The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-02-01
MR.. WANAMAKERSAYS
Financial Trouble Has Been
Tided Over Temporarily.
FREE COINAGE NOT A REMEDY.
How Government Savings Banks Would
Increase observation-disclosures for
Yong Man-Tdeal Postal Service.

the biggest fortunes in the country, and
his mercantile business is said to be the
largest in the world. His department at
Washington City is the biggest business
department. under the government, not
excepting the treasury, and Mr.. Wanna
maker manages il as FAR as possible on
business principles. The views of such
man on business matters cannot bnt he OF
great interest, and called at the post
Office building at half past O'Clock this
afternoon 10 have. If possible,
chat with tie postmaster general
on the financial situation. Half past 4
O'Clock p. III. is good time 10 catch the
postmaster general. He gets 10 the de-
partment about S in the morning, or an
hour before his clerks begin To arrive, and
at $50 the great building is deserted, the
postmaster general has gotten through
with his most important business and he
is finishing up his work which ends be-
tween and 6 p. m. every day. | found
him debating q letter and after he had
finished asked him TO tell me his opinion
of the causes of the present financial
stringency. He replied:
'sAs TO the financial situation, think
the trouble has tided over for a time. We
were in danger of panic, but we have
escaped it, and matters will move smooth
ly from now on. The tightness of the
times is largely due 10 the lack in the
amount OF our circulating medium. We
need a more elastic currency, but we need
one that is based on different principle
than that of so cents worth of silver 10
the dollar. | would be in favor of the
free coinage of silver if it were based on
the market value of silver, but the putting
of 50 cents into a coin and making it 100
cents is just as bad as though you should
put three pecks of wheat into a bushel
and BIZ marking the measure full" should
try to make the people of the world be-
Heve that it would pass for bushel and
that they should pay the same price for it
as when they received four pecks instead
of three. The free coinage bill may become
a law, but I don't believe it will last year
longer than the congress that enacts il.
The results of it will be such that the next
congress will have to repeal it.
WORD ABOUT POSTAL SAVINGS BANKS.
How about your postal savings banks
scheme Mr.. Postmaster General ?' asked.
Would not such institutions increase the
boarding of the money by the people and
add to financial stringencies like the pres
ent?''
Not at all" replied Mr. Wanamaker
1.-THE best thing for the country today
would be these postal savings banks. They
would bring into active circulation $780,
100000 which are now boarded away in
stockings, tucked beneath the rafters or
sandwiched under the carpets or buried
beneath the hearthstones. Whenever q
bank fails this boarding increases. The
people feel that they have their principal
safe if they lose the interest. They con-
slider their hiding places better than the
banks, but they have such a confidence in
the government that they would deposit
their money at once If postal savings
banks were organized. Ny plan provides
that the money shall be loaned under
proper security 10 the banks in the states
from which the savings come, and this
would at once put the money into circula-
ton. / want TO see these savings banks
within an hours walk of the home of
every workingman. The infiuencebf de-
positors upon their fellows would be
marked, and thousands of dollars
would be saved by people who
total amount of the deposits of the saw
ings banks in Great Britain was just about
100000, 600, and the poor among the
French deposit about $50, 000, 600 every year
IN the postal savings banks. The deposits
are increasing in all the countries of
Europe which have adopted the postal
savings bank system, and a large proper
ton of the savings are deposited by
minors, showing that they are great edu-
Gators in the schools of economy and ac-
emulation. 1t would he good thing for
the boys of the country, and would aid
them to make a start in life. P"
wANAMAKER on FORTUNE MAKING.
AS Mr.. Wanamaker said these words |
thought of his start in life. and my mind
rapidly ran over his career as have heard
ii reported. | could see him a little fair
faced boy, living in the country and walk
ing four miles every day into Philadelphia
to clerk in a book store at 81. % a week. L
could see him as, little older, he received
$50 week in clothing store. and then
year by year and dollar by dollar as he
grew and saved. till he got his start
and founded the big store which
now employs thousands of clerks
and which gives him an income
of perhaps q thousand times as much
every week as he made when he started
Mr.. Nanamaker is said TO be worth mill
| lions. He has investments of many kinds.
and il is said that the PHILADELPHIA store.
makes number of times the presidents
salary every year. It's business runs into
millions, and during one year by its Coop
u.
clerks alone $4,000 in excess of their sal
aries. And still the man who has created
I TINS business is as yet IN his prime. He is
aS, bat he does not look 10 hc more than
40 and rs he talked wondered how much
OF his success was due 10 luck and circum-
stances, and | asked:
DO you think. Mr.. Wanamaker. that
the chances OF business success are as great
today as they have been in your past9
/ suppose YOU were boy again as YOU were
I forty years ago, do you think YOU would
have as fair a chance 10 make q fortune
and 10 10 good work as Won have done?'
Yes" replied Mr. Wanamaker II
/ think could succeed as well now as in
the past. 1t seems 10 me that the condi-
1 uons of today ere even more favorable 10
success than when ! was boy There are
better facilities for doing business and
there IS more business 10 he done Tufor-
nation IN the shape OF books aud newspa-
/ pers Is now IN the reach of ALL and the
young man has two opportunities where
I he formerly had one. -
But do not the mOnopolies and trusts
that now prevail compete with and clog in
! divldual enterprise 10 an extent that they
have never done before?''
II think, replied Mr. Wanamaker
that NC are much more afraid OF combi
( nations OF capital than We have any reason
Tor being. Competition regulates every.
thing OF that kind. No organization can
MAKE immense profits for any length of
! time without Us field soon swarrns with
competitors. II requires brain and muscle
10 manage any sort Of Z business and The
same elements which have produced bust
ness success IN the past will produce il
/ now and viii always produce it,
THE SOUTH As 4 FIELD FOB ENTERPRISE.
suppose you were asked as TO the most