The record-union., 1897-12-17
POSTAL BANKS.
How Money Now Sent Abroad
Gould be Kept in This Country.

Could be Kept in This Country.
1t is among the foreign-born popu-
| lation Of this country that the need
for postal savings banks is most press
ing and apparent For this class the
Government should show soiicitude and
consideration, to the end that patri-
otic confidence and regard felt by them
for the country of their adoption may
be strengthened.
Most of the nations foreign-born cit
liens come from countries having the
postal savings bank system in opera
ton. They look on the Government
to furnish them a safe depository for
their small savings. They are especial
ly suspicious Of persons not Of their
own nationality, which is perhaps only
natural In these circumstances they
are particularly the prey of scheming
rascals among their rfellow-countrymen
Italians, for example, are usually
economical. and if they have steady
work and regular wages lay by part
OF their income In the absence of
savings institutions known to be alb
solutely sound, like the postal savings
banks of their native country, these
Italian woTkmen for the most part de-
posit their savings for safekeepinS with
some saloonkeeper, grocer or shop
keeper of their own nationality. who
hangs out the sign 'Banco Itaiiano'
and proceeds to receive deposits with
out limit, just like bank OF course,
this money is kept safely if left with
honorable men. Sometimes, however,
it is lest in speculation or in poor in
vestments, but nearly as often the per-
son with whom it was left in trust
simply disappears and takes the money
with him.
1t is not right that the less enlight-
ened of the foreign born population of
this country should be placed at the
mercy of the schemers who rob them
of their hard earned savings. 1t must
shake the confidence of immigrants IN
the institutions of this country to find
that in the boasted land Of liberty there
is no guaranty of absolute security 10
property in the small sums which 1t is
possible for them to possess. That Gov
ernment which is fully civilized must
give to its weakest and most ignorant
citizens the sense of security in the
possession of property for which they
have labored hard
1OSIdl DdilhS, lOO. NOuld NCiAt ~ -A~~te
in this country much money rhat now
is sent back to the old coGntry for SAFE
keeping 1t is well known that large
sums of money are sent abroad con-
tinually by foreigners, and in this the
Italians figure very prominently. In
quiry indicates that in many cases the
money is sent to Italy for deposit in
the postal savings banks there, be-
cause it's owners know of no safe place
for keeping it here.
The establishment of postal savings
banks would be a positive benefit to
private bankers in relieving them of the
patronage of a class of customers who
are often more bother to them than
benefit The suspicious OF the non-Eng-
lish speaking foreigners are very easily
aroused and not infrequently are the
cause of runs upon banks. There was
a serious instance of this kind in De-
trOit during the troublesome times or
1893. A depositor who could not speak
English went into a savings bank 10
draw his money Through mistake
Of his which he could be made to un-
derstand he could not be paid at that
time The mans suspicious We're
aroused and he thought the bank was
trying to cheat him. His angry demon
stration failing TO have any effect he
returned soon with large crowd of
his countrymen to demand his money.
Their presence was sufficient to start
a run on the bank, which in turn led
to runs on several other banks in the
city. 1t would be for the benefit not
only of the depositors themselves, but
of the banks as well, if the Government
should undertake to provide safe de-
positories for this class of people
Chicago Record