The Caucasian., 1897-08-05
POSTAL SAVINGS BANKS.

frequented by the studeots.
POSTAL SAVINGS BANKS.
Hon. Robert p. Porter Comments ON
senator ButIer's Hill and Approves Of
The Same.
The famous New York correspond
ept, Hon. Robert i. Porter, who writes
daily letters is a member Of the lead-
ing great daily newspapers, comments
at length in his letter Of July 9th on
Senator Buffers Postal Savings Bank
bill. We clip the following from Mr..
Porters New York letter in the Pbila-
deIphia Inquirer of July 2sth.
NEW YORK, July Ex-senator Ma
rion Butler has introduced . bill for
the establishment Of postal favings
banks, which will, hope, meet with =
better fate than that introduced in the
House nearly twenty years ago by Mr..
Wedcell. In brief, Senator Buffers
bill provides that an account may be
opened by any person, including mar
ried women and minors, by the de-
post of an amount OF not less than
fifty cents, although after the account
IS opened as small an amount as ten
cents may be deposited and credited
in the pass book. In order that small
Ter amounts may be saved to be de-
posted a postal savings card may be
purchased for one cent (the cost of
the card to be credited on the deposit
tors accOunt), on which may be at
tached stamps to the ammOunt Of ten
cents or multiple tn. reOf for deposit.
On every deposit amounting to five
dollars or multiple thereof interest at
the rate of two and 0ne-half per cent
per annum from the first OF the calen-
dar month following deposit will be
allowed, check for the same TO be
drawn by the Postmaster-Gener on
demand Of the depOsitOr payable al
any postal savings bank office. Inter
est, however, will not be allowed on
the deposits Of any one person which
may exceed Ave hundred dollars in
one year, nor will interest be allowed
on accounts when they exceed the sum
of one thousand dollars. After de-
pOsitOr has had ten dollars or more tC
his credit for three months he Imay, il
he 80 desires, make application to the
Postmaster General that United States
bonds, of the denomination of ten
fifty or one hundred dollars accord.
ing to the amount to his credit be is.
sued to him in lieu of his deposit, such
bonds to bear interest at the rate O1
two and fOur-tenths per cent per an.
nun and to be known as United States
Postal Savings Bonds.
The success which has attended the
establishment of this popular system
Of saving both in England and on the
Continent, has been so remarkable that
the wonder is that it has not cOmmen.
ded itself to the people of the United
States. Although Great Britain was
the first to establish savings banks il
took forty-four years of agitation be
fore any legislation was enacted e and
then 1t was only, as l showed in a pre-.
viOus letter on this subject, through
the exertiOns of Mr.. Gladstone, then
Chancellor of the Exchequer, that q
bill was passed In May, 1861, On the
10th day of September, 1861, the post.
office savings banks were opened tC
depOsitOrs, and on that day 435 deposits
were received. At the end Of the fol.
lowing year 1885 offices were open
and nearly SIC, 0,Q00, 900 had accumulated
while ten years later, so manifest was
the hold upon popular regard, the
number of depOsitOrs had increased tC
nearly one and q half millions, and
the amount of deposits, including in
terest, reached something more thar
sos 100000. The end of the year, 1886
which is the latest period l have fig
ures covering, found the number O
depOsitors increased to 3,731 ,421, ant
the amount to their credit standing al
$3.50, 100000 in round figures. At thi
time nearly every money order post.
office in the Kingdom had a saving
bank attachment, the offices number.
ing 1851. If reckoned from the mum
Der of accounts open at the end of th'
year, one person in every ten of tn
population had availed himself of tn,
privileges of these banks, or, if reck
Oned from the number of deposits abou
one person in every five. 1t is espec
tally interesting to note that grea
prepOnderance of the depOsitOrs wer
of the poorer classes, indicating tina
the benefits of the system were beins
enjoyed by those for whom it was in
tended, dnd that the object of the pro
mOters o. the scheme had been full,
realized. 1t is worthy of note that in
cluding the extraordinary expense O
putting the system into operation tn
average percentage of cost of maDag
ment from 1861 to 1886 to the tOta
funds in possession of the postoffic
savings banks is something less thai
five-eighths of per cent. Great Brit
ain has long since extended this sys
tenn of banks to her colonies, an,
postal savings banks are an estab
lished institution in Canada an,
Australia. We also find that France
Germany, Austria, Italy, Belgium
| Holland and Japan all have in success
full operation this system of saving
banks.
In France the postoffices act a
branches of the Caisse National d'Epar
gne, which was organized and recelv
| ed its charter from the State in 1885,
In the first eight years from the dat
Of its establishment the Caisse Ma
siOnal d'Epargne shows by its account
the record of 14,l69,756 transactions
resulting in the passing through it
hands of $4l6, ,45S, ,13S.47. In 1882 Their
were 6024 postOffices authorized to re
ceive and disburse the banks moneys
in 1888, 6l93: in 1884, 647S; in 1SS;
| 1920: in 1886, 6449; in 1877, 67l2: u
| 1888, 6765; in 1889, 6792; and in 1890
6Sl7. On December 81, 1890, there wer,
495, 1862 individual deposits, amount
ing to 81 and under, 32O,24O of sum
between 81 and $40; 156,345 of $40 t.
$40; 216,62O from $40 to 500; 1865
from 500 to 5000; 127,s42 from $500 I,
$500, and Al 1854 frem $4OO upward. 1
is evident from this that out of 1894.
6SS depOsitors whose names are on th
books, over half are credited wltl
amounts under sac, and in this the in
stitution achieves it's purpose, namely
that OF serving the working classes
wh0'ar unable to place their none,
in the more pretentiOus concerns.
| In Austria-Hungary at the end O
1892, the first decade of postal saving
banks in that country, the number O
=