Omaha daily bee., 1897-11-18
GARY ON POSTAL SAVINGS BANKS.

Chicago Record: The postmaster generals
recommendation of postal savings banks and
the work he is doing to bring about their
establishment will tend to give deserved pop.
ularity to his administration of the PostofIice
department. President Mckinley can raise
the whole republican administrator in pcpu-
lar esteem by approving in his message to
congress. these recommendations of his post
master general.
Kansas City Star: Independent of it's benef-
cent influence in the way Of encouraging
the people of small means to save money, aud
aside from tho advantages afforded by an abb
solutely safe place for the deposit of the
small accumulations of people who do not
patronize ordinary banks, the postal savings
bank system would be OF great advantage
to the government and to the larger financial
interests OF the country.
Philadelphia Press: Postmaster General
Gary, in his first annual report joins the large
number Of persons who urge congress 10
establish postal savings banks. Unfortu-
aately, Mr.. Gary does nothing toward the
adequate solution Of the one crucial problem
which must be met before this step is taken.
Where shall the deposits in postal savings
banks be invested? Answer this question and
congress would establish these banks before
the close of its next session. Until 1t Is
adequately answered congress ought not to
establish them.
Chicago News As the postmaster general
says, the establishment of these repositories
where every one depositing dollar will feel
absolutely certain of receiving 1t back again
will promote good citizenship by giving the
people more direct interest in the govern
ment. Every depOsitor will be interested in
maintaining the nations credit thus bring
ing to him "a keener realization OF the fact
that between him and the government there
had been established series OF partnership,
imposing upon him peculiar obligations
which he would be prompt to respect"
Minneapolis Tribune: So long as we have
a public debt 1t might be invested in bonds,
by using It to take up the and per cents
as fast as they mature. But when the debt Is
ultimately paid Off the disposition of the
funds might be a question of serious en-
barrassment. 1t might be paid out for cur
rent expenses, or invested in public improve
ments-but that would be to virtually create
a new debt. In fact, the establishment and
successful operation Of postal savings banks
would necesstate permanent government
debt OF some kind, since the deposits in
bank would be an obligation of the gov
ernment.
Buffalo Express: The scheme of postal
savings banks has received high commenda-
tion from the soundest thinkers. 1t is In
successful operation In most foreign coun-
tries, so it cannot be considered in the light
Of doubtful experiment. The argument in
its favor seems to be. practically unanswer-
able. The argument against 1t, so far as the
Express has observed, is mainly selfish and
more attention from the American public now
that It has officially been taken up by the
administration than it has hitherto, I'm
doubtedly bill embodying the postmaster
generals ideas will be presented in congress.
Minneapolis Journals Eighteen bills have
been introduced In congress since 1871 look
ing to the establishment of postal savings
banks, and, although congress has not taken
kindly to them, the sentiment in favor of the
system has been Increasing since the bank
failures following the panic of 1893 There is
no doubt that such bill as Congressman
Lacey offered few years ago would receive
favorable attention in congress at the coming
session. 1t provided that deposlts from ~
cents up TO 800 should be received at all
money order offices, no person being allowed
to deposit more than 800 within thirty days,
or have any more than $500 to his credit, and
that interest at per cent should be paid on
all sums over SO and multiples of dollar,
beginning the first of the month following
first deposit.