Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-11-15
+GARY'S ENDORSEMENT
Given the Proposal for the Estab.
Iishmsnt Of Postal Savings
Banks in This Country
Zone BENEFITS OF THE SYSTEM,

VIM Few otaaistical Fscts Drawn from
Tie Experience Of Countries Which Have
Tried ths Scheme - Declared To Bs
Neither Costly Nor Risky-Preiits SHOWN
By France and Great Britain Mission Of
Premier Laurier and His Colleagues.
Washington. Nov. 15.-Postmaster
General Gary's annual report is made
public. The most interesting part is that
relating to postal savings banks which
Ii as follows. summarized: Many mill
Ions Of dollars are undoubtedly secreted
BY people who have little or no conf
dence in ordinary securities and none
tary institutions organized by private
citizens. 1t is dead capital, but IL its
owners could be inspired with absolute
confidence In the security Of an invest.
nent it Is altogether probable that the
bulk OF this fund would find its way in
to the channels 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 lit
tie 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.
What the System Would Accomplish.
1t would tend 10 cultivate thrift in q
large class, realizing the advantage Of
depositing with the government instead
Of wastefully and uselessly expending:
1t would tend to better citizenship,
bringing into closer relationship the gov
eminent and its citizens and developing
practical and enduring patriotism. This
growth OF patriotic sentiment and good
citizenship constitute powerful appeal
to craftsmanship to make way for
these beneficent consequences. The
proposition is an accomplished fact in
nearly every country in Europe. in the
British dependencies Of both hemis-
phereS and even In Hawaii. In Great
Britain 100000 depositors have upward
OF $s5e.co0,0o0 in savings accumulated
during thirty-five years. and in ten years
fewer than 10000 Hawaiian depositcrs
saved nearly 1.0O0.CG0. Deposits in Cam
ada In twenty years exceeded 81, O00, 000
Little Loss and Small Cost.
There vast Accommodations have been
made with the least possible loss to the
governments which guarantee their re-
payment. and with q minimum Of cost
to the millions of depositors More than
LOCO postal savings accounts in Euro
pean offices are held by miners and over
two-thirds by the most humble callings
II Is essentially the bank Of this class
Postal savings would not conflict with
other savings banks, but would encour-
age savings rather than accumulations.
The conversion Of money order offices in
to savings Repositories would soon afford
Infinitely more facility for receiving in
|torest-bearing deposits than the inter-
est-payins banks DO now.
Security Tire Primary Object OF the System.
Security. and not the rate Of interest,
Il the primary ard essential condition Of
such a system: and bonds Of states,
counties, and municipalities and real es-
tate furnish an illimitable field. The
postmaster general says that
nearly every country permits its
most popular coin as the minimum
amount Of deposit, varying from
cents In India to 81 In Canada. Maxi.
mum deposits vary from $2s5 in France
to Sass in New Zealand. France made
a profit in 1898 Of $4,000 in handling
25oo. 900 accounts aggregating $4,000. :.
900. after paying 3 per cent. interest.
Great Britain earned a surplus Of $4,000
after paying 2h per cent. interest on
$3.50. 100000. made up Of 6,50o.00o &C.
counts.