The daily morning journal and courier., 1897-11-15
FOR POSTAL SAVINGS BANKS
THEIR CREATION URGED IN POST
 MASTER GENERALS REPORT.

 Would Confer n Great Boon Upon Large Number of People and Ultimately be of Jnestimable Benefit to Whole Country Rural Delivery Generally Appreciated APenny Postal Rate.
 Washington, Nov. 14.-The first an- nual report of Postmaster General James A. Gary to the president was made public tonight. Its feature is the strong advocacy of postal savings Repositories, a scheme over which Post master General Gary has worked for many months in the formulation of plans to present to the president and congress. He says the time is ripe for their establishment and that the adoption of a well organized system would confer a great boon upon large number of people and ultimately be of inestimable benefit to the whole coun- try. On this subject the report in brief says:
 Many millions of dollars are un- doubtedly secreted by people who have little or no confidence in ordinary se- curities and monetary institutions or ganized by private citizens. It is dead capital, but if it's owners could be in spired with absolute confidence in the security of an investment it is alto gether probable that the bulk of this fund would find it's way into the chan :nels of trade and commerce. If 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 ad- vantage. It would tend to cultivate thrift in large class; realizing the advantage of depositing with the gov- ernment instead of wastefully and us lessly expending, it would tend to bet ter citizenship, bringing into closer re- 1ationship the government and it's citi- zens and developing practical and en- during patriotism. This growth of pat riotic sentiment and good citizenship constitute powerful appeal to states manship to make a way for these be- nificent consequences.
 The proposition is an accomplished fact in nearly every country in Europe, the British dependencies of both heme- spheres, and even in Hawaii. In Great Britain 100000 depositors have up- ward of $550, 900 in savings accumu- lated during thirty-five years; and in ten years fewer than 10000 Hawaiians depositors saved nearly s2200o, ,OO0. More than a third of the postal saw ings accounts in European offices are held by minors, and over two-thirds by those of the most humble callings. It is essentially the bank of this class. Postal savings would not conflict with savings banks, but would encourage savings rather than accumulations.
 The most aggressive opponents are among the private institutions engaged in somewhat similar enterprises, though associations of the larger cities recog- nize in it a valuable feeder to the finan- cial currents of the country. Secur- ity and not the rate of interest Is the primary and essential condition of such a system; and bonds of states, coun- ties and municipalities and real estate furnish an illimitable field.
 Comparing other countries, the post master general says nearly every coun- try permits it's most popular coin as the minimum amount of deposit, varying from five cents In India, to $1 in Can ada. Maximum deposits vary from $2S5 in France to 2,435 in New Zealand Deposits over that amount are non-in- terest bearing, and in several countries the surplus is by law invested in na- tional bonds France made a profit in 1895 of $17O,000 in handling 2,5OO,OOO ac- counts, aggregating $149000,0O0, after paying per cent. interest. Great Brit ain earned a surplus of $S3,OO0, after paying 21a per cent. interest on $4S0,000,- GOO, made up of 6,500,000 accounts. The average commission paid to postmast- CTS is per cent. per deposit.
 The estimates of the revenues and expenditures for the fiscal year ending June 50, 1899, are: Total postal reve- nue for 1897, $82, ,665 426.73; add per cent, $4133, ,273.13. Estimated revenue for 189S ss6, 798, 735.86; add [ per cent. s6.O75, ,911.51. Total estimated revenue for 1899, $92, STA 647.37; estimated expen- ditures for 1899, S9S,922, ,76O; deficiency for 1899, estimated, S6,04S, 11263. The increase of the postal deficit for 1897 is largely reflex of the depressed business conditions which prevailed all over the United States during the first three quarters of that period, says the re- port.
 Reiterating the injustice inflicted both upon the postal revenues and the people by second class mail matter car riage regulations, the enactment by congress of some measure to remedy the wrong, similarly pointed out by past postmaster generals, is urged
 The postmaster general adds that such reforms recommended might re- suit in penny postal rate. The ex- perimental rural free delivery has been generously appreciated; few expendi- lures have conferred greater benefits in proportion, and it has unquestionably proved potent factor in attainine what should be chief aim of govern. n,ent, the granting of the best possible postaI facilities to the farming class.
 MEMORIAL SERVICE HE'D.