The herald., 1897-11-15
PEOPLES
SAVINGS
Should Be Put Into Postal
Dep0sitories
MILLIONS OF DEAD CAPITAL
TURNED BACK TO CHANNELS
OF TRADE
MILLIONS OF DEAD CAPITAL
Opportunity for Small Savings Guilt
Yates Thrift and Develops Prac-
tical, Enduring Patriotism
Associated Press Special Wire.

ASSOCIATED Press Special Wire.
WASHINGTON. Nov. 14.-The first
annual report Of Postmaster General
James A. Gary to the president was
made public tonight. Its feature is the
strong advocacy Of postal savings de-
posltores as scheme over which Post
master-General Gary has worked for
several months in the formulation Of
plans to present to the president and
congress. He says the time is ripe for
their establishment and that the addi-
ton Of a well-organized system would
confer q great boon upon a large num-
Der Of people and ultimately be of in
estimable benefit to the whole country.
The estimates Of revenues and expen-
ditures for the fiscal year ending June,
1899. are: Total postal revenues for
1897, $S2. .C65 462.73; add five per cent, s4.-
13327S.13. Estimated xevenue for 1893,
$50, 7ss. 1856; add seven per cent. &c.
075, ,911.50. Total estimated revenue for
1899, $92, ,S74. .647.37; the estimated expen-
diturcs for 1899, sos, 1922, 700; deficiency for
1899, estimated, $6.04S. 1898.
Following is an abstract of the report:
| HC Ahti CuSC VI tuC POotdl OSliNit AL loot
is largely reflection of the depressed
conditions which prevailed all over the
United States the first three quarters
of that period. There has been no ex-
travagance of expenditures, save that
obligated by law. Reiterating the injus-
tice inflicted both upon the postal rev.
enues and the people by second-class
mail matter carriage regulations. the
enactment by congress of some measure
to remedy the wrong, similarly pointed
out by past postmasters general. is
urged.
| AS to this the postmaster-generals 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 with
out infringement upon the general re-
sources of the government and eventu-
ally result in the much desired reduc-
tion of letter postage to one cent per
ounce.
mo method of perfect organization
of the postal service has proved more
effective than the consolidation of post
Offices. Legislative restrictions on its
development are to be regretted and a
report of the five-mile limit consolida-
tion measure in the 1896 postal appro-
priation bill is recommended
"The experimental rural free deliv-
| cry has been generously appreciated;
few expenditures have conferred great
er benefits in proportion and it has un-
questionably proved a potent factor in
attaining what should be a chief aim
of government, the granting of the best
possible postal facilities to the farming
Glass;
The report reviews in detail the ope-
rations of the various branches of the
department. The portion on the SUBJ
ject CT postal savings, in brief. follows:
MANY millions of dollars are undoubt-
| edly secreted by people who have little
or no confidence in ordinary securities
and monetary institutions organized by
private citizens. 1t Is dead capital. but
if its owners could be inspired with
absolute confidence in the security of
an investment it is altogether prob
able that the bulk of this fund would
| find it's way into the channels of trade
| and commerce. If the government un-
dertook 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 in
vested to their advantage.
1T would tend to cultivate thrift in a
large class realizing the advantage of
depositing with the government instead
of wastefully and uselessly cxpending
| it. and would tend to better relation
ship, bringing into closer relationship
| the government and its citizens, and de-
| veloping practical and enduring patriot
ism. This growth of patriotic sentiment
and good citizenship constitute a pow
erful appeal to craftsmanship to make
way for these beneficent consequences.
The proposition Is an accomplished fact
in nearly every country in Europe in
British dependencies of both hemi-
spheres, and even In Hawaii. In Great
Britain 100000 depositors have upward
of s550,00O.00O in savings accumulated
during S5 years, and in 10 years fewer
than 10000 Hawaiian depositors saved
nearly s1.000.000. Deposits in Canada in
20 years exceeded s22, 100000. Those vast
accumulations have been made with the
least possible loss to the governments
| which guarantee their repayment and
depositors. More than a thousand pos
tai savings accounts In European offices
are held by minors. and over two-thirds
by the most humble callings. 1t is cs-
sentially the hank of this class. Postal
savings would not conflict with those
savings banks, but would encourage
savings rather than Accommodations. The
conversion of money order offices into
savings repositories would soon afford
Infinitely more facility for receiving in
terest bearing deposits than the interest
paying banks do now. The most aggres-
sive opponents are among the private
institutions engaged in somewhat SINH
lar enterprises. though associations of
larger cities recognize in 1t valuable
feeder to the financial currents OF the
country. Security and not the rate of
interest Is the primary and essential
condition Of such q system, and bonds
Of states. counties and municipalities
| and real estate furnish an illimitable
| field."
Comparing other countries. ths post-
master general esys nearly eveFy coun-
4 wv permits ~ yneet opular ocln - ~
L II