The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1897-11-19
POSTAL BANKS BEST.
Mr.. GARY ADVOCATES THEIR
ESTABLISHMENT.
The Annual Report of the Postmaster
General Goes Into the Subject .Ex-
haustive1y and Recommends the
System Without Reserve.
Strong Argument Made.

StrOnS Argument Made.
The first annual report of Postmaster
General james A. Gary to the President
has been made public. Its feature is the
strong advocacy Of postal savings deposi-
tories, scheme over which Postmaster
General Gary has worked for many
months in the formulation of plans to pre-
sent to the President and Congress. He
says the time is ripe for their tablish-
ment, and that the adoption of we'll
organized system would confer great
boon upon a large number of people, and
ultimately be of inestimable benefit to the
whole country.
The estimates Of the revenue and ex-
penditures for the fiscal year ending June
30, 1899, are: Total postal revenue for
1897, SS2665, ,462.73; add per cent, $4,-
l33,273.13; estimated revenue for 1899,
$S6,79S, 1886; add per cent, $6,075,-
911.51; total estimated revenue for 1S99
S92,874 ,647.37; estimated expenditures for
1898, $9S,922, 760: deficiency for 1899 es-
timated $6,04S, ,112.63.
The increase Of the postal deficit for
1897, Mr. Gary says, is largely a rehec-
tion of the depressed business conditions
which prevailed all over the United States
during the first three quarters of that
of expenditure save that obligated by law.
Reiterating the injustice inflicted both
upon the postal revenues and the people
by secondSclass mail matter carriage reg
ulations, the enactment by Congress Of
some measure to remedy the wrong, SIM
larly pointed out by past Postmasters
General, is urged. AS to this the Post
master General says:
IF this were done, there would be an
end to postal deficits, and the service
could be enlarged and popularized by
broad extension of free delivery, without
infringement upon the general resources
of the Government and eventually result
in the much-desired reduction of letter
postage to l cent per ounce
No method of perfecting the organiza-
ton Of the postal service has proved more
eHectlve than the consolidation of post
offices. Legislative restrictions on its de-
velopment are to. be regretted and a re-
peal of the tive-mile limit consolidation
measure in the 1896 postal appropriation
bill is recommended
Ihe experimental rural free delivery
mas been generously appreciated; few ex-
pendltures have conferred greater ben
etlts i'll proportion, and it has unquestion-
ably proved a potent factor in attaining
what should be Il chief aim of government
the granting of the best possible facilities
to the farming class.
Ihe report reviews in detail the opera
hons of the various branches of the de-
partment. The portion on the subject Of
postal savings in brief follows:
"Many millions of dollars is undoubted-
ly secreted by people who have little or
no confidence in ordinary securities and
monetary institutions organized by pri-
vate citizens. 1t is dead capital, but if
its owners could be inspired with abso-
lutte confidence in the security of an in
vestment it is altogether probable that
the bulk of this fund would find it's way
into the channels of trade and commerce
II the Government undertook this task
the service would undoubtedly be gladly
accepted by the people. Their faith in
the Government is unbounded. Their
little savings, which separately could
hardly be put out at interest, would
amount. in the aggregate, to a sum that
could be invested to their advantage. 1t
would tend to cultivate thrift in large
class, realizing the advantage of depos-
iting with the Government instead Of
wastefully and uselessly expending; it
would tend to better relationship; bring
into closer relationship the Govern
ment and it's citizens, and develop practi-
cal and enduring patriotism. This growth
of patriotic sentiment and good citizen
ship constitutes powerful appeal to
craftsmanship to make a way for these
benehcent consequences.
"The proposition is an accomplished
n ri,
the British dependencies Of both hemi-
spheres, and even in Hawaii. In Great
Britain 100000 depositors have upward
of $550,0O0,OOO in savings accumulated
during thirty-fve years, and in ten years
fewer than 10000 Hawaiian depositors
saved nearly $1,0O0,O0O. Deposits in Cam
ada in twenty years exceeded $22, 100000
These vast accumulations have been made
with the least possible loss to the Gov
ernments, which guarantee, their repay
ment, and with minimum of cost to the
millions of depositors. More than a thou
sand postal savings accounts in European
offices are held by minors and over two
thirds by the most humble callings. It is
essentially. the bank of this class Postal
savings would not conflict with those saw
ings banks, but would encourage savings
! rather than accumulations. The CONVEX
sion of money order offices into savings
repositories would soon afford indefinitely
more facility for receiving interest bear
ing deposits than the mterest-paying
banks do now. The most aggressive op-
ponents are among the private institu-
tons engaged in somewhat similar enter
prises, though associations of the larger
cities recognize in it valuable feeder to
the financial currents of the country
Security, and not the rate of interest.
is the primary and essential condition Of
such system, and bonds of States, coun-
ties and municipalities, and real estate,
furnish an iliimitable feld.'
AtArdmore, I. T., Charles Reinard cut
the throat of his cousin and sweetheart,
Miss May Reese, and then cut his own