Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-10-29
POSTAL SAVINGS BANKS.

The deposits in the savings banks OF
the United States exceed, by several
hundred millions of dollars, the deposits
in the savings banks of all other coun-
tries combined. And the United States
is the only enlightened country in the
world, save Switzerland, provided with
Cantonal (state) savings banks, and
Germany, provided with municipal
savings banks, that is not possessed Of
postal savings banks system. So it
seems that the savings banks in the
United States and in private hands
have succeeded better than the postal
savings banks in foreign lands. And
because of this unequalled growth of
savings banks in the United States it is
hastily assumed that our privately con-
Quoted system fills all wants, that the
establishment of postal savings sys-
tenn in the United States would confer
no benefit upon our people, that the
present savings banks provide our peo-
pie with all the facilities for saving
that are needed, that our people have
perfect faith in the present banks and
that the establishment Of postal savings
banks is not desirable.
But comparisons between our private
ly conducted savings banks and the
postal savings banks of other countries,
showing that the increase Of savings
deposited in savings banks in the
United States has been more rapid than
the increase of savings deposits under
the postal savings systems of other
countries do not show the superiority
of our system or the inferiority OF the
postal savings system. Such compari.
sons indicate nothing more than that
our people are more energetic, produce
more wealth with the same amount of
labor, earn more and save more than
any other people. The only reasonable
way to measure the success of postal
savings banks, and the regard in which
they may be held as compared to pri
vate savings banks, is by comparing
the growth of postal savings banks in
comparison with private savings banks
Such comparison can be made in
Great Britain where postal savings
banks were established in 1861. ince
then the postal savings system has been
steadily perfected, and postal savings
banks have steadily grown while the
private savings banks have stood still.
Take for comparison the period 1881
1895. December 81, 1881, there were
2,607, 612 depositors in the postal saw
ings banks; December 81, 1895, 6,453,-
597. In the private savings banks there
were 1, ,5S2, 1856 depositors on the former
date 1916 ,229 on the latter. And of
deposits the postal savings banks held
e36, 1874, ,496 December 81, 1881, and
e97, ,S6S, 975 December 81, 1895. De.
posits in the private savings banks
were e44, 14O, 116 on the former date,
e45, 312, 6S1 on the latter. So we see
how the postal savings banks have out
the private. And why? Simply
because the British working people |
regard the postal savings banks as safer
and Offering greater facilities and ad-
vantages than the private banks.
For the benefit of those who are
affrighted by the very mention of the
word socialism. and who oppose the
esta ablishment of postal savings banks
in the United States as socialistic, but
are prone to look up to British ideas
and policies as superior to American,
to regard anything British as the acme
Of perfection, it may be well to add
that the British post office department