by syndicatcs in the interest of non
taxed capital against property and labor
has put upon the latter enormous
and Ubiquitous burdens. That tinancia
policy the people have arraigned and de
nounccd." 1t had its elimination, he said
in the resumption act of January 14th, 1915
In order to carry the act into effect the in
tcrest bearing public debt has been in
creased one hundred and seven millions OF
| dollars at an annual cost to the people OF
over five millions in gold. ~ repeat" said
Mr.. Bell, shat the cause of the distress in
the country is found in that system of leg
islation which has constantly increased the
public debt by enhancing its value, and by
contraction of the the currency has dimin-
ished the means of payment
He said the passage of the silver bill and
the bill repeating the resumption act-if the
latter should succeed-were steps of great
importance in breaking up the con-
spiracy between the administration Of
the government and the bondholders
in the special interest Of the
latter and of the banks. But he thought
the measure then pending Gor the estab-
lishment of a system of postal-savings) to
be one Of very great importance Under
the operation of such system, he thought
it possible to refund nearly, if not all the
public debt in postal-bond bearing rate
Of currency interest not exceeding 3.65
per cent per annum He proposed that
the government shall receive deposits at
the postofice Gas is now done in Great Brit
aim in sums of % cents and upward, and
when the deposit reaches ten dollars, or any
multiple Of that sum, that it may be CON
verted into 1865 three years bond, which
shall be payable in United States notes on
demand at the Treasury Of the United
States, and may also be converted into a
four per cent bond, if the holder
wishes it. This system, Mr., Bell
says, involves no additional machinery
Of government and no additional expense,
at the same moment that the liability Of
the government to the depositor is the
guarantee Of his safety; it will furnish an
incentive to industry, it will encourage
frugality, foster economy, and soon develop
its beneicent results in sheltering the
homeless, clothing the naked and feeding
the hungry. If it be true that recklcssness
and extravaganza have been productive of
all the mischief claimed, then the wisdom
OF that measure that educates the people in
the direction of economy and supplies them
with "a safe, convenient and inexpensive
means Of preserving and increasing the
rewards Of their toll, cannot be questioned
Mr.. Bell then gave some statistics touch.
Ing the Postal Savings Institution Of Great
Britain, showing its steady and re.
markabe growth, and al account also of
the French debt, and the method by which
it has been SO popularized among the
French people that nearly 100000 Of them
are interested in it.
This speech Of Mr.. Bell is that of a
patient, laborious, thoughtful student and
statesman; and points the way TO the cs.
tablishmcnt Of savings system in this
country Of the greatest possible importance
and value, both as means Of safe invest
ment and for the reduction Of the public
burdens, to which we commend the atten-
finn nf tLo riILlir