The Louisiana populist., 1897-04-23
POSTAL BANKS.
Their Success and How They Are Operated
in Other Countries,

Their Success and How They Are Operated
in Other Countries.
The crush Of national banks in the
past few years has made many con-
verts to the postal savings banks
scheme, and many who heretofore
were actually in love with the national
banking system have learned by dear
experience that such institutions are
not safe repositories for the hard
earned dollars of the people. It has
taken some people half century to
see what Andrew Jackson saw when
the national banking system was a
young thing. and some have not seen
IL YET. The most impressive way to
make them see it is by having dear
experience with some national banker
VINO takes a notion to go under; fools
Will never learn except in the school
of experience.
Like all other reforms, though, the
postal savings banks would naturally
pe opposed by capital; it is scheme to
cut OH one of its thieving fingers, and
IL can be depended upon that il the
money power can prevent it postal saw
lngs banks will never become an at
tacnment to the postofice service.
Should such a law be passed the su-
preme court would no doubt be pre-
vailed upon to declare 1t unconstitu-
tional. The supreme court Of late is
becoming peculiarly fitted for that par
tlcular function, and seems to have no
hesltancy in exercising it whenever
prevailed upon by the money gods of
Wall street.
Nothing is more feasible than this
plan OF protecting the deposits of the
people and cannot be righteously op-
posed by anyone save those who ex-
pect to profit by the continuation OF
the stealing and plundering system Of
national banks. The consummation of
this scheme would add very little extra
expense to the postoffice department,
while its benefits to the people would
pe almost lncalculable.
The scheme is not new or unheard-
CT idea. but has been tested and found
to work to nicely. In 1867 the Do
minion of Canada passed an act Great
ing postoffice banks, limiting its opera
ton to the provinces of Quebec and
Ontario, but in 1885 1t was extended to
New Brunswick and Nova Scotia. The
number OF these banks reached 494 in
1890, and on June OF that year they
reported 1l2,S21 depositors, with total
deposits amounting to $21, 900 ,653. This
was an increase Of $l9,000,OOO in the
ten years preceding. The rate OF in
terest paid was 31a per cent. The plan
was found to work so we'll that fur
ther extensions were made, including
the maritime provinces, Manitoba and
British Columbia, with forty-one
branches that are being rapidly merged
into full-aedged savings banks of the
postal character.
You never hear of depositors in these
banks losing their money. It is the
only safeguard that the American peo-
pie can throw around themselves for
the protection Of what little wealth thew
happen to have saved. With Uncle
Sam handling the money of the coun.
try, panics would soon become an un-
known evil, and hundreds of shylocks
who only go into the banking business
to bust and skin unwary depositors
would then have to look for greener
fields in which to ply his trade--a trade
it has come to be. and some are very
skilled at their trade, always succeed.
ing in making way with the swap and
escaping the clutches of the law.-st
Louis Journal.