The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-09-13

means frequently f. not able 20 pick out
from private banks those that are safe.
ara consequently viii trust none. whereas
All could have confidence in an institution
controlled By the national government
Postal savings banks would contribute
materially 20 the wealth and happiness OF
the peopls and TO the stability OF the
government
An official o. the Canadian postal de-
pa~tmeat has recently summarized the ad-
vzntaxes OF the system 70 both the people
az individuals and 10 the government TO
the people Il snsures absolute security from
loss. convenience Of making deposits. re-
pzvrnent not affected by change Of resi-
dsnca. safety agains. psrsonatlon and
fraud. prevention Of poverty or ternpor-
rary want by developing habits of thrift
and saving. It gives. where no other
banks exist. . means Of ready and safs
deposit: II discourages reckless and specu-
lative expenditures: II educates the young
and unframed 10 knowledge Of the use
and value OF money. and to the young tt
also helps to give bookkeeping and bust
ness habits.
It's advantages 20 the government and
the country are that It prevents borrowing
from abroad. and places the money
whether regarded as a loan or othsrwise)
under the control Of domestic legislation.
II has the further advantages that by It
the people receive the profits Qntereso OF
their savings when such are used as q
public investment; the increased wealth,
arising from deposits and accumulated In
terest Is kept within the country itself
ana not sent abroad to swell the wealth
of another country; by the wide distrfbu-
ton OF repayments. money thus invested
can promptly reach points needing 1t sud-
denly from local causes; and, not least.
the people are made to feel direct inter-
est in the stability of the country and its
financial system.
Postal savings banks are In successful
operation in all the principal British colo
MES; they were established In Belgium In
1870. in France In 1851, in Austria in 1883. In
Hungary In 1856 and In Sweden In 1883
The total number OF depositors in saw
ings banks In the United States in 1894,
according to a report ISSUED in that year
by the treasury department, was under
5,oo0o0o, or about one in fourteen Of the
population. In England one person in
seven is a depositor In the postoffice saw
ings bank, 10 say nothing OF the depositors
In private savings banks. who probably
are as numerous in proportion to the pop
ulation as in this country. AS 50 per cent
of the depositors In savings banks in the
United States are In New England and
New York, 1t follows that the proportion
of depositors throughout the rest of the
country is very small. indeed. Some ac-
count for the greater number of depositors
In New England and New York by saying
that the people there are more economical
and thrifty than In other parts of the
country. But the advocates of postal saw
ings banks assert that the people of the
West and South would be just as saving
as those in the East were they given the
opportunity and encouragement. Through
out the whole United States there were in
1896 only l.oi7 savings banks, certainly an
inadequate number for the accommoda-
ton OF the people. In Great Britain there
are more than lo,cco postoffices that re-
oeive deposits as agencies OF the postal
savings banks.
1t is not necessary nor is 1t probable
that the system will replace private saw
ings banks. II will afford an inducement
only to those who desire to deposit very
small sums.