Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-10-29

in the British postal savings banks,
somewhat exceeds this number though
the aggregate of deposits is little more
than one-fourth the sum total in our
sayings banks.
And now let us see where the great
deposits of savings in the United States
were held. OF the total of $1,907, 1885,
277, 81, ,494, $685. 454 were made in the
banks of New England and New York,
leaving the savings banks in the rest Of
the country with only $412, ,467, 1923 of
deposits. Now what is the reason for
such unequal distribution Of savings
deposits? It may be that the people of
New England and New York are richer
and more frugal than the people in the
rest of the country, but it is significant
that the average distance of savings
banks from post offices was, in 1892,
according to the report of Mr. Wana-
maker, then postmaster general, 10
miles in the New England states, 26
miles in the western states, 80 miles in
the southern, SO miles in the Pacific
states. Now it may we'll be that the
demand for postal savings banks in
such western, southern and Pacific
staJes was not sufficient to warrant the
establishment of more private savings
banks. But the fact remains that the
people of those states had not the same
facilities for the deposit of savings as
the people Of New England. Hence,
the need Of postal savings banks in
those states. The want of them dis
couraged saving, for with present
facilities the opportuning of depositing
savings is not open to many Of the peo-
pie in those states.
In short, our present savings system
offers facilities in the centers of popula
tion. offers no facilities where popula-
ton is scattered. Nor does it give that
perfect security that encourages men to
save. And finally, our savings institu-
tions, though for the most part mutual
companies, in which there are no stock
holders the managers acting merely as
trustees holding the property of the
savings funds for the benefit of the
depositors and presumably managing
that property for the mutual profit OF
depositors, are not managed as
economically as they should be. There
is an e. e to personal profit as we'll as
the profit of the depositors. Moreover,
now and again, the moneys of the
savings funds are diverted to improper
uses, for example, contributions to
political campaign funds. And this
should not be, for it deprives depositors
of the full enjoyment of the earnings of
their savings. Hence, the need for
postal savings funds: to establish places
Of deposit convenient TO all our people, |
that the privately conducted
banks do not do; to insure absolute
to depositors against loss so
ong as the native lives; to secure to the
1epositors the fullest enjoyment of the
of their savings, and so
the laying by of savings.
Such are the reasons for the establish
nent of postal savings banks. And
low as to the second question:: Why
lot postal savings banks? It is asserted
hat their establishment would interfere
With private enterprise, take away
business from the privately conducted |
avings funds. But if our mutual |
avings banks are conducted for the
,roft of depositors, and depositors
lone, as they should be, the managers
# such mutual savings funds should
Welcome the establishment of postal
avings funds; welcome anything that