The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-12-01

hfaced w tllt 10th call, which natures on
December 9Th next, there are more. than
3D,6W0U outstanding. These bonds are
payable ~ par aud accruod Interest upon
presentation.
one Of the most important recommends
tons Of Secretary James Is the establish
mont Of postal savings depository, whore
money, however small the amount may be,
can be placed in post-olllce and interest
thereon accumulated by the deposltor, al
though the per cent. itself is insignificant
These deposits, ifissued in the form ola Ger
tificate of deposit" may be used as a circu-
lating medium in case the depositor wishes
to dispose of them. There is no doubt that
the adoption Of tins recommendation would
prove great benefit to the laboring classes,
and source of revenue to the gov
eminent. We give the Secretary's
report in regard TO this matter in full, believ-
ing its wisdom and utility will result bene-
ideally TO all classes, if adopted by Con-
gress. He says:
As early rs 1871 o recommendation was
made by one of my predecessors for the es-
adjustment OF Il system of savings deposit
and in several subsequent annual reports
this recommendation has been renewed,
December ls 1873. "a bill to establish
and maintain a National Savings DEPOSIT
Tory as branch Of the Post Office Depart
ment" was introduced in the House of
Representatives by Hon, Horace Maynard,
of Tennessee. From time to time since that
date the measure has occupied the atten-
ton of Congress, and many bills have been
introduced, but without securing definite
action.
A system of Postoflice avings banks
went into operation in Great Britain Sep
temher l6, 1861. At the close its first
complete year the number of open accounts
was lis 495, and the amount standing. to
the credit Of depositorS was Fl ,693, 22l being
an average of 90 los 81 to each account
grown rapidly in popular favor, and on the
3lst of December, 1879, the number of out
standing accounts has risen to 1888 AT, and
the amount of the credit Of depositors to
$50 Oh, 18, an average of f16 is ll3d to
each The interest paid to depositors is
only u per ccntum, rate so low as prac-
tically to exclude the Postof1icc Savings
Bank from competition with other banking
institutions. as the history of the rise and
progress of savings institutions in Great
Britain has demonstrated the object of the
government being to offer to the depositor
security rather than the profitable invest
ment for his earnings, and to promote
'frugality, steady habits, and consequent
thrift among the laboring classes.
Ny predecessor, in his last annual report,
said that in the larger portion Of the United
States there are no savings repositories, and
are not likely TO be; and he expressed the
opinion thar, to the people of these parts,
the use of the post office for this purpose
would be q real boom That would be an
advantage to the patrons OF the institution,
that deposits would be available at any de-
pository post Office in the country, ian i'm
portant consideration with people so mi
gratory as ours" He further expressed the
belief that the system would interfere little
banks, but would rather absorb
the funds now deposited in
them. He thought that the pat
ronage ofthe Government would not be
sensibly increased since the system would
be conducted by persons already in the
public service, with no considerable addi-
ton to their number.
In these views / concur. 1t is my earnest
conviction that a system of this description,
if adopted, would inure more than almost
any other measure of public importance to
the benefit of the working people of the
United States, and / comafend it the favor
able consideration of Congress.
The financial articles of the Chicago
Times are always logical and show the writer
conversdnt with s1bjcct on which he treats.
In discussing TIE theories Of the protection
lists in regard 10 the balance oftrade now in
our favor, aS'shown by the receipts of coin
and bulliGfi from abroad, he says that the
conclusively that this coun-
try caLhot go on exporting an excess of
at the rate it has been doing
fol- the past few years for any great
length of time, and taking pay for the
difference in gold and silver, without
exhausting the worlds supply of
these metals, and thus bringing
this sort of commerce to full stop. Dur
ing the four years ending the Both Of last
June, the excess of our merchandise ex-
ports over our merchandise imports was
S949, $50 $50, or, in round figures, $3.50, 900 |
000 Should've excess ofexports continue
at the same rate for twenty-five years, or
for twenty-one years from the Both Of last |
June, and should we get the diff |
ference in gold and silver, we would
take in an amount of precious metals equal
to the entire estimated supply Of the world |
at the present time. 1t is simply impossi- |
BILE to carry on commerce in this. way for |
any great length of time, and therefore it is |
impossible that the condition of foreign |
trade which the protectionists regard as
most favorable should be permanent; and |
rs any theory regarding trade which neces.
,arily involves the end of trade as its logical |
result is presumably false, the pro-
iectionist theory regarding the bal
lnce of trade is presumably false. |
About 1900 men are engaged in Cello
RADIO in farming, and the average number Of
days labor is about POS during Che year,
which, at So per day, would, together with |
nterest.and Improvement, make $40, 000, 900. |
rhe number of dollars taken out of Colo
ado mines in 1880 was 20,000000; hence
We see il costs so cents for every dollar Of
yold or silver taken out.