Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-04-10
POStaI.Savings Banks.

The pOStal-Say1ngS system OF Canada
began working in 1867, when eighty-one
offices were established. June 20, 1869,
213 offices had been opened, and June
80, 1877, this number had been increas-
ed to 2S7. The deposits up to the close
of the last fiscal year were 324 1862, and
amounted in value to $16,504,252. Of
this sum, SLIPS, 800 had been invested in
Dominion per cent. stocks; ST., 99S: 1874
had been withdrawn, and the balance
standing to the credit of open accounts
and drawing interest, was s., 639, 937.
The average cost of each deposit and
withdrawal was less than twenty-three
cents, and the total cost of manage
ment for the nine years in which the
post-office were open was $117 ,563.7S,
or an average of about 81, 900 per an
mum. Every post-office being a money
order Office is open as a savings bank
during money-order Office hours. De-
poposits may be made in amounts of
81 or any number of dollars (cents not
being received). The amount deposited
In any one year cannot exceed $500,
and the total amount standing to any
one depositor's name must not exceed
81 900, exclusive of interest. But de-
positors may clear their accounts once
by ordering its investment in sums Of
800, or multipies thereof, in Dominion
5 per cent. stock. Such stock is not
tran sferrable, and no depositor is per-
mitted to hold more than 81 900 worth
of it. No person can, in consequence
of these limitations, use the postal-sav-
ings bank of Canada for more than
$4,000
The Canadian system (for the details
of which we are indebted to the New
York Herald is Objectionable chiefly for
its limitations upon the sums permitted
to be deposited by any one person, and
particularly for the restriction of in
vestments in government stocks. To
these regulations, no doubt, is due the
comparative smallness of the opera
tons conducted by the Canadian hanks
Thus the total sum in the custody Of
the Canadian government on savings
account was only S4,3OO.OOO at the close
of 1876 as compared with 10000, 900
IN the custody of the British govern
ment on the same account. The aver
age amount Of each account often was
higher. it is true. in Canada than in
Great Britain. being $4,000 in the
former and in the latter a fraction I'M
der $50; but the difference in this re-
spect only indicates more fully the
popularity of the British system, which,
with poorer population to draw from,
obtained much more than a proper
tionate excess. of deposits per ca pita as
compared with Canada The Canadian
system would not be acceptable in the
United States because it would prohibit
the investment of large sums in United
States securities which it is the purpose
OF the promoters Of the postal-savings
scheme to secure. There is no reason
why investments Of this nature through
the post-office should be limited at ALL
There might, indeed, be provision
that no person should be permitted to
hold more than a certain amount of
postalsavings bonds. 1t might be de-
sirable, for the conveniences of the
government, to keep the liabilities of
this department within reasonable
bounds; but the conversion of postal
savings bonds into per cents or other
government securities should at all
times be encouraged Chicaao Tribune.