The representative., 1897-08-25

savings Dank system, except that 1t
does not go far enough and should not
be limited to G2OO. But it's benefits
are not limited to that amount, for
when the depositor has reached this
maximum he can transfer his funds
into what are known as government
stocks-what we call bonds, making
1t a safe, permanent investment, al
though, like all other securities, Brit
1sh cOnsols will f1uctuate Their value
rises and falls with rumors of wars,
strikes, political and international COM
plications. They are, like every other
marketable commodity, the prey OF
spectators, and under any plausible
pretext the bears knock them down
point or two, but they are, neverthe-
less, the best investment, according to
the rate of interest, offered to the Brit
ish people; and when a postal savings
depositor desires to transfer his de-
posit in the postofflce to the government
loan, all he has to do is to sign a war
rant and deliver it to the postmaster,
who sends it to the headquarters of
the savings bank department in Lon
don and then the purchase is made
through the Bank of England at the
market quotations for that day.
During the last year 2O,666 invest
ments Of this kind were made by saw
ings bank depositors, amounting in val
ue to $376,7O5. The total amount Of
money thus invested under the care Of
the postmaster general is $5,923, 500.
The average investment is G61 los, or
$307.5O.
GROWTH OF THE SYSTEM.
The growth of the savings bank sys-
tenn during the last ten years has been
remarkable. In 1886 there were $780,
1876 depositors. In 1896 they had in
creased to 11,384,977. In 1886 the value
Of the postal deposits for the year was
$15,696,S52. In 1896 it mad increased
932,078,66O. The average amount of
each deposit in 1886 was So Is lid
In 1896 it was G2 les 4d. In 1896 the
interest paid to depositors or placed
to theor credit was s1,169,59O. In
1896 it was 92.222,545.
The total amount standing to the
credit of all depositors at the end of
the year 1886 was G5O,874,3 1888; in 1896,
997,86S,975. The average amount
standing to the credit of depositors in
1886 was G13 12s Sd. In 1896 it was
915 IS I'D.
GOVERNMENT LIFE INSURANCE.
In addition to the regular postal saw
1ngs system the government also furn-
ishes through the postoffices an oppor-
tunity for securing life insurance, old
age pensions and immediate annuities,
to the limit of G10O each. A man de-
string to insure his life with the Gov
ernment for the benefit of his family
to the extent of G1OO, goes to the near
est postoffice and fills out blank which
is furnished him by the postmaster,
tiOns used by life insurance companies
in the United States He is asked
about his health and habits, and lon
gevity of his family and other particu-
lars and if he desires insurance to the
amount of G25 or less it is not neces-
sary to undergo medical examination,
but for insurance over that sum an
examination is required, for which he
visits a physician in the neighborhood,
to whom he pays a small fee. The
premium rates are about the same as
charged by ordinary life insurance COM
panies and are calculated upon the
same theory Of risks and average NOR
tality.
Having complied with the conditions,
the application and the surgeons cer-
tificate are sent with postoffice order
for the first premium to headquarters
in London, where the chief of the life
insurance bureau issues a policy and
returns it through the postmaster to the
insured. If the insured person dies
within one year his heirs are not en-
"
unless his death is the result of acci-
dent, but his premium is returned to
them. If he dies within two years his
heirs receive but one-half of the amount
OF his policy. These conditions are
based upon the theory that the medi-
cal examination was not thorough.
The premium of G5 insurance at the
age of 9 years, which Is the lowest risk
the government will accept for that
amount is 1S pence year. No person
under 15 years of age will be insured
for more than 95. The postoffice de-
partment will insure to a maximum of
G1OO between the ages of Is and So
The premium for person 25 years Of
age for G100 is 92, or $40 year, and
for a person so years, G4 Is Cd.
ANNUITIES AND PENSIONS.
There is also a plan of immediate
annuities for life. Any person so years
of age who has ELS, or SIS in cash,
can by depositing that money with the
government, receive pension of S. a
year as long as he lives. BY paying
$50 to any postmaster person 64 years
Of age may receive a similar pension.
+. top lever, snap action, rebounding ba
tings, automatic shell ejector, blue steel
7. 10 gauge. 80 or 81 inch barrel, 81
'ods line. All at greatly reduced pricss, at terms