National Republican. (Washington City (D.C.)) 1872-1888, 1882-04-15
PRO BONO PUBLICO.
POSTAL SAVINGS DEPOSITORY,
Bill FOR the Benefit OF the People Of the Country
Which Should Re Speedily Passed
Some or the Good ERscis TO
Flow from It,


Post Roads providing for the establishment of
postal savings depository" as branch of the
Post-Onice Department. Since its Introduction
into the House IL has received general notice from
the press Of the country but further than pointing
out one or two Objectionable features Of the bill,
its nature and character have not been fully given
TO the people forthcrinformotlon and instruction.
Strange TO say, the advantages to be gained by the
passage Of such bill have been left in the back
ground unnolioed, and the people have been
put of with the mere statement that II is one TO
create banks wherein they can deposit their
moneys, having the Government the security
for the safety Of the spme inst ad Of private indi
yiduals. This, however is by no means a fair
prtscn tstlon Of The character ofthe bill; neither
does II give the slightest idea as TO its terms orpro
visions or theirmerits. The objects Of the bill
stated therein nrc-irst, Ito make the Post. Office
Department available for the protection Of small
savings, ard to facilitate the deposit and with
drawal Of the same" and, second, "for the pur-
poses Of revenue" To ACCOMPLISH these objects IL
Is proposed to create branch of the Post Office
Department. having SIS chief Office Mt the seat of
Government, to be calledthe Central Depository"
The system Is to styled the Postal Savings De-
poStory;"th the services and business as
THE POSTAL SAVINGS SERVICE"
and the moneys in any wise appertaining to the
depository as postal savings funds" The
general idea lying at the foundation of the
system is TINT II is to furnish place where the
people can deposit their small savings at interest,
with the security Of the Government for the faith
full repayment thereof, and also that IL affords
source of revenue to the Government In the
words Of the bill the monies deposited
Are 10 he deemed and taken as public moneys
and moneys In the Treasury OF the United States
for the repayment with interest not exceeding per
cent; per annum, on demand of the deposor thereof
count OF the depostor Of all sums deposited "a ac-
lowed on u less sum than -, nor ON any sum not
multiple OF y, nor shall It be computed for any
period of time not beginning and ending with cal
endaT month.
To facilitate the making and reception of dc.
posts subdepositories are 20 he opened at money
order post offices, while at each Of these to be
kept for sale post-savngs stamps of the denum-
nation of ten cents aud ut the SINE time postal
savings cards " are to be- furnished upon which
postmaster selling the same. postal savings
card with postal-savings stamps duly affixed and
TO receive the same Iass-boOk credit as though he
had made a cash deposit in lawful money. In adj
dtiou to this, such cards having stamps aft xed to
q less emount than So
ARE TO BE REDEEMABLE.
II is further provided that any person may be-
come q depOStOr, but
The first deposit of any sum less than g. or subse
quent deposits of sum not multiple OF 81. or OF
greater amount than slO0, within period of thirty
days. is prohibited; nor shall the aggregate amount
to the credit offs depositor exceed s5O6
Each depositor Is to be entitled to a pass-book
credit from the receiving postmaster. The amounts
deposited are not 10 be transferable nor subject to
Federal, State, or local taxation. Both deposits
and Withdrawals are to be free of expense TO the
depositor, and Withdrawals are to be made by
| means of withdrawal checks issued by authority
| OF the Postmaster. General. We have been thus
explicit in order that our readers may gain
knowledge OF the groundwork of the system. Be-
| iuIe referring To the remaining terms and pro-
visions of the bill, which relates TO the duties of
the Postmaster General, the Secretary of the Treas
| ury, the compensation and salaries of officers,
clerks, &cr We will briefly notice the benefits and
advantages likely to result from the introduction
of the $! stem. As will be Observed 1t is to pro.
| vid- place wht rein small savings can be de-
| posited-just such sums which, remaining in the
pocket or in ones possession, ure likely TO be
unnecessary purpose. When these little sums are
snycd-when they are safely inyested-put
upon ' momentaT S impulse IMPULSE or GG s oSes
words, when they are out Of ones reach,
they accumulate rapidly and to an extent truly
| reached, and soimpercepdbly too, Acknowledgement
70 foolish extravaganza Is in nine cases out of ten
| formed, which leads to Thrift and prosperity.
Through continued exercise of this habit provision
Is daily being made against misfortune and old
families, while society is benefited and the Nation
| made more prosperous. To live for the future in
eulcates healthy self denial and the force Of the
influence, Whose power for good cannot well be
estimated.
TO OUR LABoRING CLASSES ESPECIALLY
10 lOlllnB mIllOuS-lllS system OF QepOSltlnR
their earnings must prove of incalculable benefit
BY It's means they are shown the advantages of
economy and are led TO practice 1t, and where the
Government is the security for the safety of their
moneys greater inducements are offered-their
deposits ure protected, while they themselves are
also protected from the temptations of IMPROVE.
dence, extravaganza, and recklessuess Aside from
the fact that every depositUr does good TO himself
to his family, and his neghboyhoOd, IN selecting
Government depository, he naturally acquires
gr, alter interest in the stability and prosperity of
that Government, loyalty and patriotism are
strengthened, MS are also the finances of the Ma.
ton. With such system MS is proposed the evil
elf cts of sudden pantcs and financial crises
would be greatly icssened, for in the
repositories The people would have re-
serve fund upon which they could rely:
for the doors Of these would never be closed
against depositoTs, nor drafts upon them dishon-
Ored so long rs a dollar remained to the credit of
the latter upon their passb books. The objection has
been made to tins Postal Savings System !" that it
rSbs Of in hs eo al sge
less properly belonging TO the citizen, and that
the exercise of such powers are not in accordance
with the principles OF a free government, To all
this 1t may be answered, that the conduct of any
private savings bank is not matter of right II Is
only one OF privilege requiring the sanction Of
Stale be- fore It can legally exercise any powers;
but by the establishment Of Government deposit
tories none Of these privileges are taken away,
III ey can still be exercised. The people, however,
HAVE THE RIGHT TO MAKE
their own choice Of institutions and if they favor
| those of the Government the only effect viii be
(and this good one) 10 cause the private savings
/
| securities, make tirmCr their own position and
| offer greater ana more reliable inducements and
accommodations 10 repositories in order to gain
preference, Thousands in our land can testify as
| TO the trials and sunGrngs entailed by insecure
private banks and unsafe banking houses; and If
| but one result alone can be accomplished by the
| institution of Government depOsories--yz., the
| breaking up and destruction of all such unsound
institutions in the lAnd-it will rebound 10 the
benefit of the whole American people. The aTgu-
ment that the postal savings depository will
prove detrimental 10 the interests OF we'll
directed and sound private savings banks
has no real foundation or merit
whatever. Experience has already proved
II TO be one Of suggestions and fallacious char
managers and adherents Of the latter class of in.
stinliOns kept up u continued and determined OPP
position against the establishment OF post. office
banks in Great Britain but the system at last was
adopted and went into operation in May 1861
What was the effect upon these private savings
bnnks2 We're they compelled to succumb because
| of government rivulry2 Not by any means In
period OIL hi.een years after the establishment of the
pOst.otlce banks the accumulated capital Of the
private savings banks had Increased 10 900 900
more than II amounted to in 1860 and the Increase
has been steady eyer since and MP TO the present
time, so that the fears ana Arguments Of those in,
| ierested in the latter banks have not proved well
| grounded for great portion Of the people are
| still willing TO deposit with them, aud because OF
II larger interest being paid.
THIS SAME SYSTEM
! (now for the first time proposed in the United
States has been adopted not only in Great Bilain
| but Cnuudn, New Zealand, New South Wales Vic.
tOrl0, Italy, the Netherlands, Belgium, and Japan
| and IN each OF these countries it has worked I'D
miraDly, ana Mr exceeding the highest auticpA-
tons entertained by the philanlhTopiss who
originated the idea. Such has been the success nj
tendant upon II aud the benefits aocruing both To
the different governments and the masses of lie
people that France also upon March rs of last year
adopted the same system, In Great Britain the
number OF Offices at The close OF 1880 was 630li The