Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1897-11-18
POSTAL SAVINGS.
The Feature OF Gen
crM qary's Report
vim- Ripe for I,s E.t.sti.h meet us- the
system werhs la other Cssasrt~s--
The n.nks os the People >asar-
ban free Delivery tsm@saaed.


made public last night Its feature IL
the strong advocacy of postal savings
deposltories. ~ scheme over which
fOstmastcr-GeDeral Gary has worked
for several months la the formulali ION
OF plans to present 10 the president aud
congress- lie says the time 10 ripe for
the establishment aud that the adop.
uon OF well-organixed system
would confer great boon upon
. large number Of people aud al.
timately be OF inestimable benefit t.
the whole country. The estimates Of
the revenues and expenditures for the
fiscal year ending June 50. Issg, are.
Total postal revenue tor is95. S.. e5e.
t"AsS. aid pcr cent. So aiJs.2TGI IL
Estimated revenue for is9s ssi. T9s.
ss5. -. add : per cent, sd.o53 gIt 81.
total estimated revenue for 1879. So. e
ssAeta35. Estimated expenditures
for isss. s9s.g44. sso %: deficiency for
1879. estimated. sss.0ss tIa6S.
Following Is an abstract Of the re-
port:
The Increase % the postal deticit for
1877 Is largely reflection Of the de.
pressed business conditions which pre-
vailed all over the United States the
hrs, three-quarters Of that psrio-l.
There has been no extravagane- y.
expenditures. save tha, obligated by
law. Reiterating the niuatios ia.
a'eted both aPon the postal revenue,
and tho people by s~eoad-eiaSs mail
matter carriage regulations. the en-.
acsmsEt oy congress ~ >oabe measure
to remedy the wroag. similarly pointed
out BY past Postnaster generals. 1,
urged. A 10 this The poStunastsr sea-
erai says:
IF this were done there wouIl b-
an end to postal d~hcit~ and the
service eould be enlarged aud popular
lied By . broad extension Of frs= 10
livery without Infringement uPsa the
general resources VI tho governns~n.
and eventually y result In the nac,a de
sired reduction OF letter postage toOas
cent per ouac-.-
No method Of perfect organization
OF the postal service has proved more
effective than the consolidation ol
post Offices Legislative restrietions on
its Development are To be rryrrtte,l 4
and a repeal of the Ave mile limit eoa-
solidation measure ia the t>ars p..tal
appropriation bill Is recommended
The experimental rural free deliv
cry has been generously appreciated
few expenditures have conferred
greater benefits in proportion. and il
has unquestionably proved potsal
factor la attaining " hat should 10 q
chief aim of government-the granting
Of the best possible postal facilities u
the farming class
The report reviews in detail the op-
eratsons of the various branches of the
department The portion On the sub-
ieet OF postal savings in brief follows.
Many millions OF dollars arc un.
doubtediy secreted by people " ho have
little or no confidence in ordinary &c.
curities aud monetary institutions or.
sanixed by private citizens II is dead
capital, But IL its owners couIi be in.
spired with absolute confidence in ths
security of an investment, it is alto
gether probable that the bulk of this
fund would find its way iuto the chan.
nels Of trade and commerce. IL 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 sepa.
rately could hardly be put out
at interest would amount. in the
aggregate, to sum that could be in.
vested to their advantage. Ii would
tend TO cultivate thrift in n large class
realizing the advantage OF depositing Z
with the govern ment. instead of waste.
fully and uselessly expending. it would
tend to better citizeuship; bring into
closer relationship the government
and its citizens. and develope prac-
teal and enduring patriotism This
growth Of patriotic sentiment and
good citizenship constitute q powerful
appeal to statesmanship to make q
way for these beneficent consequences.
The proposition is an accomplished
fact in nearly every country in Europe,
in the British dependencies of both
hemispheres. aud even in Hawaii.
In Great britain seven million de-
positors have upward of ss5o, 000, 600 in
savings accumulated during 35 years,
and in 10 years fewer than 10000 ua-
waiian depositors saved nearly 81. .000..
600. Deposits in Canada in ~ years
exceeded 81, ,0o0, 900. These vast 90
cumulations have been made with the
least possible loss to the governments L
which guarantee their repayment and
with q minimum Of cost 10 the mill
ions OF depositora More than
thousand postal savings nc.
counts in European offices are
thirds by the most humble callIugs.
IL is essentially the bank of this class
Postal savings would not conflict with
other saving banks, but would encour-
age savings rather than accumulations.
The conversion Of money order Offices
into savings repositories would soon
afford indefinitely more facility for re-
csiving interest-bearing deposits than
the interest-paying banks do now.
The most aggressive opponents are
among the private institutions engaged
in somewhat similar enterprises,
though associations of the larger cities
recognize in il valuable feeder To the
financial currents of the country.
Security. and not the rate Of inter
est, is the primary and essential con-
dition of such u system; and bonds OF
states, counties and municipalities and
veal estate furnish an illimitable field.
Comparing other countries, the post
master general says nearly every coun-
try permits its most popular coin as
the minimum amount of deposit, vary
ing from i've cents in India to one cent
in Canada
Maximum indivunl deposits vary
from sss5 in France to 81. 4ss in New
Zealand Deposits over these amounts
are non-interest bearing, and in Sc everal
countries the surplus is by law in
vested in national bonds Both de-
posits and accounts are usually small.
France made profit in 1895 of $3.50, 900
in handling a.5oo. 900 accounts. aggre-
eating sI4s, 0oo, 900, after paying three
per cent interest. Great Britain
earned . surplus of SIS. 900 after paying
nant In axCa aaxs afn