The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1896-01-01
Postoaice Pointers.


been urging the addition to our postofiice
system of the savings department, com
monty called postal savings banks" but
which might he more properly spoken of
rs one postmaster-general suggests, as
postal savings repositories inasmuch as
II is the savings part of the plan, and not
the banking part, that the system is in
tended to promote, says writer in the
Pittsburg Sunday Post. During the last 10
years a number of statesmen have pre-
sented these bills at each session, but up
to date hardly any of them have survived
their time in the committee of postoffices
and post roads. Senator Quay's particular
bill provides for a savings department at
all money order offices in the United
States, to accept deposits of from 10 cents
to $40 and to pay interest on deposits un-
der 500. The postal savings banks are in
tended to offer to wage earners and chill
dren an opportunity 20 lay up their spare
change for the proverbial but reasonably
certain ''rainy day." In country districts
banks where they make a specially of
small deposits are not so numerous as city
folks are wont to believe, and the people
who patronize the private and national
banks in those towns are ones who have
considerable money and use the banks for
convenience's sake. But in these cases
they have no absolute certainty about
their money, and this has always been a
powerful argument in favor of the postal
savings institution. The people would
have their governments guarantee, and
the average man is fairly well satisfied
with that. Moreover, money deposited in
one Office would be payable at any other
depository, a very valuable consideration
with the migratory American citizen, who
is at homo where he hangs up his hat.
Then as the postoffice appeals to the home
so the savings depository part of it would
also be near 10 the people, and in the
country, especially, would certainly be 4
successful departure. Those who advocate
the government ownership of projects
with which all the people are concerned
favor the postal savings bank, and on De-
cember Is it received great ''lift" when
the Federation of Labor in its New York |
convention urged the establishment of a
postal savings department and asked the |
government 20 provide safe place for the /
people of small means to deposit the little /
they have. 1t could be done easily enough. !
PostOfIice people are accustomed to re- /
sponsibility, and the government mas al /
ready taken one step toward it in the es-
tablishment of the money order depart l
ment, which is a great success. II would I!
no rira ola nd 1fan
few years would be self-sustaining. Post /
masters general since the administration /
of Mr.. Cresswell in ls7l have urged and 4
urged for this addition, and Postmaster |
General Wanamaker went into the min 4
utest details and made numerous speech I
es and wrote Interestingly about it. If 1
Senator Quay pushes the bill with the 4
great strength he can muster, it would /
seem that the American postal savings 4
depository is not far distant.
OF all the great powers Of the world only /
the United States and Germany have hes /
itated to add the savings bank to their /
postoffice. Great Britain's department, /
established in ISL, easily leads. At the 4
close of its first year they had l7s, 495 ac
counts open, and the postmaster-g general 4
in 1892 reported S.9il, ,43l depositors, with 1
over Sl02, ,000, 600 in the governments care. /
Now one out of every eight persons in the 4
United Kingdom has a deposit, averaging 4
about 80. Belgium took up the system i
in 1863, and in 1880 had /, I'D, ll3 depositors /
and gave country people chance TO save !
money through the intermediary Of the ]
letter-ca-riers- Canada followed in lSjS, ]
and in 1880 had 93s offices. Italy came .
next, and paid ) per cent interest on >
l06, $50 deposits in lSs9. In 1851 France 4
adopted the system, and four years after I
had s53,OO0,OOO on deposit in 7,ODO offices, /
paying per cent. and the republic made |,
money at that. Austria took it up in iSSS, I
and in 1890 had 63, 80 depositors. Sweden I
swung in line in 1884, and six years later I
had 1894 offices and go 422 deposits from 4
a crown up. The business is done through I
the Royal Swedish bank. In 1876 Hun .
gary, the Netherlands and Hawaii estab- /
lished savings offices, and the latter little I
country in 1890 had 2,6Il depOsitors, who /
had SgO9, ,6I3 to their credit. In the cars I
domain he proclaimed the system in lSS9, I
and it is carried on through the Imperial /
Russian bank, The observations of the /
postmasters-general of these countries is |
that the postal saving banks area won
derful aid TO the people, they do not COM /
pete to any great extent with the private |
savings banks As they get a different class /
of deposi;ors and the banks do not op /
pose the governments system.