The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-04
Posi- OFFICE SAVINGS BANKS.

PLAN TO INVEST THE PEOPLES SAVINGS IN
TIE FOUR PER CENT LOAN.
To THE EDITOR HERALD:--
Tho Secretary OF tho Treasury has terminated the
contract with tho syndicate Tor placing the four per
cent coin loan and has given notice that subscriptions
will BIO received for portions thereof $50
It's mutipes. TO certain extent thus may prove u
success, but It not meet Tho wants OF people
SO Tar the majority Of those who the customary
depostors in savings banks are concerned, and who
were alluded 10 in Mr. shefman's report TO Congress-
ON the ID Of December last
70 provide Tor the safe keeping OF tho savings oil the
people is clearly the province OF good government.
care being taken that docs without risk itseli
und that ~ surroupds ilAsysrem with proper security
TO the deposition. Tho plan adopted IN England OF
post Office savings banks Is emhentiy succcssu but
to DO adapted TO the needs II this country requires
modification. l beg TO suggest plan OF which tho
following Is an outline, emitting The details OF It's inner
machinery, which II Is not necessary here TO
rate. lpropose that Congress empower the Secretary
oil the Treasury TO issue oar per cont loan, pria-
cpal and interest payable in legal tendor
national bank notes, ana receive payment
same IN like lands. That the Postmaster Gcnergl
shall issue and sell at all money order Offices adhesive
stamps, convenient In form Tor the purpose InteIced
and OF varied denominations from ten cents 10 SO
that he shall also issue passpooks ruled to
cevo The stamps above referred TO IN regular orcor,
which the depositor can adhere the same as soon as
purchased inese passbooks afo 10 Uedr dst,n-
gushing number, as wen as the owners maine.
whenever tho chooscs can send his Douk 20
any money order Office, and II shall DC the duty OF "a
dcs mated officer there register tnc humber OF the
book tho owners name Inc amount oil stamps M
Cancelled and thc date On u convenient blank form
povided Tor the purpose. forwarding as often as
be ncedu copy OF such register 10 the general Office
n, Washington. AT the time Oh regsry II snail also DC
the duty tho officer cancel such stamp or stamps
by periorution, with tho name OF his otice and the
aate From that time tc amount, large or small, Is ~
boar interest at 800 per per aunum. The book
be used tnc purposes OF deposit ut money
order oice IN The United states 50 that II would be
equally servlceapie 10 the owner II he "opened his
| ACCOUNT IN Nav YORK aud by reason OF travel or
change OIL residence desired to make his deposit al
| san francisco, New Orleans or Chicago.
For The Withdrawal OF iundswnicu, like the deposit
| can be done ut any money order oiiico-it VIII bd
necessary that th person presenting BOOK Tor such
purpose shall be personally known or re ably iden
Tiled tho owner Of such Dook, or entitiuu 10 The
| amount represented therein or any part tucrcoL
| The Postmaster General shall IN vest all moneys
| by IRON this In
loan Tor ABOVE shall collect tue forest on
| the same, and the difference between the Jour pei
cent received anu the 90 paid shall 90 appropriated
to pay tho exponsc OF maintaining inns branch OF hs
Department. tue surplus, II my 10 DC Rounded to Tx
secretary OF the treasury anu used Tor The reduction
OF the national dob.
Full printed directions TO dcpositors will accom-
pany each pa shook and tho Individual accounts VIII
Oe Kept In Washington.
Tho advantages OF the stamp system that II ena-
bcs the depostor ~ readily S, cure an entry on his
! book (much time 10 often consumed IN waiting III
| turn 10 make depOsits); child is competent
sengcr alter the stamp adhered IN tue book, to
the same registered; II Is perfect safeguard usaius
wiliul Careess OMISSIONS and Otnor clerical
on tho part OF employees, aud Is convenient form
| concentrating iunds icr the Postmaster General.
BY sucn u system as propose the government and
the people are both benefited. The loan Is popular
izcu, ana every man. woinan and child has an oppor
tuny Of sharing in the pubic funds according 10 hi
or her indivduai ability: the passoooK" 10 virtually
| government bond, duly regIsered; each nic save,
rs bearing interest ~ the owner, WIN absolute sc
| CURLY.
IL has boon urged that legislation IN this direction
| would cause The withdrawal OF funds from the ex
sting establishments for savings and the consequen
sacrifice vi tlrcir Bccuritiea such has not been III
experience In England; It has rather stimulated tn,
y ople TO habits oi thrift None oil the really souut
institutions would oppose such incasure-tnos
th-t snaky had better wiped ou.--thc sooner
dangcr0us.y diseased IIiub Is anputated the bette
Tor the whole body, however Temporarily painful u
| the patient.
| ask you TO give publicity to the rough outline
| give you, feeling that some sucn plan would III,
| iayor vita tho masses ana enable tho Secretary o
| the treasury to place largo amount u
the national debt at rciuccd rates OF inter
Al tho present tine there Is OF
$sI3 l54,SUL 1T reasonable suppose that with th
people would DO still greater savers OF money In tn
future.
., A per cent currency loan as suggested coul'
also DC utilized by economic ITO assurance assoca
lions and other friendly societies Tor people vi modcr
ate means as security Tor the Investment oil thei
| funds ON hand. ROBBERY l.. FABIAN.
| YORK Feb. =, 1878.