The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1897-11-18
POSTOFFICE BANKS.
Gary's Plan to Help the Peo-
pie Save Money.
THE POSTMASTER GENERALS REPORT
Recommends the Establishment Of Postal
Savings Depositories-The System De-
fined In Detail-How 1t Works
In Other Countries.

WASHINGTON. Nov 15.-The first
annual report of Postmaster General
James A. Gary to the president has
been made public. Its feature Is the
strong advocacy of postal savings de-
positories, scheme over which Post
master General Gary has worked for
many months in the formulation or
plans to present to the president and
congress He says the time is ripe for
their establishment and that the adop-
ton Of well organized system would
confer a great boon upon large num-
Der of people and ultimately be Of in
estimable benefit to the whole country.
The estimates of the revenues and ex-
penditures for the fiscal year ending
June 30. 1S99 are: Total postal revenue
for 1897. $50. .665. .462 49, add per cent
"A, 1SS. .273.13. Estimated revenue for 1898,
itS6, 79S, Sc; add per cent, s6,075,9l1.5l.
Total estimated revenue for 1899. s92,-
S74.Gi737; estimated expenditures for
1899, SsS,922, 760; deficiency for 1899, esti-
mated, s6O4S,112.63.
Following Is an abstract Of the re-
port:
The increase of the postal deficit for
1897 is largely reflex of the depressed
business conditions which prevailed all
over the United States during the first
three-Guarters of that period. There
has been no extravaganza of eXpendi-
ture. save that obligated by law. Reit-
Grating the injustice inflicted both upon
the postal revenue and the people by
second class mail matter carriage regu-
lations, the enactment by congress of
some measure to remedy the wrong.
similarly pointed out by past postmas-
ters general. Is urged. AS to this the
postmaster general says: IF this were
done. there would be an end to postal
deficits, and the service could he en-
larged and popularized by a broad ex-
tension OF free delivery without in
fringement upon the general resources
Of the government and eventually re-
suit in the much desired reduction of
letter postage to one cent per ounce"
No method Of perfecting the organiza-
ton OF the postal service has proved
more effective than the consolidation of
postoftices. Legislative restrictions on
its development are to be regretted, and
n repeal Of the five mile limit consolda-
ton measure in the 1896 postal appro-
priation bill is recommended.
The experimental rural free delivery
has been generally appreciated; few ex-
penditures have conferred greater bene-
fits in proportion, and 1t has unques-
tionably proved a potent factor in at
tanning what should be chief aim Of
government. the granting of the best
possible postal facilities to the family
iol, tv, toll ha
operations of the various branches Of
the department. The portion on the sub
ject Of postal savings, in brief, follows:
Many millions Of dollars are undoubt-
edly secreted by people who have little
or no confidence in ordinary securities
and monetary institutions organized by
private citizens. 1t is dead capital, but
IL it's owners could be inspired with alb
solute confidence in the security Of an
investment it Is altogether probable
that the bulk Of this fund would find
it's way into the channels Of trade and
commerce. If the government under
took this task, the service would un-
doubtedly be gladly accepted by the
people. Their faith in the government
Is unbounded.
Their little savings, which separately
could hardly be put out at interest.
would amount in the aggregate to
sum that could be invested to their ad
vantage. 1t would tend to cultivate
thrift in a large class, realizing the ad-
vantage of deposting with the govern
ment instead of wastefully and useless
ly expending it; it would tend to better
| citizenship, bringing into closer rela-
tonshp the government and its citi-
zens and developing practical and en-
during patriotism. This growth of pa
triotic sentiment and good citizenship
constitutes powerful appeal to states
manship to make way for these benef-
icent consequences.
The proposition Is an accomplished
fact in nearly every country in Europe.
in the British dependencies of both
hemispheres and even in Hawaii. In
Great Britain 100000 depositors have
upward of $3.50 100000 in savings ac-
cumulated during 35 years, and in ten
years fewer than 10000 Hawaiian de-
positors saved nearly $1,000, 900. These
I vast accumulations have been made
with the least possible loss to the gov
ernments which guarantee their pay
ment and with a minimum cost to the
millions of depositors.
Postal savings would not conflict with
these savings banks. but would encour-
age savings rather than accumulations.
The conversion Of money order offices
into savings repositories would soon
afford infinitely more facility for receiv-
ing 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 recog-
nizc in it valuable feeder to the finan-
cial currents OF the country. Security
and not the rate of interest Is the pri-
mary and essential condition Of such a
system, and bonds OF states, counties
md municipalities and real estate fur
nsh an illmitabe field. Comparing
other countries, the postmaster general
says 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
mum deposits vary from s2S5 in France
to 81, ,435 in New Zealand. Deposits over
that amount are noninterest bearing,