The labor world. [volume] (Duluth, Minn.) 1896-current, 1897-08-28
MORRIS TO OFFER 1T
DULUTH MEMBER WILL INTRO
DUCE POSTAL SAVINGS BILL.

sr1 He Will Get the Project Be-
-ore the House ut the beginning
of the session-Don A. Palmer
Vel1s Of the Campaign ana the
difficulties Encountered.
- :. not at all improbable that the next
session of congress will witness NC
t.rmined fight for the establishing OIL os-
IN, savings hanks Congressman MOTIFS
will introduce a bill in the house. Inc
question will not be a new one IN the hou''
of the capitol building at Washils ooil %
If has been before nearly every sesS1O,'
of congress for several years pu' A'oo q"
WAYS been put aside on one pre'e~' y.
another The general impression aaholle
the wage earners, the people that "ou'u
no directly benefited by the SYSTEM se0i.'"
r. he that this opposition comes 1rNi' .Ao
o,avod men and the bankers Tor Tic
.o.son that they fear that 1t Would CUT
,,u;+a figure in their business. Mel
.ha+ arc closely identified with the move
want cav that while this might be true
=. sro., WAN it is so trifling as to be
hardly noticeable when the great soo"
hat
ton +hrouob-
The trade and labor Journals tnrous
o1t the entire country ana soA.'o VI
nie METROPOLITAN dailies, have taken '.io
matter up and are urging the people ~
come to the front and insist tha' ''0''
needs be attended TO.
One of the men that has been closeS
allied with the movement to estaolisn
ievstem of postal savings banks IN viio
limited States is Don A. Palmer ol oilo
.,tv nuring the last session of congress
h,,, was drafted by Mr.. Palmer ana
.,,ooed in the hands of the congressman
fron this district This bill will be III
+roducod at the next session OF congress.
Tho hill nroyides that no more than $'oV
shall he received in deposits from a SIN
ole nerson and that per cent snail %
- ID m deposits. The bill also proV1oes
that anv multiple of SIS, after having
heen on deposit for one year, can ne
changed to interest bearing bonds
hill has also been drafted by the chi
oooo Record. one of the newspapers Tfa1
has taken a great interest IN the estso-
Itching Of the system, that resembles MT.
Palmer's bill in some respects but dlners
in the essential features. 1t provides tha1
denosits may be received from a slneie
Derson to the amount of 81 800 and 1hat the
interest paid shall be but 2 per cent'
Another difference in the two bills IS th8t
the Record bill does not provide Tor the
changing of deposits to interest bearing
bonds.
Mr.. Palmer in speaking of the matter
Yesterday. said: ''The one great draw
hack to the success of our efforts has oeen
the Ignorance of the people generally IN
reeard to postal savings banks. I would
venture to say that not 20 per cent OF the
neople of the United States know that such
a thing as a postal savings bank exists
and do not know what 1t means TO tne
neonle. There is vast amount OF money
that is in the hands of the people tna1
is boarded for a rainy day. Inc people
will not deposit this money Tor chey are
afraid of our banks but just as soon as
they see that they can be secured ny rne
government this money will get On cdrcu-
lation We are doing all that lies IN OUT
power to bring the matter to the aften-
ton of the people, by sending out printed
literature on the subject, and I feel that
it will not be long until our efforts Will
be rewarded
CONGRESSMAN Morris, in speaking OF the
matter yesterday, said: Great interest IS
taken In this project at Washington and
shall introduce bill in congress at the
outset of the next session. This would
have been done at the last session had
there been the slightest chance. nave
among my files at the present time the
bill that has been endorsed by the Trades
and Labor assembly of this city but 1
have not fully determined as to Whethef
will introduce that bill or not. l ann
gathering information ON the subject
every day. The congressman are ALREADY
in possession Of quite little information
and I expect to put all this and the Dill
that I have together and compile new
bill from that. There Is a great demand
for this system. The question OF interest
cuts but little figure. What the people
want is a depository for their money where
they know that it will be as safe or safer
than If they had it in their pockets. In
my opinion the government cannot AFFORD
to pay more than per cent interest at
the outset and In view of what u nave
lust said, think that this should be re-
duced after the system is established. The
ouestion has been raised as to whether
the government has the right to pay any
interest on such deposits and the const1-
nationality Of the law will undoubtedly be
attacked. So far as am concerned am
inclined to think that interest can be
paid and shall draw my bill accord
ingly.''
Edward r. Heyn in Annals Of the Amer
lean Academy of Political and Social Sci
ence gives an outline of the advantages
of the system and a history OF Its de-
velopment in other countries. He has
the following to say:
Faith in the absolute solvency of the
general government has created q de-
mand for a postal savings department.
Since there is about $7oo, 900, 600 hoarded, its
deposit and circulation would be of gen.
eral advantage. Within two years at least
$1,000 200, 900 Iuzauld be deposited. enabling
the government to bring the national
debt within the control Of citizens. Govern