The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-02-11
The Proposed Postal Savings Ranks.

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hands Of the people and not deposited in
any sort Of banks or public depositaries /.
very large. This is the case in tho cities
towns, villages and country, but more par
ticularly in the two latter The exact
amount cannot Of course be known, but Il
Is known to be very large. 1t is hid away
because the owners Of it either have nc
facilities for depositing ii, or because thei
ignorance, fears or prejudices lead them t.
diStrust all places save their stockings o.
boxes as places Of deposit. The report o
the Comptroller Of the currency to Congress
ShowS that in November last there werl
about SOlS,o4S,5l9 in gold, silver and cur
rency in the hands Of the people, and I'm
deposited in any bank or known deposi
tory. This is vast sum Of quiet capital
held in reserve for the exigencies or indul
gencies Of every day life. Much Of it is o
clune held in small sums, ranging from
$jto $500.
1t is to get at this hidden capital and
utilize it for the owners as well as for the
Government that the Postal Savings bank
bill has been proposed in Congress. There
il nothing new in the principle Of the bill
as it is largely modelled after system
that has been in vogue long time in Eng
land, and that has been found to work
very beneacially to the people Of that
country. It is not intended to conflict
with the regular banking institutions Of
the land. This is shown by the low rate
Of interest ofFered-two per cent The
purpose is to provide the people a means
Of safely depositiny their money through
the Post Offices Of the country, the Gov
eminent being responsible for the safe re
turn Of the prin cipal as well as for The
payment Of the interest.
The effect Of this system on the genera
condition Of thepeOple cannot but be ben
sfcial. 1t will appeal to the possessorS o
very small sums to enter upon a course o
saving. 1t is small sums that the Govern
ment proposes to invlte-the very smallest
sums-and the smaller the better, as il
would seem. The Government steps il
and asks the people to cultivate habit o.
saving their earnings, by offering them the
highest security in the way Of a bank Of de-
post. 1t says TO them, do not waste youl
pennies in vice or dissipation, but bring
them to me, and 1 will take good care u
them for you, while you go on adding pen
ny after penny, and will, in addition, pay
you small bonus in the way Of interest
But some one may ask wherein the Govern
ment is to be benefited by this banking ar
rangement with small depositors. Those
who read carefully the provisions Of the
bill as given recently by the INrELLIoEScEr
are already informed that the Government
proposes to invest the sums obtained, q,
in United States bonds, or (2) in approved
State Securities. As opportunity offers the
Government will call in or buy its OWL
bonds in the open market, this saving the
difference between the rate it pays the de-
positor and the rate paid on the bonds
called in or paid Off In this way double
good will be done for the public. The in
terest burden will be diminished and the
ANAL savings Of the people saved to them
with interest.
Economy is the parent OF many virtues
To many family it is the promoter and
conseryator of self.respect, sobriety, indus,
Try, health and happiness. 1t is iar-reach,
ing in its influences, There can scarcely
be well regulated individual or family
life where it does not exist. Hence the
bill Is to exert great moral and industrial
influence. 1t is in the direction Of practical
craftsmanship. twill do what sumptuary
laws have often failed 10 do, by winning the
people OF small earnings and small savings
over to the side Of iOrethOught, frugality,
temperance and good conduct.