Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-03-11
POSTAL SAVINGS BANKS AND
BONDS.

The attention of Congress has been
turned in an unusually profitable direc-
ton in the consideration of the best
means of affording secure investment
for savings of small amount in individu-
al cases, but amounting to large sums in
the aggregate. The American people
have in the past been conspicuous for a
lack of frugality and disposition to
spend money freely as fast as it was
made. and trust to luck for the future.
This tendency has been encouraged by
the want of safe and convenient invest
ments for small sums, such as the peo-
pie of many less advanced nations pos
sess. Savings banks have in too many
instances proved mockery and a delu-
sion, and the American disregard of
small things has been conspicuously
shown in the absence of any provision
by which the government could avail it.
self of the results of the economy and
thrift of the masses of the people, even
when it was urgently in need of advan-
ces, and prepared to pay high rate of
interest for large sums from abroad. The
hard times have taught the virtue of
frugality in way in which it was never
inculcated before. The example of
France extricating herself from her in
debtedness to Germany by appealing for
popular loan, in which s'the smallest
contributions were thankfully received, .
has shown how much can be accomplish
ed in this direction. The proposition al
present before Congress for the estab.
lishment of Postal Savings Banks i:
clearly step in the right direction
whatever theoretical objections may bt
raised as to the governments exceeding
its proper functions. 1t is the function
Of government to do anything that will
add to the prosperity and advance TIT
true interests of the public. The bill
as drafted by the House Committee OIL
Banking and Currency, authorizes tn
receipt of money on deposit at all post
Offices having money order department
in sums of not less than twenty-five cts,
of which account will be kept in pass
books, as in ordinary savings banks. N
interest will be allowed until the SUI
of ten dollars is accumulated, when tn
deposits may be converted into posts
savings bonds, which are to be issued j
denominations of ten, twenty, fifty an
one hundred dollars. They will bea
interest at per cent. per annum. Th
postal savings bonds arc in turn CONVEX
tible into ordinary four per cent. bond
The merit Of this system is that it ofel
absolute security to depositors, and wi
inspire confidence which in too man
: localities is lacking. so far as saving
. banks are concerned, and with just rel
son. The scheme is to be commende
e moreover, on broad grounds of publ
policy, as giving large class of the pc
pie a direct. tangible interest in Il
: maintenance of the national credit.
0 will convert the thrifty laborer into
o ''bloated bondholder" on small sea
e before he is fairly aware of it, and fro
# the moment he begins to acquire prope
+ ty of this description his sympathi
h will be instinctively ranged in favor
v law and order. 1t is not probable tt
,r the scheme will be accepted withc
Is some notifications, as other plans ha
i. their advocates. The bill that has pa
4. ed the Senate in favor of the issue
ID Sl00,000.000 in coupon bonds of
L. denominations of S25. $50 and Sl(
BIT with interest at four per cent, thou
To independent of the Postal Savings Ba
an measure may not improbably modify
let latter, as its tendency is in the same
n rection.-7raveller.
Is Diphtheria is reported as quite pre-