The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-31
POSTAL SAVINGS BANKS.

lem.
WASHINGTON, u, c., Dec. 38.--A
great deal of interest is manifested hese
over Postmaster-1ener Gary's postal
Swings banks proposition, and consId-
cradle is being said pro and con on the
subject. Several strong objections are
made TO the scheme, and opposition Will
doubtless come from various quarters,
the claim being made that the estab-
llshment Of the system would drive pri-
Vate savings banks out OF existence;
that the government could not find q
suitable Investment for the deposits, and
that the whole thing IS too paterEdiisttc
10 be considered The general opinion Vs.,
however, that the establishment OF pos
tai savings banks would be of great
benefit 10 the common people, the far
mers, the mechanics and the artisans,
who do not have opportunity 10 look
about for safe, profitable. and sat!stac-
tory Investments, but who would GLADLY
aad confidently deposit their savings
with the government. II Is not thought
that the establishment Of the project
would prejudice the interests OK the prl-
vate savings bpnks, IN many sections
of the west, and in rural districts gen.
crafty money Is kept til hiding and not
In banks. Farmers and others have a
distrust OF banks Ia general, and will
not deposit their savings in private con-
Germs. but hoard It in old stockings and
bury 1t In the earth,
Congressman c. w. Stone, of Penn
| sElvanla, believes that he has a solu-
ton or the problem as to the proper In
vestment to DE made with the deposits
of the postal banks His proposition Is
that the postofilce department shall In
vest the deposits in county bonds the
| proceeds Of which shalt be used In tile
building and Improvement OF country
| roads, the government seeing 90 II that
the money Ia used for this purpose, He
| enbadies this IN proposed amendment
to the postal savings bill, which Is as
follows:
Preference shall at all times be given
to such investment of the postal saw
| ings as win put them into active circu-
| lltioh in the rural districts and for that
| purpose the department may purchase
bonds issued exclusively for the build
| ing or improvement OF country roads,
subject only to such limitations and re-
strictions aud such provisions for the
security OF the United states as may
be agreed upon and prescribed, from
time 10 time, by the secretary OF the
treasury, the attorney generalt the post
| master general, and the secretary Of
agriculture"
The simple proposition Is that the
] counties shall issue bonds and pay the
same interest on them that the govern
ment must pay TO the depositors in the
postal banks This interest would be
more than met by the money which Is
annually expended throughout the
country in the improvement of roads, or
rather tn Keeping roads from deterlor-
atlng into nm impossible condition
General Roy Stone, the acting presl-
| dent Of the National League for Good
! Roads. has been making n careful study
of the possibilities OF this question, and
believes that no other possible use OF
money on large scale can result 10
such advantage to the people. The ben
| efIts 20 be derived from good roads are
| acknowledged to be among the greatest
| which can accrue to the county The
commercial benefits of good roads de-
| ciures General Stone, ARE well indlca-
! ted by the New York chamber OF com
| meree" This body asserted that I'VE
| are Handicapped In all the markets o.
! the world by an enormous waste OF la
Dor In the primary transportation OF our
! products"
The immediate advantagc which
| would be apparent from The purchase
| OF local bonds and the commencement
of work on country roads would he In
putting the postal savings into active
| circulation In the country districts from
| which they would inalaly be drawn.
! The great objection made against the
! postal savings scheme has bcen' What
! viii the government do with the saw
ngs? Who're will It invest thom profit
| ably. so as to be able Ia pay lts deposit
| tors Intcrcst2" Government bonds have
been suggested az the safest means OF
Investment, but this process would car
| ~ the money 10 the great commercial
and money centers for the purchases o.
| existing bonds. or 20 the treasury a.
Washington for new Issues, This would
| be The result Of all Investments when
| have been suggested--lhe money would
leave the communities whore It was de-
| posted But the purchase OF road-im-
] Drdvcmrnt bonds would Insure the em-
| ploynent OF every dollar IN payment
for labor IN Tie country districts. In
support Of his project General Stone
says;
"tn WOW OF the perfect security offer
ed and Of the great public benefits to
ncc'uc the government could well nf-
ford 90 incur tho small additional eS-
| ppaae Of handling these funds ana loan
| the money at the same rntc 90 Interest
that II pays 10 tho owner suppose the
"a.