Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1897-11-18
POSTAL BANKS BEST.
Mr.. GARY ADVOCATES THEIR
ESTABLISHMENT.
The Annual Report of the Postmaster
General Goes Into the Subject Ex-
haustively and Recommends the
System without Reserve.
Strong Argument Made,

The first annual report Of Postmaster
General james A. Gary to the President
has been made public. Its feature is the
strong advocacy of postal savings deposi-
tories, d scheme over which Postmaster
General Gary has worked for many
months in the formulation of plans to pre-
sent to the President and Congress. He
says the time is ripe for their establish
ment, and that the adoption of a we'll
organized system would confer a great
boon upon a large number of people. and
ultimately be of inestimablc benefit to the
whole country.
The estimates Of the revenue and ex-
penditures for the fiscal year ending June
30, 1890, are: Total postal revenue for
1897, So. 665, 462.7 10: add 5 per cent, ST.
133.273.13: estimated revenue for 1899,
$50, 19S, 1886; add I per cent, $6,O75.-
911.51: total estimated revenue for 1899,
$92,S74 ,647.31: estimated expenditures for
1898, $9S,922, 16O; deficiency for 1899 es-
timated $6,O4S. 1928.
The increase Of the postal deficit for
1897, Mr.. Gary says. is largely a reflec-
ton Of the depressed business conditions
which prevailed all over the United States
during the first three quarters of that
period. There has been no extravaganza
Of expenditure save that obligated by law.
Reiterating the injustice inflicted both
upon the postal revenues and the people
by second-class mail matter carriage reg
ulatiOns, the enactment by Congress Of
some measure to remedy the wrong, sim
ilarly pointed out by past Postmasters
General, is urged. As to this the Post
master General says:
If this were done, there would be an
end to postal deficits, and the service
could be enlarged and popularized by a
broad extension of free delivery. without
infringement upon the general u
Of the Government, and eventually result
in the much-desired reduction of letter
postage to l cent per ounce"
No method of perfecting the organiza-
ton OF the postal service has proved more
effective than the consolidation Of post
Offices. Legislative restrictions on its de-
velopment are to be regretted and a re-
peal OF the five-mile limit consolidation
measure in the 1896 postal appropriation
bill is recommended.
The experimental rural free delivery
has been generously Appreciated; few ex-
p%enditures have conferred greater ben
efits in proportion, and it has unquestion-
ably proved a potent factor in attaining
what should be a chief aim Of government,
the granting Of the best possible facilities
to the farming class.
The report reviews in detail the opera
tons of the various branches Of the de-
partment. The portion on the subject Of
postal savings in brief follows:
MANY millions of dollars is %undoubted-
~ secreted by people who have little or
no confidence in ordinary securities and
monetary institutions organized by pr.
vate citizens. 1t is dead capital, but il
its owners could be inspired with abso-
lutte confidence in the security Of an in
vestment it is altogether probable that
the bulk Of this fund would find it's way
into the channels Of trade and commerce.
If the Government undertook this task
the service would undoubtedly be gladly
accepted by the people. Their faith in
the Government is unbounded. Their
little savings, which separately could
hardly be put out at interest, would
amount. in the aggregate, to a sum that
could be invested to their advantage. 1t
would tend to cultivate thrift in a large
class, realizing the advantage of depos-
iting with the Government instead of
wastefully and uselessly %expending; il
would tend to better relationships; bring
into closer relationship the Govern
men and its citizens, and develop practi-
cal and enduring patriotism. This growth
of patriotic sentiment and good citizen
ship constitutes a powerful appeal to
craftsmanship to make a way for these
benefcent consequences.
THE proposition is an accomplished
fact in nearly every country in Europe, in
the British dependencies of both hemi-
spheres. and even in Hawaii. In Great
Britain 100000 depositors nave upward
Of $55O,OOO,OOO i'm savings accumulated
during thirty-fve years, and in ten years
fewer than 10000 Hawaiian depositors
saved nearly 81, 600, 600. Deposits in Can.
d in twenty years exceeded 500, OOO, 900,
These vast accumulations have been made
with the least possible loss to the Gov.
ernments, which guarantee their repay-
ment, and with a minimum OF cost to the
millions OF depositors. More than a thou
sand postal savings accounts in European
offices are held by minors and over two
thirds by the most humble callings. It Is
essentially the bank OF this class. Postal
savings would not conflict with those saw.
ings banks, but would encourage savings
rather thar a~ccumulations. The CONVEX.
sion Of money order Offices into savings
repositories would soon afford indefinitely
more facility for receiving nterest-bear
ing deposits than the interest-payins
banks do now The most aggressive op.
ponents are among the private institu.
tons engaged In somewhat similar enter
prises, though associations Of the larger
cities recognize in it a valuable feeder ia
the financial currents Of the country.
Security, and not the rate of interest,
is the primary and essential condition OF
such a system, and bonds Of States, coun-
ties and municipalities, and real estate,
furnish an illimitable field"