The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1897-11-20

FAV0RS POSTAL BANKS.
Postmaster General Gary Strongly
Urges Their Establishment.
He Says They Are n Success In Europe
WouId Encourage Thrift aud Furnish
safety for Timid Depositors To
Cure the Annual Deficits.

WASHINGTON, Nov. 1.-THE first an
nual report OF Postmaster General
james A. Gary to the president was
made public last night. It's feature is
the strong advocacy of postal savings
repositories. lie saws the time is ripe
for the establishment. and that the
addition of a we'll organized system
would confer n great boon upon a large
number of people. and ultima ely be of
inestimable benefit to The whole
try. The portion On the subject of
postal savings, in brief. follows:
Would Tend to Cultivate Thrift.
Many millions of dollars are undoubtedly Sc
GREETED by people who have little or no conh-
dence In ordinary securities and monetary in
situations organized hy private citizens 1t is
dead capital But II its owners could be in
Spired with absolute confidence In the security
OF an investment. 1t Is altogether probable that
the bulk OF this fund wouid lind its way Into the
channels of trade and commerce.. II the gov
eminent undertook this as; the service would
undoubtedly be gladly accepted by the people.
Their faith in the government Is unbOunded.
Their little savings. which separately could
hardly be put out at interest. would amount In
the aggregate to 4 sum that could lie invested
to their advantage. IL would tend to cultivate
thrift in a large class, realizing the advantage
OF depOsiting with thu government instead of
waStefully and useleSsly expanding: 1t would
tend 10 better relationship bring into closer
1 ftldllOuSnlp the gOfCEnIltut Uuu u tlLlLSu5
and develop practical and enduring patriotism.
This growth OF patriotic sentiment and good
citizenship constitute u powerful appeal to
craftsmanship to make u way for these bench
cent consequence
Where Opposition Comes from.
The proposition Is an accomplished fact in
nearly every country In Europe. in the British
dependencies OF both hemisphsres and even In
Hawaii. In Great Britain 1000. 900 depositors
have upward OF 1850. 900, COD in savings sccumu-
lated during IS years and in ten years no fewer
than l0.C00 Hawaiian depositors saved nearly
100000. Deposits In Canada in 20 years ex-
ceeded Ss2, 900. 900. These vast accumulation
have been made with the least possible loss to
the governments. which guarantee their repay
ment. and with q minimum OF cost 10 the mil
lions OF depositors. More than i,0O postal
savings accounts In European Offices are held
by minors and over two-thirds by the most
humble ~callings. IL is essentially the bank OF
this class. Postal savings would not conflict
with those OF savings banks. but would eneour-
age savings rather than Accommodations The
conversion of money order Offices into savings
repositories would soon anord indefinitely
more facility for receiving interest-bearing de-
posits than the interest paying banks do now.
The most aggressive opponents are among the
private institutions engaged In somewha SIM
liar enterprises, though associations OF the
larger cities recognize In IL Z valuable feeder to
the financial currents OF the country. Security.
and not the rate OF interest. is the primary and
essential condition OF such q system; and bonds
OF states, counties and municipalities and real
estate furnishes on illimitable field.
Estimates for the Year.
The revenue and expenditures for
the fiscal year ending June 80, 1899,
are: Total postal revenue for 1897,
So, 665, 462. 20; add five per cent. 81. 1884,
273. IS. Estimated revenue for 1898,
$50. 19s, T35. So; d seven per cent. &c.
O75, 911.51. Total estimated evenuef for
1890, S92, STA 47,37; estimated expend-
lures for 1898, SOS. 922, 100; deficiency
for 1899 (~estimated), Sc. O4S, IL. GO. Fol-
lowing is an abstract of the report:
To Remedy the Postal Deficit.
The increase of the postal deficit for
1897 is largely a reflection of the de-
pressed business conditions which pre-.
vailed all over the United States the
first three-quarters of that period.
There has been no extravaganza of eX-
penditures, n v that obligated by law.
Reiterating the injustice inflicted both
upon the postal revenues and the people
by second-class mail matter carriage
regulations, the enactment by con-
gress of some S to remedy the
wrong, similarly pointed out by past
postmaster generals, is urged.
Consolidation and Rural Delivery.
No method of perfect organization
of the postal service has proved more
effective than the consolidation of
post Offices. Legislative restrictions
on its development are to be regretted
and a report of the five-mile limit con-
solidation measure in the 1896 postal
appropriation bill is recommended.
The experimental rural free delivery
has been generously appreciated; few
expenditures have conferred greater
benefits In proportion, and it has I'M
q~uestionably proved a potent factor in
attaining what should be a chief aim
of government, the granting of the
best possible postal facilities to the
farming class.