The citizen. (Frederick City, Md.) 1895-1923, 1897-11-19
POSTAL BANKS NEEDED.
Gary Says They Would be of
Inestimable Benefit to the
Whole Country.
1T WOULD PUT AN END TO
BOARDING.
The Faith of People in the Gov
eminent Would Lead Them to
Trust Their Cash to it.

STnnSul WOulQ bedQ IlSm 10
Trust Their Cash to it.
WASHINGTON, Nov. l4.-Postal saw
ings banks are the feature of the first
annual report of Postmaster-General
Gary. The latter has spent several
months over this scheme, and now
says that the time is ripe for the estab-
lishment of such repositories end that
the adoption of "a well-organized sys
TEN would confer great boon upon
large number of people and ultimately
be of lhestimeble benefit to the whole
country.
The estimates of the revenues and
expenditures of the department for the
fiscal year ending J0ne 80, 1890, are:
Total postal revenue for 1897. So, $685.
rs; add per cent, 81, 1872, 273. 10;
estimated revenue for 1898, $50, 1885,
1886; add I per cent, 5000, 9ll.5l.
Total estimated revenue for 1899, $92,-
974 ,647.37; estimated expenditures for
1893, sos, 922, 760.37; DE- ficleucy for 1899
eetimated at $6,04S, 1928. The fol-
lowing is an abstract of the report:
The increase of the postal deficit
for 1897 ISL All, 7796 5) is largely re-
fleX of the depressed business condi-
tinns which prevailed all over the
United States during the first three
quarters of that period. There has
been no extravaganza of expenditure
save that obligated 10y law" Reter-
ating the injustice inf cted both upon
the postal revenues and the people by
second-class mail matter carriage regu.
latiOns, the enactment 10y Congress of
some measures to remedy the wrong,
similarly pointed out by the past Post
master-General, is urged. AS to this,
the Postmaster-Gt neral says:
"lf this were done there would be
an end to postal deficits, aud the ser
vice could he enlarged and popularized
10y a brief extension of free delivery
without infringement upon the gem
eral resources of the government, and
eventually result in the much desired
reduction of letter postage to one per
cent. per OUNCE"
THE FARMERS BENEFITED.
The experimental rural free delivery
has been generally appreciated; few
expenditures have conferred greater
benefits in proportion. and it has un-
quesllonably proved potent factor in
attaining what should lie a chief aim
to the government-the granting of the
hest possible postal facilities to the farm
ing class. The report reviews in detail
the operations of the various branches
of the department. The portion on
the subject OF postal savings, in brief,
is "a follows:
MANY millions of dollars are ~un-
doubleday secreted 10y people who
have little or no confidence in or
binary securities and monetary institu-
tons organized by private citi-
zens. 1t is dead capital. but if its own
ers could be inspired with absolute
confidence in the security of an in
vestnent 1t is altogether probable that
the bulk OF this fund Would fluid its
way into the channels of trade and
commerce.. If the Government under
took this task the service would un-
doubleday tie gladly accepted by the
people. Their faith Ia the Government
is unbounded.n
1.-The proposition is an accomplished
TACT In nearly every country in Europe,
in the British dependencies of both
/ hemlspheres, and even in Hawaii In
Great Britain $1,000 600 depositors
have upward of $3.50, 0O0,0 900 in savings
accumulated during thIrty.five years,
aud in ten years fewer than 1000
Hawaiian deposltors saved nearly ST.
OOO,OO0. These vast Accommodations
have been made with the least pos
sible loss to the governments, which
guarantee their payment, and with a
minimum cost to The millions of depos-
itors.
MINORS ARE DEPoSIToRS.
"More than third ofthe postal saw
ings accounts in European offices are
held by minors and over two-thirds bv
the most humble callings. IL is essen
TALLY the tank of this class. Postal
savings would not conflict with these
savings banks, but would encourage
savings rather than accumulations.
The conversion of money order offices
into savings repositories would soon
afford Infinitely more facility for re-
celving interest bearing deposits than
the interest-paying banks do now. The
most aggressive opponents are among
the private Institutions engaged in
somewhat similar enterprises, though
associations of the larger cities recUg-
nize in it valuable feeder to the tinan-
cial currents of the country. Security
aud not the rate of interest is the prl-
mary aud essential condition of such q
system, aud bonds of States, counties
and municipalities ami real estate fur.
nish an Unlimited field.
Nearly every country permits its
most popular coin as the minimum
amount of deposit, varying from five
cents in India to 81 in Canada Maxi
mHn deposits vary from $2S5 in
France. to $2,435 in New Zellnd. De-
posts over that amount are nOn-inter-
est-bearug, and in several countries
the surplus is by law invested in ma
tional bonds. Both deposits aud &C
counts are usually small.
France maze profit in 1895 of
$40, 600 in handling $500, 900 accounts,
aggregating $l43, 100000, after paying
three per cent interest. Great Britain
earned surplus OF $50, 600, after pay
ing q per cent. interest on $3.50, 000,-
90, made up of 6, 100000 accounts. The
average commission paid to postmas-
tiers is | cent per deposit. Any account
may be settled aud withdrawn from
any depository in the country"