Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-04-12

ton Of soooO,ooo Win sgQo,oo0, 900
deposited IN them We have here a
population OF nearly G0,000,00O; wages
are higher, money more abundant among
she masses, and II we can infer anything
from the statistics OF the banks in the
six New England states, New York and
New Jersey, which have 5000, 900
depositors with more than sl,00O,-
100000 on deposit, fhe thirty-eight
states OF the Union should, In a
few years, have 100000 depositors
who, with an average OF but $500 each,
would have a total deposit Of $4,000, o00,
600, sum far in excess OF the present
national debt. Then we would have an
other national debt, incurred TO benefit
onc-sixth Of the people, but which all the
people would be bound to pay on de-
mand. In what way could congress d.
rect this mass OF money to be managed,
without loss, so as to pay for the risk In
yoived. and leave something over to pay
INTEREST," The bill provides that It shall
be invested IN United States or state Sc
curitles but the eminent debt is not
great enough; best 40, much of IL cannot
be purchased before maturity, as many
public and private corporations and
trustee accounts are required 10 hold
large amounts IN the aggregate. State
debts are not increasing, and the
present ones are held by a similar class
of investors; then again the people are
taxing themselves aud are now paying off
public debts, and at the present rate OF
progress we shall have no funded United
states debt after twenty years. When
that time arrives we are told that poster
ity will provide a way of investment
There seems then no way open, either for
posterity or the present generation, bat
to permanently increase the national debt
by the sum which depositors leave in pos
tai savings banks, and as the money can
not be locked up Ia the treasury, congress
will no doubt contriye to spend 1t on
public improvements, harhor defenses,
the army and navy, or devise some great
extravaganza.
DANGER FROM PANIcs.
After the deposits are invested or spent
by authority Of congress, what assurance
have we that in a time of crisis, or the
prospect of q war; = panic will not seize
the depositors, who win then demand
return OF their fuuds9 The only security
that ignorant depositors can understand
at such times is the sight ard feeling Of
their money in their own hands. II they
thought the government had not cash
enough on hand, they would have no
more confidence in the security than If
II was in possession OF good
bank, and would demand their
deposits quite as emphatically;
this is the experience Of European
states, and in France, where individual
accounts are limited to 1000 francs
(S200)- eayings banks being under
government control-they have q clause
de sauvegarde by which a percentage
only of deposits can be required on the !
first application and requiring an interval |
of time for each successive pay ment, ex-
cept in cases of extreme necessity on the /
part of the depositor, when the regula- l
ton Is modified to the circumstances Of !
each case. This clause was adopted !
after the pane OF 1913 had forced all the /
banks into liquidation.
In conclusion, our system OF govern I
ment and education is so unlike any in |
Europe OF Canada that postal savings /
banks cannot be transplanted with sue |
cess. We have no permanent national /
debt and it is certain that one should not |
be assumed, except as matter of stern I
necessity and for the benefit Of the whole !
people. Unlike foreign nations, the peo- /
pie OF our several states are accustomed 1
to care for themselves; they have never 4
had and do not need the fostering care Of |
q psternal government.
Mr., John T. Townsend has long been proui- /
neDt In financial circles. The positions held /
snd articles written by him include the follow 4
ing: President OF the New York Maritime eN- 4
change, foreign associate and vice president /
OF honor OF the Institutions de Prevoyance De /
France, author Of article on savings hanss In 4
"Lalor's Political History OF The United \
states" OF psper on savings banks read at \
the meeting OF the American Social Science
association NJ Saratoga springs, September, /
ISL, and Of papers on American savings /
banks read az conventions in Paris IN 1875 and |
1855.
Mixed nuts at 30 cents, and fancy |
mixed candies from Is to 10 cents per |
pound at Fort Werth Grocer Co.'s