Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-05-28
POSTAL SAYINGS BANKS.

The postal savings bank lunacy has OF
late been revived in Congress and by the
Newspaper advocates of centralized govern
ment, through the agitation of Mr.. Wad-
dell's bill for the establishment of postal
banks, on the English system. The bill
comprises some of the least Objectionable
features of each of the eight other bills for
like purpose now before Congress, and re-
duces the cost to what is regarded as mini
mum amount. Mr.. Robert P. Porter, of
Chicago, in order to give the scheme lift
read paper before the Social Science asso-
citation last week in advocacy of Mr.. Wad-
dell's bill, which has been widely copied and
commented on by newspapers imbued with
the paternalistic heresy. Facts and figures
are given to prove it's advantages, but these
must have been terribly garbled by the
printers or else betray woful degree of ig.
norance on the part of the essayist with
facts of common notoriety.
1t is not with the figures, however, that the
GLOBE finds. fanlt It is possible that
postal savings banks may be made profit
able to the government, and by the exercise
of large amount of credulity we may re.
gard it as within the range of possibilities
that they may be honestly managed. The
theory IS what we object to as being PERM.
cious in its tendency, and utterly subversivt
of the principles of free government. All
that can be said in favor of establishing and
maintaining an absolutely safe depository
for the savings of men of moderate income
is admitted from the start. That it may be
safe, we will not deny, but that it would
benefit either the depositors or the country
at large, is an open question.
The theory upon which the republic was
founded was one in which the government
| should be the creature of the people, and al
their mercy, not one in which the people
should be subject to the central govern,
ment, and at its command. The tendency
of all legislation for the past fifteen years
has, however, been to overtnrn and reverse
this order; to build up at Washington
strong central government, con-
trolling the material as well as
the political destinies of the whole nation
With this view the revolutionists have en-
deavored to control the railroads, the tele-
graph, the water ways and the press, and
are now making an assault upon the savings
of the masses that they may be turned to
account as political engine. It is not diff
ficult to imagine how powerful an agency
these postal banks might be made, in the
hands of INSCRIPTIONS and ambitious politi-
clans, in controlling the political affairs OF
the country. A political party might be-
come corrupt, tyrannical, revolutionary; yet
if it controlled the savings of a large mass
of the industrial classes, it would be main
tanned in power despite all other efforts that
might be made to GUST it. A mans pocket
is powerful lever upon his franchise.
Then, too, we're such institutions establish
ed, they would compel the government to
enter the money markets of the country on
a par with other brokers, become lender
and borrower, and it would be but a few
years ere the secretary of the treasury would
be able to control and manipulate the
money market at his own sweet will.
Instead of adding to the power of-the