The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1897-11-04

911.51; total estimated revenue for 1899
So, ,S14 ,647 81; estimated expenditures fol-
1898, sos, ,922, 1G0; deficiency fo.. 1899 es-
timated S6,04S,112.63.
The increase Of the postal deficit fol
1897, Mr.. Gary says, is largely a reflec-
ton of the depressed business conditions
which prevailed all over the United States
during the first three quarters Of that
period. There has been no extravaganza
of expenditure save that obligated by law.
Reiterating the injustice inflicted both
upon the postal revenues and the people
by second-class mail matter carriage reg
ulations, the enactment by Congress of
some measure to remedy the wrong, SIM
Harry pointed out by past Postnlasters
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 a
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 cent per ounce"
No method Of perfecting the organiza-
ton of the postal service has proved more
effective than the consolidation of post
offices. Legislative restrictions on its de-
velopment are to be regretted and re-
peal of the fve-mile limit consolidation
measure in the 1896 postal appropriation
bill is recommended.
The experimental rural free delivery
has been generously appreciated; few ex-
penditures have conferred greater ben
Gifts in proportion, and it has unquestion-
ably proved potent factor in attaining
what should be chief aim of government,
the granting of the best possible facilities
20 the farming class.
The report reviews in detail the opera
tions 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-
yate citizens. 1t is dead capital, but If
its owners could be inspired with abso-
lutte confidence in the security of an in
yestment it is altogether probable that
the bulk of this fund would find its 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 sum that
could be invested to their advantage. 1t
would tend to cultivate thrift in large
class, realizing the advantage of depos-
aing with the Government instead of
wastefully and uselessly expending; it
would tend to better relationship; bring
into closer relationship the Govern
ment and its citizens, and develop practi-
:al and enduring patriotism. This growth
Of patriotic sentiment and good citizen
ship constitutes powerful appeal to
craftsmanship to make way for these
benefcent consequences.
1.-THE proposition is an accomplished
fact in nearly every country in Europe, in
the British dependencies of both hemi-
spheres, and even in Hawaii. In Great
Britain 100000 depositors have upward
of $550,OO0,000 in savings accumulated
during thirty-fve years, and in ten years
fewer than 10000 Hawaiian depositors
saved nearly 81 100000. Deposits in Can
ada In twenty years exceeded S22, ,0OO,O ,OOO
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
:,1c hxy~ ~hA, h,,-,, L. T.
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-b bear
ing deposits than the interest-paying
banks do now. The most aggressive op-
ponents are among the private institu-
items engaged In somewhat similar enter
pIfses, though associations of the larger
cities recognize in it a 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-
tics and municipalities, and real estate,
furnish an ilimitable field
The Postmaster General says that near
y every country permits its most popular
,oin as the minimum amount of deposit,
varying from ) cents in India to 81 in
Canadn. Maximum deposits vary from
1885 in France to 81 ,435 in New Zealand.
Deposits over the amount are non-inter-
,st bearing, and in several countries the
surplus Is by law invested in national
ponds. Both deposits and accounts are
Usually small. France made a profit in
1895 Of $4,000 in handling 100000
accounts, aggregating S14S,Gr0,0OO, af-
er paying per cent interest. Great
Britain earned surplus of $S3, GOO, after
,aying 21a per cent interest on $3.50, ,000,- |
400, made up of 6,50O,0O0 accounts. The
Lverage commission paid to postmasters |
S 1 cent per deposit. Any account may |
,e settled and withdrawn from any de- |
'ository in the country. The telegraph |
S coming into use as n means Of with
raWal