The record-union., 1897-12-12

that it pays to the owner. Suppose
the rate to be 21a per cent, the interest
on the bonds could easily be taken
from the ordinary road funds of the
county, and as the county roads would
need no repairs during the construction
years, the road tax could either be
lessened for the time or applied TO the
improvement of local roads Some
counties, of course, would be too con-
servative to accept this plan, but there
would be enough ready and willing to
take advantage of it TO show its
benefits and ultimately lead the others
to its adoption.
For this purpose long-term bonds
would be more desirable than short
ones, and payment would not be re-
quired in less than a hundred years,
II then; so that no present provision
need be made in reference to the prin-
clpal, except that the county should
have the privilege of payment after
thirty or fifty years.
The Record Union" presents the new
proposition, reserving its own judgment,
because it is one that will be widely de-
Dated and concerning which there are
two we'll defined sides The length and
urgency Of the report of the Postmaster
General upon the postal savings ques
ton, has drawn more than usual atten-
ton to the matter and the subject is
being widely commented upon by the
press, and in the majority Of cases with
approval of the departments argument.
This argument in favor of postal sew
ings repositories as expressed in the
Postmaster-G Generals report may be
thus summarized. They will care for
large amount of money now sequestered
because of lack of confidence in private
savings institutions. The plan is not an
experiment, but has been demonstrated
to be practicable and beneficent in other
countries, Great Britain, Canada, Swe
den, France, India, Italy, Belgium, Hol-
land, Austria, Hawaii, all British colon
les and the Netherlands.
1t would increase faith in the Govern
ment and incite to thrift and providence
among the people of small means, and
thus the battle of life would be made less
difficult. 1t would conduce to better
citizenship and broaden the idea of the
duty of the citizen to his country. 1t
would invest the individual with sell
fish interest in maintaining the nations
credit.
Postal savings are chiefly owned by
wage-earners and minors, hence there
is no other channel through which the
Government can get into closer partner
ship with the great masses of the peo-
pie. Private enterprise in investing and
caring for individual savings is made
quate, because confined to populous GEN.
ters in the main. The money order of
fees now far outnumber the banks, and
are rapidly expending, but no one
dreams of considering them as part Of
scheme of paternalism.
The Government system would not be
for private gain, and hence the savings
would be more economically handled.
The Government repositories do not in
terfere with private or national banks
and the experience of all the nations OF
Europe is cited in proof of the fact, as
nearly all of them have the postal saw
ings system in full operation and with
perfect success.
The system increases the cash avail
able for business. The rate OF interest
would be low, but the security absolute,
and investment could be wisely made OF
the funds in State, municipal and county
bonds. and if these do not suffice, may be
invested with the Government itself Tor
the erection of needed public works.
It will be seen therefore that 1t was
one passage in the elaborate argument
of General Gary that suggested to Cen
eral Stone the road bond investment 1dea
as another reason for urging the estao-
1ishment of postal savings repositories