Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1892-08-18
POST4L SITINGS BANKS
Uoutd Be OF Great Benefit to Those Liz
ing in RuroJ Districts.

Would Be OF Great Benefit to Those Lir-
ing in RuraJ Districts.
If there is any one subject on which
there is NOR favorable unanimity of
opinion among the great masses of
the toiling millions OF the land, especi-
ally those residing in the rural districts
In small cities, towns, and hamletS
it is that of postalS savings banks.
For. years congress has been asked by
this class of the people to establish
savings repositories in connection
with the post offices, and it is mat
ter of surprise that such a popular
demand should have been so long
disregarded
The question of establishing pos
tai savings banks was first presented
by Postmaster General Crosweu
during the first administration of
President Grant. Since then nearly
every postmaster-ge has earnest
" urged the propriety of creating
such repositories, and none more ably
and forcibly than the present head of
the post office department. In his
three annual reports Postmaster Gen.
eral Wanamaker has advocated pos
tai savings banks with a convincing
array of facts, figures and arguments.
But these earnest recommendations
supported by the successful experience
with such banks in Great Britain and
other countries of Europe, have ap-
parently failed to impress congress
with the Importance of this subject,
or If its Importance is realized it must
be assumed that there are very potent
influences at work in opposition to it.
There can be no reasonable question
regarding the practicabiity of the
plan, and as 10 the alleged lack of
constitutional power, that objection
has few defenders whose opinions are
worthy of serious consideration.
The establishment of postal savings
banks in European countries has been
attended with remarkable success.
The system was inaugurated first in
Great Britain thirty-one years ago land
it has been adopted in one form or an
other in France, Austria, Italy, Bel
GUM, Russia, Sweden, Hungary, the
Netherlands, Canada, and even Japan.
1t has had a remarkable development
in the United Kingdom. According to
official figures there We're from the
ll3,OOO,OOO deposits, amounting to
81, 1897 $4,000, the Withdrawals during
year 1861, when the system was es-
tablished, to the end of the year 1890,
that period being less by $23S, 100000
than the deposits. At the close of the
last year there were in the United
Kingdom of Great Britain 10000 sep
arate post offices having postal say
ings banks and during the year 1890
over one-eighth of the whole pOpu-
lation Of that kingdom had accounts
with these banks. Noteworthy prog
ress has been made in all other cOun-
tries having the system, giving
irrefutable proof of the merits Of this
plan for encouraging thrift among the
people.
The class of people who would de-
rive the greatest benefit from the
establishment Of postal sav.rgs banks
are those living in rural communities
and the small towns where there are
no private banks, though a great many
in the larger towns and cities would
doubtless avail themselves of the pos
tai repositories from a feeling of
greater security. AS we have already
observed, there is small probability of
any action on this subject by congress
at the present session, but there can
be no doubt of the ultimate establish
ment of postal savings banks in the
United States.