The midland journal. (Rising Sun, Md.) 1885-1947, 1897-11-12
Postal Savings Banks.

The FarW Journal, Philadelphia, is
engaged whooping up postal savings
banks with great energy. Letters were
sent out through all parts of the country
soliciting replies from all classes of people
and the Journal is publishing replies re-
ceived. Many of them are from persons
of note, not few from members of Con-
gress. All the replies published are fav-
orable to the establishment of postal saw
ings banks. The Congressman are anx-
ious to lend their aid in passing such all
act, think it would be good thing, but
haven't looked carefully into the subject
in short know little or nothing about it.
A member of Congress who doesn't
understand the object and nature ofpostal
savings banks ought to be sent to school
in place of to Congress.
We don't believe the Farm Journal
has looked closely into the postal savings
bank question or it wouldn't be so enthu-
siastic in the cause. Postal savings banks
rest on debt, and any government institu-
ton resting OIL debt occupies a more pre-
carious condition than house built upon
sand Debt is a foundation of decay and
| if the foundation is not constantly re-
newed, the structure must fall. How is
| this foundation of debt renewed on which
the proposed new government structure
is to be built? Simply by interest All
| I,,fa 4 fec,
of labor. iii place of devisiug means to
abolish debt and bondage, we find advo-
Gates Of reform champion a principle
which POUNDS its existence on debt
This postal savings scheme assumes to
be i'll the interest of the poor man, as
every scheme to perpetuate wrong
assums to be in the cause of justice and
right and on that ground invariably asks
assistance from the party it proposes to
outrage. Postal savings bank has a
catchy sound like "honest dollar"
''sound dollar" "a dollar that will pur-
chase the most for the poor man." All
of these financial robbers plead in moving
tones for the poor man while robbing him.
The postal savings bank is to provide a
safe depository for the savings Of the day
laborers mainly. What the laborer stands
most in need of is a condition which
will allow him an opportunity to save the
days and weeks of his time now going to
waste, and not government repositories
to save that which he has not got on
account Of the scarcity of money and the
vast sums of interest which he, as a men,
Der of the producing class has to assist in
paving. There is no fear of his becoming
a spendthrift while he has nothing to
spend. His greatest need is law that
will allow him to make before being pro-
vided with law to enable him to save
that which he has not.
The advocates of postal savings banks
never tire of pointing to the old world
nations, which all have provided for their
poor people systems of postal savings
banks.
All of those old monarchical nations
have the luxury of perpetual public
debt, which is eating the heart out of the
laboring class. In order to pacify that
class which is showing unmistakable signs
of unrest, the schenlers make them part
ners in the benefits of the mountain of
debt that is crushing them to earth, by es-
tablishing for them system of post office
banks which pays back to the most
self denying of that class pttance of the
sums taken from them by interest and
taxes. They place hammer in their
hands for the purpose of amusing them
while they help rivet tighter the chain of
debt that binds them.
If these postal bank advocates would
help labor all along the line let them ad-
vocate complete system of government
banks. In them the poor mans mite
will be safe, along with the rich mans
millions, and millions OH millions of
interest now paid to the banks by the
hard hand and racked brain of toll would
be saved, and the moth of interest which
has riddled the pocket of industry till it
Will hold nothing, bauished from the
fields of thrift and enterprise. The postal
savings bank is a scheme to perpetuate a
public debt and strengthen the hold that
interest has OH the masses and the build
ing up ofthe classes.
The postal savings bank is but small
brake to help clog the wheels of true
financial reform, and reformers should
look out for such ambushes of the enemy
before running headlong into them.