Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1897-12-15
POSTAL SAVINGS BANKS.
The Chicago Records Plan Criticise,
by Hon. John m. Hess.

Dy HON. JOnm N. Hess
Eternal vigilance is the price of
liberty'-the price of purity in public
institutions. The great masses of the
people are extremely DESTROYS of a
postal savings bank" system. That
there is crying need of a system
affording greater security for all de-
positors, let the following statement
bear witness. We will speak only of
the national banks:
Number organized since the pas
sage of the act. .......... $3.50
Total failure of the above .352
Gone into liquidation -. 1,118
Total suspensions ....... 1870
Remainder of the above still ex-
ldul. sou
December II, 1896, there were 1861
extant.
March 9, 1897, there were 1854 ex-
tant.
May IA, 1897, there were 1914 extant.
July D, 1897, there were 800 extant.
AT the last named date all the ma
tional banks had in lawful money
S267 100000. Combined these banks
owed their depositors, 81 $3.50, ZOO, 900,
or seven times as much money as they
had. The national banks owed their
depositors at that date more money
than there is in the United States by
about $3.50, 100000.
But in the crysta1ization of the pos
tai savings bank idea into law, there
is danger of miscarriage of the in
tent of the people, and the conversion
of what should be public blessing
into what would prove public curse.
The capitalistic press is now at
tempting to Illustrate the plan, whilst
apparently approving of it.
The great daily, the Chicago Record,
has undertaken to formulate a bill,
which, if enacted, into law will utterly
defeat the purposes of a postal savings
bank system, and instead of giving
relief to the people will become an
enormous expense and public curse.
| The postmaster general in the
Records bill, is given discretionary
power, which should be placed in the
hands of no one man:
l. In that all regulations in regard
to receiving deposits and paying out
the same is subject to his will.
2. In that he has the undisputed
power of naming the repositories OF
said system.
3. In that he has uncontrolled dis
cretionary power as to the employment
of clerical service and the remunera
ton therefore.
4. In that the uncontrolled and car
like power of the acknowledgement
permeates the entire bill.
No one disputes the necessity of the
acknowledgement having certain
discretionary power, but it should bt
largely and wisely restricted by statu
tory law which is in no way provided
for in the Records bill.
All post offices should be post office.
of deposit, and the percentage upor
the deposits should be fixed will
which to defray the administration O.
the system, instead of, as in the Rec
ord's bill, leaving these matters dis
cretionary with the postmaster-gen
era1.
Only in large cities and at the treas
ury department would it be necessary
to hire extra clerks, as the presen
postoffice officials and their help would
have ample time and would be glad O.
the opportunity of discharging, for {
small consideration, the extra duties
imposed by the postal savings ban1
system. This would obviate the ne
cessity of the employment of a 1arg,
clerical force whose salaries woult
cripple the system, as represented b.
the Records bill.
Section of the Records bill pro
vides for a minimum and a maximum
amount of deposits to the credit of on
depositor and the maximum amount i
fixed at the extremely low figure o
means for re-obtaining the money 70
general circulation is provided for b.
law, there is absolutely no necessit,
for the fixing of a maximum individual
deposit, and certainly no reason ca,
be advanced based upon public polio,
for making the amount less than thre
thousand dollars. This, of course
will necessitate the opening of al
avenue to said repositories, through
which the people may obtain money a
a cheap rate of interest. But thi
seems to have been carefully guarde,
against in the draughting of the Rec
ord's bill. The masses of the peop1
themselves should be able to borrow
from said repositories money secure,
by realty in amounts equal at least t
the average assessed valuation of sal
realty for the past five years, in thos
states where said valuation is made a
one-third the real value, and in othe
, states on similar basis; or uniform1
one-third the real value, values TO h
fixed by our present town boards O
boards of equalization, or auditin,
!, committees.
= Section of said bill bears the ca
marks of havinu haa,1 d-- =,