The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1897-11-16
FOR POSTAL SAVINGS BANKS
REPORT OF POSTMASTER
GENERAL GARY.
STRONGLY FAVoRS THEM
would Ultimately he OF Bonent TO the
whole Country Increase OF Postal
Dehcit Reelection of the
Depressed Business CondF
tions OF the Past
few Years
STRONGLY FAvoRs THEM

WASHINGTON, Nov Is. The 6rst
annual report Of Postmaster General
James A. Gary to the president was
made public last night Its feature is
the strong advocacy OF postal savings
repositories as a scheme over which
Postmaster General Gary has worked
several months in the formulation Of
plans to present to the president and
congress lie says the time IS ripe
for the establishment, and that the
addition OF a well organized sys-
tenn would confer great boon
upon large number OF people,
and ultimat tely be oil inestlmable BEN
eft 20 the whole country. The reve-
nucs aud expenditures for the fiscal
year ending June 80, ls0U, are: Total
postal revenue for 1897, Ss9, ,655, 462 70;
add 5 per cent, s4,1t3,2731a Esti-
mated revenue for 1898, $50. 79s, 735. SCI;
add per cent, Ss.O75.olL5 Total
estimated revenue for 1899, $50, ,s74,-
ca, 81; estimated expenditures for 1893,
SOS, o22, 7Go; deficiency for 1899, esti-
mated, SG,u4s, ll2-63. Following is an
abstract of the report:
The increase Of the postal deficit for
1897 is largely reelection o, the de-
pressed business conditions which pre-
vailed all over the United states the
first threc-quarters Of that period.
There has been no extravaganza of ex-
penGitures, save that obligated by law.
Reiterating the injustice inflicted both
upon the postal revenues and the pco-
Pile by second class mail matter car
.riage regulations, the enactment by
Congress Of some measure 20 remedy
the wrong, similarly pointed out by
past postmasters general, is urged
The portion on the subject of postal
savings in brief follows.
"The proposition is an accomplished
fact in nearly every country in Eu.
rope, in the British dependencies of
both hemispheres and even in Hawaii
In Great Britain 1000 0ol depositors
have upward Of $3.50, Ol0, 600 in savings
accumulated during thirty-hve years,
and in ten years fewer than 10, 900 la
waiian depositors saved nearly
$1,000, 900 Deposits in Canada
in twenty years exceeded So, 900,
900. These vast accumulations
have been made with the least po3si-
bic loss TO the governments which
guarantee'their repayment, and with
a minimum OF cost to the millions OF
depositors. More than thousand
postal savings accounts in European
offices are held by minors and over
two thirds by the most humble call
ings. 1t is essentially the bank Of this
class. Postal savings would not con
ilict with those savings banks, but
would encourage savings rather than
accumu,atIons The conversion oi
money order offices into savings deposi
tories will soon afford indefinitely more
facility for receiving interest bearing
deposits than the interest paying
banks do now. The most aggressiv,
opponents arc among the private in
stitutions engaged in somewhat simi
lar enterprises, though associations o
the larger cities recogniz, In it a val
uab.e feeder 70 the financial currents
Of the country. Security and not tn,
rate of interest is the primary and es
scntial condition of such a system
and bonds OF states, counties an,
munic' palities and real estate furnisl
an illimitab'e field"
Comparing other countries. the post
master general says nearly ever,
country permits its most popular coli
as the minimum of deposit, varyint
from cents in India to / cent In Can
ada Maximum deposits vary from
ses5 in France to S2,4a5 in New Zeal
and. Deposits over the amount ar
non-interest bearing and in severa
countries the surplus is by law in
vested In national bonds Botl
deposits and accounts are usual,
small France made n profit Ia ls9
OF s17O, 600 in handling $500 600 ac
counts, aggregating sl43 600, 600, af,e
paying 3 per cent interest Grea
Britain earned a surplus Of Ss3, 90
after paying 255 per cent interest ol
slS3, 600, 600, made up of 9, 5000 nc
counts. The average commission pal,
10 postmasters is I cent per deposit
Any account may be settled and with
drawn from any depository in tn
country, The telegraph is coming int
! uEa as "A means OF vi lhlrnwnl