The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-10-24
The Investment of the Funds.

What would Uncle Sam do with so much
money? The sums deposited would be
very great. The amounts IN the English
savings banks represent an investment of
so per capita. II the same ratio should
prevail here you would have s750,C00 600 on
your hands. What could the government
do with it?'
THAT is another serious question" re-
piled Gen. Gary. IF we were like some
OF the nations of Europe and believed i'm
a government debt IL could be put into gov
eminent bonds. We think differently how
ever We do not believe as Ben Butler
did that national debt is a national
blessing. Still, even If the debt were paid
there will be plenty of places 10 invest
that money for years TO come. There will
be state bonds city bonds and other secure
investments. We are only on the edge of
our development as a nation. We have TO-.
600 900 people. Our country will support
200 600 600. Until we fill up We viii always
have need of great sums of money. Our
industrial future has possibilities beyond
conception. and there are public improve
ments of different kinds which will be
undertaken. the bonds OF which viii be
safe Ny idea is that the money should be
reinvested, so that the profits would pay
all the expenses OF the postal savings bank
system. / think We could easily do this"
No Danger of the Postmasters skip
But would there not be great danger
Of defalcations? Government officials
would be tempted in handling so much
money.
Il think not, replied Gen. Gary I'VE
could surround the system with sufficient
safeguards 10 protect il. Take the national
banking system. See how IL is guarded.
If a national bank breaks over the rules
a bank examiner Is there the next morn
ing 10 inquire into the action. l think the
government could regulate the savings
hanks quite as easily as il does the ma
tional banks"
Would we not have some OF the post
masters skipping off to Canada?
NO" replied Gen. Gary. The post
masters would have but little money on
hand at one time. They would have TO
send the money on 10 Washington almost
as fast as they received it, The rule might
be that they would send daily accounts
They would also have 10 give bonds 50
that there would be no danger Of loss
there"
Would not such system require a new
clerical force
NO not to any extent" replied the post
master general Our postal machinery IS
already organized. Many Of the postmas-
tiers have more time than they can use. and
# will only be in the larger places that
more clerks would be needed"
think would DC the greatest advantage
from such banks"
Il have not spoken Of the chief profit
that the government would get from
them" replied Gen. Gary Their great
est advantage 70 rs would be In the
patriotism which they would inculcate
among the people. Every man who has a
dollar IN The postal savings bank viii De a
better American citizen. lie VIII feel that
~ has m interest I'm tho government ~ nfeh
has charge ~ his money and IS paying him
interest on d. He viii work hard 70 sup
port 20 and viii fight for <. The men who
have money in the savings banks are not
going 10 join mOhs 70 burn mp property.
Y0u viii not find them among the social
isis ard they Will be careful not 90 injure
the govern mert credit Such banks Will
30 much 70 break down .se feeling be-
tween the rich and poor. They wlu make
oar people more thrifty. more self--espect-
ing and mere patriotic
FRANK G CARPENTER