The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-02-16
POSTAL SAVINGS SYSTEM,

leen made 10 the results acorulng lrpln
Iho system ~ its IN operation Ia Eng
land, The system has been introduced
in tho Canadian provinces Of Ontario
aud Quebec. aud New Zealand, and by
the governments Of Italy and Austria
In France, Germany, Belgium and the
Netherlands, an approach 10 tho system
las been made by tho governments par
hitting the poHtolllees 10 receive depoH'
IL for tho regular savings hanks, 80 ~
10 give large fa'llliies 10 the people TO
place their savings The Philadelphia
BaLleiia contains fund Of information
respecting tho subject which IN view OF
tho agitation Of the matter seems 70
fully warrant reproduction Of some OF
tho leading facts
The aet establishing tho postal say'
ngs ayslem In the British Islands was
approved in May, 1901 Previous to
that tine dopositors In savings hanks
had suffered much, as Americans have
done, from the Encouragement aud raH'
calily Of bank trustees Tho govern
mont proposed TO offer two aud
onc.half per cent interest on deposits,
which was considerably less than
that offered by tho savings banks, but
II held out other inducements, some
Of which tho banks could not ollor
Tho system went into operation on
September ~, 1861, when three hun-
dred postolllecs were opened for the
receipt Of deposits aud on that day
four hundred aud thirty'liyo depoHlors
presented themselves. The system was
widely advertised, aud NJ the end OF
the year 1902 the whole number of oil
Goa In operation was $3.50 and u fund
of 6gS,2 2l pounds, including interest,
had accumulated, Az tho ord Of 1870,
during which year one hundred and
eightyseight new offices were opened,
the whole number Of places OF dcpoait
was 6ilS the number of separate Oc'
counts was ., 100, l36 the total amount
of deposits was S,0S2,3jO pounds. and
| the ayerapo amount of zach deposit
was two pounds, sixteen ehillnps
and nine pence, The profits up
on postal savings business from
the beginning until 1871 amounts
ed to !, 1875 pounds The smOllr
est sum that IL accepted on deposit ID
one shilling, The largest amount that
may be deposited in any one year il
thirty pounds The largest total de-
post permitted to any one person IN
ono hundred and fifty pounds, A de-
position 10 allowed to pay his money at
any Office and to draw it at any other,
He has the choice of 5,ilS offices ut
which TO conduct his transactions, and
il he happens TO be away from homo ut
any time and in want of money, 1t
can obtain it from the nearest Office, II
he has his book with him. Tho method
of deposit is this The deposition makeI
u written declaration that he has nc
account in any other savings institu'
ton. The amount is then handed in
and it is entered in pass.book which
il marked with the Office stamp and re.
turned TO the depositor, In two or
three days n receipt for the amount is
forwarded to the depostor from the
central Office in London. When
money il to be withdrawn he
obtains from any postoillce 0
form of notice. This he fills up and
drops in the nearest letter box. 1t is
sent to London, and promptly the
money is forwarded to the Office desig
mated. A warrant for the payment Of
tho amount is then written and signed
at the central office, one>half the wars
rant being for tho postmaster and the
other half for the depositor; and in
one or two days after the demand was
mailed the depositor goes to the post
office, where he presents his half of the
warrant. tits compared with the other
half, and, if correct, the amount is paid
over,
1t is more than probable that sys.
tenn approaching the British scheme
will come into use in this country soon
er or later. Its advantages to the peo
pie and to the government are self evi.
dent The latter would obtain control
OF vast sum of money at low rates of
interest, and most of it's debt could be
placed at home, where every national
debt ought to be placed. The people
would have absolute security, prompt
payment, a most convenient method of
obtaining in one place money that had
been deposited at distant point, an in>
ducement to thrift, ready means of
access to government securities, which
are now often beyond their reach, and
money interest in the business of the
government.
--------------
Governor Nichols, OF Louisiana.