The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-10-08
POSTAL BANKS IN FRANCE.
Are Very Popular in all Parts OF the
Republic.
ihe Chicago Record.

FROM tne CnlCdgo heCOTu'
The system of postal savings banks
in operation i'm France is known as the
Caisse Rationale d'Epargne. (Lietral-
ly, Case. or box, national of savings.)
II is constituted mainly under the laws
passed in 1881, with a few important
changes in 1895. The system is made
to extend over all of France, Corsica.
Algeria, Tunis and Beyrout and in the
principality of Monaco. Its branches
are as numerous as there are offices in
the postal and telegraph systems of
France. The system of postal savings
banks has been found to be a great sue
cess. The government stands as abso-
lutA guarantor to the depositor against
loss, and the result of the workings of
the Caissc Rationale d'Epargne is that
there are no savings bank failures.
Every postofficc under the manage
ment of the French government is a
savings bank. At each postoffice may
he found a receiver-either to handle
that part of the business especially or
in connection with the regular postal
work. according to the Importance of
the ofice-and this receiver is directed
and authorized by the department to
accept the moneys of depositors and
conduct the operations as do the cor
responding officials in ordinary savings
institutions.
There are in all about 5000 offices at
which savings may be deposited under
the protection of the French govern
ment. In the provincial districts all
| the savings business is transacted i'm
mediately in connection with the postal
| business. but in Paris and in the other
| large cities of France the savings de-
| partment is so important that separa-
| ate headquarters are a necessity.
The method is simple. Any person
may become a depositor. This admits
| children of any age whatsoever, thus
assisting the all-dasired development of
| the savings idea at the earliest age. In
| the matter of reimbursements the only
| restriction comes in the requirement
| that minors must be 16 years old or
| over in order to be permitted to with
| draw without the authority of their
legal representatives. Interest is paid
| on deposits at the rate of 21a per cent.
This interest starts from the first or
the sixteenth of the month after the
| day of deposit. 1t ceases to operate
from the first or the sixteenth which
| precedes the day of withdrawal. On
December 81 of each year the interest
| which has accumulated is added to the
principal and becomes itself productive
of interest.
| The amount to which the deposit OF
any one person may attain during any
one year is 1,500 francs (about $1,000
Under the old law the maximum was
1000 francs, but in 1895 this was re-
duced to 1900 The reason for the re-
duction was that the government
thought best to reduce it's responsible
ty, the total amount of deposits hav-
ing become so large that in case of a
great disturbance or panic the demand
for reimbursements might suddenly
become very great. In case of a rush
or run on the bank" the government
reserves the right by law to limit the
individual Withdrawals to so francs
each fifteen days. This is expected tC
act as a sufficient safeguard against
depletion of the fund in too short G
time.
Then comes the question of the fur,
ther investment of the funds after tbs
depositor has reached the maximum
When this moXimum is reached the de
positor receives notice from headquar
ters to that effect, and his instruction.
are awaited in respect to whether h,
or prefers to reinvest in government Sc
curities. If the latter is his choice tn
business is transacted for him and h.
, is provided with an equivalent amour
in French rentes, the securities whicl
correspond to government bonds in tn
United States. These securities pay
per cent interest. Their purchase b,
the Caisse d'Epargne for the custome
Oate depository is gratuitous, no fe
| whatever being attached to the tran
| saction. These French rentes are il
: 20-francs ($D issues, and at the presen
time range in value on the bourse from
5 | 10t to l05
A late statement of operations by tn
French system of postal savings bank
i from Jan. /, 1882, to Dec. 81, 1896, is a
follows: Number of depositors, 26,049
: 53S; amount of deposits, 3,464, ,672 II
francs; number of Withdrawals, O,5S7
= SOB; amount of Withdrawals, 2,757,27O
. 6S7 francs, amount of purchases
s government securities, 70,9S1 ,341 francs
h excess of deposits over Withdrawals an
v purchases of government securities
636,42Ol4S francs; amount of interes
= accrued to depostors. las, ,592, ,599 francs
The situation up to Dec. 81, 1896, was
Number of deposiors, 2,6S6,730; proper
ty of depositors, 7S4,95O,2O7 francs. TIL
number of depositors on July 81, 1S9
was 2,S25,226.