People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-12-31

creased, but increased very materially.
"The many failures Of late years,
however, prove the necessity for the
government to interpose its restraint
and exercise its powers for the protec-
tion of the people against fraud and
mismsnagement Of private funds. Saw
ings banks, when originally started,
we're for protection only, and it was not
intended that money should be loaned
out at higher rate Of interest, but it
was to be invested in government bonds
which could be converted into cash on
short notice. The banks, however, loan
ed out money Unfortunately, taking
uncertain security. Depositors who were
entitled to get their money on demand
were compelled to give so days notice
before they could obtain the same. Over
one-half Of the entire deposits in many
Of these banks were invested in mort
cages, in real estate with fictitious
value, in loans Of very doubtful securi-
ty and in stocks and bonds of railroads
and other corporations which had been
copiously watered. Postal banks would
not encroach on national banks, because
they are totally different in scope and
character. National banks were estab-
lished to lend money on personal secu-
rity, to deal in exchange, receive depos-
its and issue notes. They have no right
to do business on borrowed capital. be-
cause they are then operating OH a fic.
titious credit.
Postal savings banks would be a
great convenience in many towns and
small villages where private banks do
not exist. In France, where there are
no postoffices, letter carriers serve as
Intermediates for making deposits. 1t
was ascertained by the visits of county
seat postmssters that in the New Eng
land states the average distance from
the postoffice to the nearest savings bank
was 10 miles; in the middle states, %
miles; in the southern states, 80 miles,
and in the Pacific slope states, so miles.
Provisions for deposits and with
drawals in postoffices would be great
convenience for travellers when away
from home. Private banks have their
doors open for depositors only a COM
paratively few hours, closing at 8 or 4
O'Clock, while the postofices are always
open until 6 O'Clock.
"Some have objected to the establish
ment Of postal savings banks by the
United States on the old cry of paterDal-
ism and Capitalization. This is the an
cient and often repeated slogan Of the
followers of the Manchester school, who
believe in the noninterference of the
state, regardless Of the rights and well
fare of the masses. 1t is certainly more
paternal to carry the mails than to pre-.
serve the savings of the people
"Other advantages would follow il
postal savings banks were established.
At the time when the new system was
first discussed in England Mr. E. Chad
wick, a member of the constabulary
and police commissioner of London, in
notable article published in The Jour
nal of Social Science, showed that post.
al savings banks would be a preventive
Of crime. He cited a number Of cases
where murders had been committed or
old people who had been known t
hoard sums Of money.
1.-THE following appeal of Ex-Post
master General John Wanamaker is q
true expression of the conclusion Of the
author:
with the undoubted evidence from
every nation of the world save two,
that, like the United States, have moi
established repositories, Of the excellent
results of this branch of postal service
with the agitation of this subject il
this country for a quarter Of q century
with the almost universal cry for il
from the plain people, evidenced by let
tiers and petitions to the department anC
by the newspapers throughout the coun
try, l urgently ask that some one il
each branch of the coming congress viii
study the subject and endeavor to secure
favorable action upon one of the many
bills presented at every session to estab
lish postal savings repositories for thu
people. ,"