The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-02
fFr0sd che ysuciunati Gnaestel
Tsso 13aOule,e savings. I

Pie dags savings banks are numbered,
s. the DAYS soE ail kinds OF banks tnals pay
,,feress al, current deposits ars ruRsbered.
d ia Impossible Tor anybody or any corpora
TON ID pay interest On aeposits Ebas are
,r,.,,eaE fo 1sfcht- check fof the reason tnat
money "a DEPOSITED must be vested 70
nrssea Il earn the interest contracted 90 pe
n.jd .WhaaeyeEethef d genera. Ge-
MANI IN made Tor deposits the BANK 'neces-
sa,iiv ausnensisl There were two asagangs
hanks proper.in this city. They were tootn
very nsaYly9solyent.y Yet they were iofced
To ss,spends dReesnfiy q SWINGS bank sus-
nenied In Indianapolis that VIII pay nineIsi
OF g7Iinety-ayef cents on the dollar. ana, an
Other .in; M asbins tor. that will pay IN ihs.
S,,eb institutionsl cannot loan their money
and have Il on hand when called icr snor
can they pay interest on deposits unless eae s.
loan tia money saps$ .tttis ~ -. J. =,
Z It is important that people of small means
should have a. place to,put their sayihgs..
Regular banking institutions tWih iLot To
ceiye small deposits, even without tlnIeIsss.
They Cannot afford to he bothered Witasueu
accounts Out Of this necessity grew SAVINGS .
banks, and notwithstanding the failures tlia1f
have occurred, they haYe, In. the aSgIegate,t
proved a blessing. bus they nave nau Et.ent
day. and the time has come fora new pohcy..
The Government loan opens the way Ior
the adoption of a new policy. INTO Aness
bonds tue people car! put their Savings. anu
there the principal will always DE sane anu
the interest sure. Congress MO- .tnts ia ~,
view. when it, proWde ed for issuingDonqs
the denomination OF $J0.b IT. should nave
gone a step further, and provided for a $40
BOND. III That would bring the bonds Witnln
the reach ofyasyerys large class But even
as it is the bonds viii be- largely absorbed,
~ placed on sale with the banks, 30 that IN
'yestors can pay their money and take their
bonds. 4 Heretofore peopletlh have been're
ouired to subscribe, pay their money, anu
await the movement OF red tape ia order
to get their bonds. This red tape business
should be abolished. The Government can
do this without taking any risk wh1tever,
and without paying any greater commission
than it has always paid in placing It's loans:
In this way the entire loan, can be dlsposed
Of TO our own citizens. It Isl not necessary
that one dollar OF it should be held abroad.
This is the policy pursuedin France, Where
the Ioaas are taken and held blythe people,
and nobody, ever heard a Frenchnlan hint
of reputation. Even in times OF bloody
revolutions, and Yhen violent changes toc-
Cured in the form Of government, the 'deDt
was held sacrcds D; Thus the .Erench DEBT
has proved q national blessing h"binas
The people-.the commonI pfople-to their
country, md amid all the scenes OF: blood
and commotionl Frenehmen have maintain
ed their attachment to their'country.i iThey
stick to it, too. They fight FOE 10 and WITH
in it, but rarely leave it, 1.-The ernfgrat!on
from France is smaller than fromGalmost
any other country" hu" 40 ). rom. ~
In like manner. our debt may be handled
so as to bind tbeicomm0n. peopiefo the nag,
and at the same time afford safe place for
their savings. 93Ci h"aGl - .'2'iuh,'' -.
> There is in the city OF Cincinnati to-day
more readyimoney in the bands OF itne peg
pie than i'm the vaults oil tue banks! '"At
is in the hands, OF the people because
there is no place in which they can
nut il. The regular banks. asGWe have
said, would not receive small deposits. The
banks that did; that business have lost the
confidence Of the, people. Even on the score
OF ebepevo!ence, responsible men would not
now organize savings banks.i? ~ =; " I.'I
- The way is clear, therefore. for placing
the four-per.cent. bonds in the hands OF the
people, and it may be done by keeping the
bonds before the people through the press.
By the force OF advertising Jay Cooke placed
the national loansreven i'll the, darkest days
OF the republic. Much easier can that be
done now, when the credit OF the Govern
ment is, founded upon n solid rock.JiH=ijIhf
is important. too, that the. people
should be educated in habits Of economy!
il they can be induced to save a. portion OF
their earnings, they will naturally practice
economy. When anindiYiduai gets a TWEEN
ty-fye-l or a fifty. dollar bond it will serve
the purpose OF "A ness-egg, and the, aimwill
be to add to it. This disposition would be
all the stronger when the savings were
known to be absolutely! secure, and the in
terest sure every three months. Besides,
the principal could be obtained whenever
desired. rs there would always be ready
market for tie bonds. In point OF fact, the
bonds would pass from hand to hand as
money. .f1s..,a,, ist3s:,L1 = - 20. -.
Secretary Sherman should aim to make
this the browning act of his administration.
Successful resumption is already assured.
The greenback, in pursuance OF the pro-
mise made when it was issued, is equal to
gold. The bonds which were issued in
times OF uncertainty are being paid in
coin, in advance of maturity. The credit
of the Government is equal to that of any
Government on the face OF the earth, and
better than most of them. Our. Govern
ment, which in the days Of Buchanan's
administration found it necessary to pay
equal to IL per cent. for money, is now,
after passing through fearful domestic
struggle for the life Of the nation, able to
borrow money at four: per cent, and our
own people are able. and willing too, to
take the loan. This is 4 grand record.
Now, to crown it all, a system should be
established that would enable the people to
invest their savings in the four-per-cent.
bonds, the principal and interest OF which
would be absolutely safe--as good as the
Government itSeif!i1i; Il ''}.t.isa = .'!@ -EL!t
Il This system, too, would check the board
ing Of money, 1t is not generally known,
perhaps, that TWO thirds of the; currency
outstanding is hoarded-that ia to say, held
outside OF the channels OF trade. Such Is
the iact,a however. Consequently the invest
ment in four-per-cent. bonds, averaging
milton and halfa day, Instead OF contract
ing money is initiating the volume OF ayaila-
BILE currency. 1.-The bonds are going into the
boards and the money paper, gold, and
coming out i9t '"!:" ~
action on the part OF the Government
that will enable the people to put their
savings where they can be held without pos
sibte risk would indeed prove q national
blessing. % :'!@ s..:'.o 30 ,.'1..5.s,
Ian OLD LADY. IN A MAINE JAM FOR DEBT.
from the Belfast (Me.} Age, December 26.1
One OF the cases where che law bore down
particularly hard on an individual occurred
last week, when a poor lady named Eliza
G1lchrist. over whose snowy head more than