The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-11-18

the time is ripe for their establishment
and that the adoption of a we'll organ
lied system would confer great bool
upon large number of people, and ulti
mately be an inestimable benefit to tn
whole country
The estimates of the revenues ant
expenditures for the fiscal year endin,
June 80, 1899, are:
1897. e. -. :. .$S2, 665, 49, Z:
Add 8 per cent ,........ 4,133,273 l:
Estimated revenue for
1919. SO,I3S, 100 >.
Add per cent. ....... 6,075,911 8
Total estimated revenue HoA t.
1899. :. -. -. -. 92,S74,S47 s.
EA stl ssa expenditures 90 o., -so a,
Deficiency for 1899, esti-
mated. .... ...... -. 6,O4S,1l2 D;
Following is an abstract of the report
The increase of the postal deficit OF
1897 is largely reflex of the depressed
business condition which prevailed al
| over the country for the first three-Quar
tiers of that period. There has been nt
extravaganza of expenditure save thai
obligated by law. Reiterating the in
justice inflicted both upon the postal rev
enues and the people by second-class
mail matter carriage regulations, the en-
actment by congress of some measure tC
remedy the wrong, similarly pointed out
| by past postmasters general, is urged
| AZ to this the postmaster general says:
eff this were done there would be an
end to postal deficits, and the service
| could be enlarged and popularized by a
broad extension of free delivery without
infringement upon the general resources
of the government, and eventually result
= \, i, ~ IF InNN
postage of ] cent per ounce.
mo method of perfecting the organi.
"a tion of the postal service has proved
postofiices. Legislative restrictions on
it's development are to be regretted, and
II repeal of the five-mile limit consOlida-
ton measure in the 1896 postal appropri-
alton bill is recommended.
THE experimental rural free delivery
has been generously appreciated. Few
expenditures have conferred greater
benefits in proportion, and it has unques-
tionnbly proved potent factor in at
tanning what should be the chief aim of
government, the granting Of the best
possible postal facilities to the farming
class. The report reviews in detail the
operations of the various branches of
the department. D.
The portion of the subject of postal
savings in brief as follows: K. :.y
MANY millions of dollars is undoubt-
eddy secreted by people who have little or
no confidence i'll ordinary securities and
monetary institutions organized by pri-
vate citizens. 1t is dead capital, but
if its owners could be inspired with alb
solute confidence in the security Of an
investment 1t is altogether probable that
the bulk of this fund would find its way
into the channels of trade and commerce.
If the government undertook this task
the service would undoubtedly be i'm
proved and gladly accepted by the peo-
pie. The faith in the government is I'M
bounded. Their little savings, which
could hardly be put out ut interest, in
the aggregate amount to- sum that
could be invested.
1T would tend to cultivate thrift in
II large class. realizing the advantage of
depositing with the government instead
of wastefuly and uselessly expanding.
1t would tend to better citizenship,
eminent and its citizens and developing
practical and enduring patriotism:
This growth of patriotic sentiment
and good citizenship constitutes power
full appeal to craftsmanship TO make
way for these beneffcent consequences.
''rhe proposition is an accomplished
fact in nearly every country in Europe,
in the British dependencies of both hem
ispheres, and even in Hawaii. In Great
Britain 100000 depositors have a re-
ward of $55,O0O,O00 in savings accumu-
lated during thirty-tiye years, and in ten
wears fewer than 10000 Hawaiian depOs-
itors saved nearly $1,000,0O0. Deposits
in Canada in twenty years exceeded Sl-Z,-
100000. These vast denominations have
been made with the least loss to the gov
ernments which guarantee their repay
ment and with minimum OF cost to the
millions of depositors. More than a
European offices are held by minors,
and over two-thrds by the most hum
BILE calngs. 1t is essentially the bank
of this class. Postal savings would not
conflict with the savings banks, but
would encourage savings rather than ac-
cumulations The conversion of money
order offices into savings repositories
would soon afford indefinitely more facil-
ity for receiving interest bearing depos-
it's than the interpreting banks do now.
The most aggressive opponents are
among the private institutions engaged
in somewhat similar enterprises, though
associations of the larger cities recog-
nize valuable feeder to the financial
currents of the country. Security and
not the rate of interest is the primary
and essential condition of such sys,,
ten, ana DOnuS OF Ndtes, COUNTIES anu
municipalities and real estate furnish an
illimitable field"
Comparing other countries, the post
master general says nearly every coun-
try permits its most popular coin as the
minimum amount of deposit, varying
from ) cents in India to l cent in Can
ada Maximum deposits vary from
S2.S5 in France to S2.43 in New Zeal
and.
Deposits over that amount are non-in-
tercst bearing. and in several countries
the surplus, by law, is invested in ma
tonal bonds. Both deposits and accounts
are usually small France made a profit
in 1895 of $4,000 in handling $500
600 accounts. aggregating $14S, OOO,OOO,
after paying 3 per cent interest. Great
Britain earned n surplus of $4,000 after
paying 2 IL per cent interest on S4SO,
600 900, made up of 6,5O0000 accounts.
The average commission paid to the post
master is 1 cent per deposit. Any ac-
count may be settled and withdrawn
from any depository in the country. The
telegraph is coming into use rs means
of withdrawal.
Report to Gen. Miles.
Washington, Nov. 14.-Adjt. Gen.
Rreck in his renort to Mai Gen. Miles,