Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1897-11-15
The Principal Recommendation
l.. Gary's Report.
r0Isrs o,r rHfla ms FITS.
safe Places of Deposit to Those of mall
wealth Government Would Also Make
a Profit success In other Countries
Other Features.

nual report of Postmaster General
James A. Carey to the president has
been made public. Its feature is the
strong advocacy of postal .ayings de-
positories. a scheme over viii h Post
master General Carey 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 adop-
ton of well organized system would
confer great boon upon large num-
Der of people and ultimately be of in
estimable benefit to the whole country
The estimates of the revenues and ex-
penditures for the fiscal year ending
June 30, 1899. are:
Total postal revenue for 1897, $780,
665, 46l.73 add per cent, $4, 1873. 273. IL.
Estimated revenue for 1898. $50, 1885,
$3.50; add per cent, So, 075, 911.51.
Total estimated revenue for 1890, $92,-
4,647.37; estimated expenditures for
1899. sos, 1922, go; deficiency for 1899.
estimated $6,04S, 1888.
Following is an abstract of the re-
port:
The increase of the postal deficit of
1897 is largely a reflex of the depressed
business conditions which prevailed all
over the United States during the first
three-fourths of that period, There has
been no extravaganza of expenditure
save that obligated by law. Reiterat-
ing the injustice inflicted both upon the
postal revenues and the people by
second-class mail matter carriage regu-
lations, which help to cause the deficit,
the enactment by congress of some
measure to remedy the wrong, SINH.
larly pointed out by past postmasters
general, is urged
No method of perfecting the organ
ization of the postal service has proved
more effective than the consolidation of
postoffices. Legislative restrictions on
it's development are to be regretted
and the repeal of the five mile limit
consolidation measure, the 1896 postal
appropriation bill is recommended.
The experimental rural free delivery
has been generously appreciated few
expenditures have conferred greater
benefits In proportion, and it has I'M
questionably proved a potent factor in
attaining what should be 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.
The portion on the subject of postal
savings, in brief, follows:
Many millions of dollars is undoubt
eddy secreted by people who have little
or no confidence in ordinary securities
and monetary institutions organized by
private citizens. 1t is dead capital. but
if its owners could be inspired with
absolute 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 under
took this task, the service would I'M
doubleday 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 che
aggregate to a sum that could be in
vested to their advantage. 1t would
tend to cultivate thrift in larger class.
The proposition is an accomplished
fact in nearly every country in Europe,
in the British dependencies of both
hemispheres, and even in Hawaii. In
Great Britain 100000 depositors have
upward of $500 900 in savings &C.
eumulated during 30 years, and in 10
years fewer than 10000 Hawaiian de-
positors have saved nearly 81 100000
Deposits III Canada in 20 years exceeded
$22 900, 600. These vast accommodations
have been made with the least possible
loss to the governments which guaran-
teed their repayment, and with mini
mum of cost to the millions of deposit
ors.
The conversion of money order
offices into savings repositories would
soon afford indefinitely more facility
for receiving interest bearing depos is
than the interest paying banks do now
Security and not the rate of interest,
is the primary and essential condition
of such d system and bonds of states,
counties and municipalities and real
estate furnish an lllimitable 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 cents in India to 81 i'll Canada
Maximum deposits vary from $3.50 in
France to So, 435 in New Zealand De-
poslts over that amount are non-interest
bearing, ana in several countries the
surplus is by law invested in national
bonds. Both deposits and accounts are
usually small. France made profit in
1855 of $4,000 In handling 100000 ac-
counts, aggregating $143,00 900, after
paying 3 per cent interest. Great
Britain earned surplus of $50, 900
after paying 2 = per cent interest on
| $3.50, 100000. made up of $500, 900 &C
counts. The average commission paid
to postmasters is ! cent per deposit.
Any account may be settled and with
drawn from any depository in the