The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-09-18
POSTAL SAYINGS BANKS.

The tendency of the American
people is 20 spend rather that save
small accumulations. They will hest
tate before changing a $40 bill to make
purchase of 25 ceuts especially if the
article desired is luxury, but if they
have the 25 cents in change they spend
it without a regret, not stopping to
realize that eighty of these % cent
pieces make $40 bill. 1t is no trouble
for any one to deposit 800 in hank
but one would seldom think of deposit
ing single dollar Hence it is that
few whose earnings are small ever
accumulate bank account. This is
owing in large extent to two causes
the disposition to spend. loose change"
and the tendency of banks TO not en-
courage small deposits.
True, private savings banks are es.
Jablished and conducted for the ex.
press purpose of accepting small de-
posits, and are considered the legiti-
mate depository for people of small
earnings, but as a rule they have
proven unsafe, many of them having
been run, not in the interest of de-
positors, but as places where larger
banking institutions could dump their
questionable securities, too often going
TO the wall, and in their fall carrying
the earnings that had been saved up u
little at a time by their depositors.
What is required to encourage saw
ings of small amounts is banking
system that will open accounts with
customers for any amount, and at the
same time will be absolutely safe. The
postal savings bank seems to come
more nearly meeting this demand than
does any other system yet devised.
All the leading nations of the world,
with the exception of two or three,
have postal savings banks, and all
have better facilities for the accomo-
dation of savings depositors than has
the United States. While savings de-
posits In this country have shown
gradual increase during the last quar-
ter of century, the savings deposit
and mum Der of depositors in countries
having postal savings banks have
grown by leaps and bounds. In the
United States 80 per cent of the sav.
ings banks and savings deposits are in
the New England states and New
York. Throughout the West and
South, except in the great centers of
population, it is impossible for private
enterprise to furnish savings facilities
sufficient to meet the needs of the
people. Besides, the deposition of
small means frequently is not able to
pick out from private banks those that
are safe, and conseq uently will trust
none, whereas all could hava confidence
in an institution controlled by the
national government.
The Chicago Record has preDared
what seems to be very coDcise postal
savings bank bill to be presented TO
congress at the next session. 1t pro-
vides for the receiving of deposits at
all postofiices, in amoants not less than
one dollar and Tot to exceed 81 GOO
from aEy one individual, and no more
than $500 a year shall be received from
q single depositor. To encourage
small savings a system of stamps of
five cents denomination is provided
for, so that the patron can deposit any
amount from five cents up, receiving
these stamps until he shall have accu'
mufated one dollar in stamps which
will be taken up by the postmaster
and certificate of deposit issued.
Depositors shall receive 2 per cent in
terest upon their accumulatiOns. And
all moneys above what is required to
meet immediate demands shall be in
vested in government bonds or other
safe securities, so that loss is absolutely
impossible.
The system presented in the Rec
ord's bill seems very complete and is
we'll worthy the attention of our law
making body. Should it be, enacted
into law it will result beneficially to
the masses and also to the government.
for through its workings, it would be
but few years until the public credits
of the country would be held at home
instead of being held by foreign money
an do,,