The Providence news. (Providence [R.I.]) 1891-1906, 1897-12-04
POSTAL WINGS BANKS.

forth much discussion and a good deal OF
adverse comment, the latter especially
here In the East, where, with our excel
lent savings institutions, the necessity OF
governments banks Is not clear.
IL seems very likely, however, that
some good will come out Of this discus
sion, and a brief consideration of some
ways in which the proposed measure may
be of service, and at the same time much
serious opposition TO il overcome. may
proye interesting. The two things which
would tend to remove much of the OBJ
lection to the measure are tho limiting
of the total amount of deposits 10y any one
depositor co. say, $500 and the payment on
such deposits of "a low rate of interest, So
cuIity rather than large profit being the
chief end sought.
1t is claimed OH behalf OF the PROPOSE
ton that there is necessarily among the
friends of the postal banks no desire to
interfere with the present business of saw
ings banks that are now 80 useful and so
generally well conducted. The main
source of their income, the loaning CT
money on mortgages is very important
one and any interference would cause
trouble, to many parties owning homes.
To interfere with the business of such in
stitutions would at once deprive the pro-
posed new system of certain support that
many think now should be given to 1t,
The new institution would be for small
depositors, for workmen and workwomen
20 place the small sum they might be able
to save from the wages received by them
on pay day. If there is ever time when
the saying is true, what were well done,
every one will grant that time is
when the matter under consideration
is saving money. A largo number OF
persons far larger probably than some
people have any idea of, object to going
into the savings institutions that have
large plato glass windows and elegant ap-
pointments to deposit mite of money.
Then again the going to bank causes
comment which makes the depositor ner-
vous and many workmen hesitate to
arouse the JEALOUSY or disagreeableness
their banking" might cause. The OBJ
| jeotions 10 going into the banks referred
| to and the fear of comment may be very
unreasonable but they do exist and must
| be taken into account None Of these Oh.
| lection would hold in making n deposit
livery natural thing, and no one remarks
| it, Many people, too, say that good
example, II easy TO follow, soon reaps a
rich harvest, and many young men would
follow the pioneer depositors until the
custom of small saving would become very
general.
Then the bank, which is now often quite
| q distance for young man to go to after
pay day. would be brought nearer to him.
in many places outside the larger cities,
especially. for in all centres Of population
the postoffice is convenient The young
| man finding the place whore money could
BIZ securely placed and draw interest as
easy OF access as the place where IL could
be spent, and probably little equivalent
received, would in many instances choose
established and a sizable sum laid up,
the inducement OF higher rate of in
terest or perhaps the desire To build a
home would lead the depositor 60 take mis-
money to tho regular savings bank. to In
vest it in land on which to build or In
some other legitimate field of investment.
1t is not essential here to discuss whether
there is reason for the dissatisfaction of SO
many with the existing order of things,
and 1t would bs equally profltless TO show
OF what little value many OF the panaceas
proposed for the improvement of the condi-
tion of the people, would be were the ma
tion foolish enough to try them. The
less fortunate in tho matter OF brains or
money need not so much charity as wise
directions and there may be- no surer way
OF removing dissatisfaction and the spread
ing of dangerous doctrines than by giving
to every one whose resources are now
wasted, an easy way by which the money
earned above necessary living expenses
may be invested and by making them
Stockholders in the community learn
~. IL