Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-18
DatIp kenneDec Journal.
Local Matters.
Txo STRONG LETTERS.
Ia 0prosition 10 the Proposition for Postal
Savings Banks.

Bank Examiner Undertake is receiving,
many letters in reply to his letter relative
to the postal savings bank plan and he
says these are almost universally opposed
to the proposition giving many reasons
why the writer's think such a law shouls
not receive a passage. Among them are
the following two which the Journal is
given permission to publish:
Waterville, Dec. 2, 1897.
Hon F. e. 'Timberlake Augusta. Me.
Dear Sir: Yours received. calling my
attention to the proposed postal savings
bank law. have also read with some in
terest the prospectus of this system as
published Dy the Chicago Record setting
forth its advantages etc.
The most prominent thing that 7 no-
ticed in the Records advocacy of the
United States Postal Bank is the state
ment of the fact that "In the United
States SO per cent of the savings hanks
and savings deposits are in the New Enc
land States and New York" and the
most astonishing part of their argument
Is their claim that .'It is impossible for
private enterprise to furnish saving facil-
tiles suff1cient to meet the need of the
people, connected with the assertion
that 1.-The people of the West and South
would be just as saving as those of the
East We're they given the opportunity
ana cTlCOuTdScment. What l ShnnlI
recommend would be that we organize ;,
sort of legal missionary society and send
to the South copies of some of our saw
ings bank acts. together with bylaws
and rules and regulations. with instruc-
tons as to how to run the same. If all
they want is savings institutions
should recommend that the Chicago
Record as an apostle of economy inter-
view the legislators OF the Southern
states and show them how to institute
savings institutions.
But all this is too ridiculous to deceive
the American people. The fact is. the
South and West are not provident and
never have been. and their greatest am
bition is to get the Accommodations of the
East with which to build up their towns
cities and counties; and this postal saw
ings bank scheme is simply another turn
at the crank" to rob the East of it's accu-
mulated capital. and the result can but
be disastrous to the East and of but little
advantage to the West. When the West
learns to save money (Which is never
done in Il new country. and never until
hard times are felt. then will savings in
situations be provided for in the nature
of things. Men are never slow to pro-
vide means to meet a condition.
Personally / am very much opposed to
the government going any farther into the
banking business. | hope to live to see
the day when it will pay off and discon-
tinue the use of the greenback dollar
doing any business that belongs TO pri-
vate enterprise. ! am not ambitious to
see the government becoming paternal
and its citizens a vast hoard of office
holders and office employees; and the
last private enterprise which should be
turned over to the government, in my
judgment. is that of banking.
| hope YOU will do what you can to in
fuence our members of Congress to exert
their influence against this scheme. The
State of Maine is yet a new State
Astounding in new and undeveloped re-
sources. which will need all our accumu-
lated capital to develop. In fact. the bus
mess enterprises of our State are today.
very large borrowers from the capital of
Massachusetts. | have always opposed
Western investments for our people. and
| shall continue to do So even though the
scheme is couched in the feasibility of
government supervision of such invest
mcnts. Yours very truly,
WILLIAM T. HAINES.