Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1897-10-20
POSTAL SAVINGS n
A Possibility That Congress VIII Make Pro-
visions for Their Establishment.
tChicago Record.1

[Chicago Record.]
The New England states and New
York are fairly well supplied with
savings banks. Moreover, the banks
in those states are much safer than
the great majority Of the savings in
situations that are to be found in
other parts OF the country. The
savings banks OF the New England
states and New York are managed
by trustees who derive no profit from
their operation. In other sections
the savings institution are almost
entirely stock banks, operated for
the profit of the stockholders and
only to often to the los of the de
positors. In the seven eastern states
referred to none but the mutual
are allowed by law to do a savings
business. II the people were to be
limited to private savings institu-
tions as places OF deposit, clearly
every state ought to follow the ex-
ample of New York and New England
and provide for mutual banks.
In the savings banks Of the United
States as reported to thecomptroner
of the currency, there were last year
5,O65, 494 depositors, with deposits to
their credit amounting $l,9O7 1921.
Further, according to the comptrol-
Ter of h currency, ''nearly 80 per
cent of both number of depositOrs
and amount of deposits is represented
by banks in the New England states
and New York" These eve states
have a population of approximately
IL, 200, 900, or one-sixth of that of the
entire country, yet the savings banks
OF those states hold four-fifths of the
savings deposits of h country.
Two-thirds of the saving banks of
the United States are located in these
seven states. Before the entire
country can be as well supplied with
savings-bank facilities several thous-
and new institutions must De estab-
lished.
The government has it in its power
to supply this need at once by estab-
fishing the postal savings bank sys-
TEN and making use of pOstOffices as
places of deposit. Until the govern
ment does this the people will be
without adequate savings facilities.
Private enterprise will not meet with
the want for places of deposit for
small savings. Moreover, in the
parts of the country now especially
lacking savings facilities, the ten
dency is to establish stock savings
banks, If any at all, rather than the
more approved form OF mutual saw
ings, banks, which are in use in the
extreme eastern states. Even in
New England the postal savings
banks would be a decided benefit, in
furnishing the better accommoda-
tions to the dwellers in rural dis
tricts. They would also be a great
convenience to the workers who
about from place to place.
But in other parts OF the country
they are a necessity. Curiously
enough, however, those connected
with the mutual savings banks OF
the east, where the demad for addi-
tional saving facilities is mot SO great,
oler iess opJecliohs " poStdisdSiHSS
banks than those connected with the
few savings banks that are to be
found in the west and south. The
reason, of course, is that the latter
n IKE a profit from handling the say
ingsr of the poor, while h former do
not.
Mr.. Wanamaker, when he was
acknowledgement, had information
gathered showing the average dis
lance of savings banks from post
offices, which are supposed to be
located centrally and convenient to
the people. Following are the
figures:
New England States.................1O