The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1879-02-20
Postal Savings Banks.

There is no longer any hope of the
passage OF posta! savings bank law by
the present Congress. The bill OF Mr..
Phillips, of Kansas, was overslaughter-
ed in the House day or two since by
an adverse vote on q motion to suspend
the rules and permit its passage. Itnot
only fai!ed.to get the requisite two thirds
but was defeated by an overwhelming
vote. The next Congress may be wiser.
As to the great benefit to the laboring
classes Of postal savings banks there is
no room tor doubt or question. II has
been tried IN Great Britain with the
happiest results, experience Of its effects
for nearly twenty years having made it
increasingly popular. Tho export
ment has been tried in Cahana with
nearly equal success; it has been tried
and become popular in Australia it has
been adopted with some notifications
in half the nations OF Continental
Europe, and no country which has es-
tablished postal savings banks has found
any reasons for retrestiDg.
There is ground for believing that u
system which has worked so we'll else
where would be equally beneficial and
satisfactory in the United States. The
security and convenience it would
bring to the laboring classes is unques.
tiouabIe. Its necessity is apparent in
tie wrecks of such 0 multitude OF saw.
ings banks as have collapsed within the
last Two years, entailing great loss and
hardship on tho most deserving class Of
the community. On the great point OF
safety 1t is impossible that there should
be any dispute or question. Unless the
government itself should become bank
rupt the dcpositors IN postal savings
bank could never suffer any loss or ever
fail to get their money on demand
when they might want it. The merits
of the system Are, therefore, incoDtes
table SO tar as the security Of the de-
position Is concerned.
The advantage which would accrue to
the government is equally apparent and
inc ontestable. With postal savings
banks the savings Of the people borrow
ed by tho government ut ratio more
than two per cent less than the interest
on the'five-twenty bonds, would enable
the government to take up those bonds
and make q large annual reduction in
its interest account. Why should there
De any hesitation in adopting q system
which has worked admirably IN Eng
land and every other country in which
it has been tried-a ~ stem which would
give absolute security to the depositors
and would enable the government TO
save more than TIVE per cent interest
on u large proportion Of the public
debt.
The only thing that has been said or
that can be said in opposition to these
great and manifest advantages is put in
the form OF II doubt of the constitutional
of the government. But II
would be merely an exercise OF the
power of the government, ''to borrow
money on the credit OF the United
States" The money received At postal
savings banks would be simply loan
from the laboring classes, which is just
As legitimate as loans from bankers and
capitalists. The allowability Of Jro
noting the convenience Of the people by
transactions through the Post
Office became, long ago, . settled ques-
ton. The pos;sl money o.dsrs. which
are so popular and convenient, are in
dofensible on any constitutions princi-
pie which would not equally permit the
OF postal savings bankr.
There can be no difference in point OF
between receiving the
OF the people in one place TO
pay il out in another and receiving the
peoples money to be paid back 10 the
same place. The loss Of Mr.. Phillips
bill does not discourage Us, because we
are confident that public discussion viii
remove all The objections TO postal
savings banks.-N. 7. Herald.