The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-04-15
POSTAL SAVINGS BANKS.
The Charity Organization Society Urges the
Passage of the Bill Pending in Congress.

Quite number of prominent citizens met at
Plymouth Church, yesterday afternoon, to dis
cuss the question Of the postal savings bank, a
bill for the establishment Of which is now pend
ing in Congress, Prominent among thase pres-
emit were Rev. DR.. Mcleod, Rev. O. c. McCul
loch, hey, B. V Hunter Mgr Bessonies Judge
N..l.lndale and Hon. Stanton J. Peelle. The
question was opened by Rev. Mr.. McCulloch,
who said that the meeting was called at the sug-
gestion of the New York Organized State Chari-
ties. By request of Mr.. McCulloch, Hon. Stan
ton J. Peelle presented the subject, after which
a general discussion followed.
Mr.. Peele had, for many years, he said, recog-
nized the necessity of the poor man having
place of safe deposit for his surplus earnings.
Many attempts to run savings banks by private
corporations had proven signally unsuccessful,
and great many of those established under the
laws of different States had also been unsuccess-
full. Nowhere outside of the New England
States had savings banks been operated success
fully, and, outside of those States there was but
one savings bank to every quarter OF
million of inhabitants When q member of
Congress he had the honor to serve upon the
postoffce committee when the bill for the estab-
lishment Of the postal savings bank system was
introduced. The bill, however, was referred to
q sub committee, of which he was not a member,
and he had nothing further to do with 1t. He
believed the system advocated in this bill was
the only safe for the aid OF the poorer classes
to find place of safe deposit for their savings.
Mr.. Peelle then stated at some length the sys-
tenn as inculcated in the bill, which provides that
every person has the right to purchase in the
same manner as he would postage stamp a
l0cent stamp to be used only for the postal
savings system, and when stamps had been pur-
chased to the amount of So, they were permitted
to deposit the amount and receive credit for the
same, with full privilege to draw out a
part or the whole. This process could
be repeated and over again
deposited, which is the limit. All the amounts
collected would be Immediately forwarded to
Washington, where they would be invested in
government securities, the interest on which,
after defraying all expenses, would be the inter
est to be paid upon the deposits. He said one
objection to the system was that it concentrated
too much power in the government, and another
that it would create constant debt against the
country.
Mr.. Charles Martindale said that It was his
firm belief that If the system was iuaugurated
iC would meet with the greatest success as the
poor people had no confidence in the private
banks, and if they knew the government was
security for their deposits they would have per-
feet confidence. He did not think it would be
very expensive the experience where it was
now operated was that 1t required but II per
cent of the total amount on deposit The
savings banks of the postal system would draw
the poor man into nearer and more friendly rela-
tions with the government The system would
encourage thrift and saving.
Judge Martindale and DIR. Mcleod also made
remarks. in which they strongly commended the
proposed system, and DR.. Mcleod offered reso-
luton that it was the sense of the meeting that
they approve and indorse the sentiment of the
bill, and encourage the support and passage of it
by Congress. After this the meeting adjourned