The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-10-04
She a3exall anl Uews.
PUBLISHED
EVERY THURSDAY AT
NEWBERRY, S. C.
7I,e post-oatce Savings Banks OF England.

England claims the honor OF the IN
yention of Penny Postage and OF the
Postofice Savings Bank, two OF the
], greatest boons that modern govern
!. ments have bestowed upon their peo-
pies. The cheap postage system mas
made its way to all civilized lanos'
Z faeiIitatir the intercourse, and MN
istering immeasurably to the business
intelligence and happiness of the people
and helping on civilization itself.
The Postal Savings Bank, also II not
equally the friend of the people, has
spread from Great Britain to the Aus
1ralian States, Canada, France, Italy,
Austria, Holland, Denmark, SWeoen'
Cane Colony, New Zealand and Japan;
and every year fresh delegations from
ather countries visit the central Savings
Rank of London to investigate and
Z learn how to introduce thesystem. Ihe
post-office Reports Of 1884 and 1887
mention that applications for informa-
ton were received those years from the
United States. Everywhere they are
said to be working with a success that
proves how close they are to the peo-
nle,s wants. The French Minister OF
Posts and Telegraphs> says they nave
succeeded beyond expectation IN
France, ndreports that lat the close
Of 1885 (thef fourth year, there were in
that country 6s2, ,5s2 depositors with a
balance to their credit of 154,l55,572
francs,'' or nearly s0,oOO,OOo dollars.
The superiority of the system over that
of the common savings banks mas now
been thoroughly demonstrated, and It's
;mmense value to the people, as we'll as
its popularity wherever established
must sooner or later lead to its intro
f,uetion in all civilized countries.
It was started in Great Britain amid
the competition of a multitude OF prl-
vate savings banks, aud OF friendly
Tnnf,al benefit and trade societies
which served as savings banks in some
degree for their members; but on De
cember Slst, 1886, at the end of twenty
FIVE wears from its start, the number OF
accounts of depositors remaining open
was 8, 731, ,421, and the amount to their
credit was 5O,S74,33S pounds sterling,
while the value of the Government Sc
curities held by the bank was s52,o54,-
C52, showing a surplus Of profits ofover
! $1,000, 900 WHICH goes othe payment OF
the national debt
CHANGING to be domiciled with an
old and prominent officer of the Cen
trail Bank, have found opportunity
to learn something of the operation ana
nroeress of these banks in England, and
of their general effects upon the people
and their economies. Some of this IN
formation will be acceptable to many
readers who are interested in the great
social problems of the times.
The chief advantages of the Postal
Savings Bank over common savings
8 institutions are: U The greater faclll-
ties for depositing and withdrawing
funds, the depositor in Great Britain
being able to make his deposits at any
one of the $500 post-ofices having
savings Offices attached and towlthdraw
his money at any other where he may
chance to be. ~ The facilities provided
for the deposit of very small sums.
Printed slips are to be had at any post
Office on which the depositoc can STICK
postage stamps till he gets a shllungs
worth, the smallest sum for which an
account will be opened. This helps
even the poorest, and mere children to
save their pennies and become depos-
itors. (s) The absolute security OF the
deposits: the Government itself being
responsible for their safe keeping and
for the interest on them. This crownlng
advantage isso great as to overseaoo"
all arguments and claims which can be
made for the private banks. The pn-
vate savings institutions have been
able, however, till lately to compete
with the Post-ofhce by investing their
funds in Government stock and claim
ING thus to give public security to their
depositors; and by offering higher
rate of interest than the q per cent.
paid on deposits in the Post-office Bank
Since the recent act of Parliament re-
ducing the interest on the national
debt to q per cent, the private banks
are no longer able to overbid the Postal
Banks, and their gradual absorption by
the Post-office, which has been going
on for years, has been much accelerated.
Nv official friend tells me that tour
private savings banks have turned over
their business to the Post-office within
the last fortnight, and he counts that
the 400 still remaining will be taken IN
during the next ten years
The perfect security of deposits IS not
only attracting private depositors' but
friendly and benevolent societies and
Trades Unions are asking to be allowed
to deposit their funds: and more than
two thousand such societies gained
such permission in 1886, the last year
reported. The Penny Banks, which
are doing such good workin the schools
in teaching children economy and the
habit of saving, are also allowed to
make deposits; and out Of 4l9 applica-
tions received in the eighteen months
before the closing ofthe last published
report no less than 2o2 were by School
Penny Banks. The value Of these
banks, thus aided and stimulated, is
expressed by the manager Of mission
school, who, writing for further sup
of deposit books, said: "The people
find more than ever the value Of the