Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1882-02-15
Postal Savings Banks.


provides for the establishment at Washing
ton of branch Of the post office department
to be known as the "Central Depository"
and the postmaster general is authorized to
create such subdepositories as in his judg-
ment are advisable. Any person above the
age of twelve years may become depositor
by depositing 80, or multiple of that sum,
and may thereafter make deposits Of 81, or
its multiple at any subdepository. No de-
positor is allowed to deposit more than 800
during thirty days, or have to his credit
more than $500 at any one time; all depos-
its and Withdrawals of deposits are free OF
expense to the depositor, and he is allowed
interest on sums of SO, or its multiples, at
the rate of two per cent per annum inter
est is computed for each full calendar
month, and Withdrawals of der osits are
made by withdrawal checks. Each deposit
tory is to keep for sale stamps of the de-
nominations Of 10 cents each, to be known
as a "postal savings stamp" and to each
purchaser Of such stamps the postmaster at
that depository shall furnish card to be
known as the "postal savings card" upon
which he may afIix such stamps, and when
these stamps reach the value Of SO, he may
deposit the card with the stamps affixed and
be entitledsto the same benefit as if he had
deposited So in cash; all moneys received
at these repositories are deemed public
moneys and moneys in the United States
treasury, and the secretary of the treasury
is authorized 10 receive all such moneys and
invest them in Understanding securities of
the United States, or securities guaranteed
by the United States, or, if such securities
are not obtainable except at loss to the
government, then he is authorized to invest
the money in interestbearing state securi
ties. The bill provides for the necessary
machinery to introduce the system into
practical working order.
The existence in any community Of the
means of gratifying any desire, good or bad,
worthy or unworthy, directly encourages
the growth of that desire. The existence
of school five, ten, or fifteen miles away
may afford the means of education to the
more energetic or ambitious pupil. The
existence of the school in the heart of
community inures to the benefit of popular
education. The encouragement and gratif-
cation of the desire to save is similarly in
huenced. If the depository where the dimes
may be placed beyond the temptation to
spend them foolishly is miles away, the
chances are that in a great majority of
cases the money will never make connec-
ton with the till of the savings bank. And
these are cases, too, which most need the
salutary assistance Of savings official with
an outstretched hand ready to save the
pennies before temptation has wrecked good
resolutions. The habit of saving once
formed, the nest egg laid, saving becomes
natural impulse. Az affording to all the
ready means Of saving, the postal savings
bank scheme is received with general favor.
1t is no experiment. The plan is in active
operation in England, France, Belgium,
Italy and Canada, and only beneficent re-
suits have followed its adoption. 1t is the
duty of the government to afford its citi-
zens every facility for the cultivation OF
those virtues which make for national
strength and prosperity. The village post
office is accessible many hours in the day
and evening. Everybody goes to the post
office. The facilities OF the postofice are
adapted to the reception of small sums of
money. The government affords the essen
tial quality of perfect security. The popu-
lar benefits the office can confer in receiv-
ing and investing small savings vastly out
weigh the trivial objections to the plan.
1t is as legitimate 40 governmental control
of the larger operations of national banking
and in its benefits to the people at large
may be no less benefcent service than the
reception, transmission and delivery of their
letters. 1t is presumptious and captious to
say, as some of our contemporaries have
asserted, that the system is not needed,
that when money has been saved and there
is demand for savings institutions pri-
yate enterprise will supply the demand.
Such objections are made without thought
or through Ignorance and stupidity, and are
too absurd for serious refutation. In the
relation of the plan to its effects on the ma
tional finances no vital objection to the pro-
posed measure can be found. Ex.Postmas-
ter-General James in his annual report thus
endorses the plan; at is my earnest con-
viction that 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"
A fatal objection to the whole plan would
lie in any provision which should exempt
these savings from state and local taxation.
There are already too many hiding places
for capital seeking immunity from its fair
share of state and local burdens. Such a
provision in the law establishing postal
savings banks would prostitute these insti
buttons to the base purposes of "tax
dodgers" and what the working people
might gain by the exemption would doubt
less be more than offset by the loss of taxa
ton of rich depostors.