, 1897-11-15
THE POSTAL BANK.
POSTMASTER GENERAL GARY FA-
VORS THE ADOPTION OF
THE PLAN.
1t Would Bring Forth Into Circulation
Many Millions of Dollars Now Sc
GREETED by the PeOple-Security, not
the Rate of Interest. the Primary
Essential of the Plan.

Washington, Nov. 1.-THE first an
nual report of Postmaster General
James A Gary to the president was
made public tonight. Its feature is the
strong advocacy of postal savings de-
positories as a scheme over which
Postmaster General Gary has worked
for several months i'll the formation
of a plan to present to the president
and congress. He says the time is ripe
for the establishment and that the ad-
dition of a we'll organized system
would confer a great boon upon a large
number of people, and ultimately be OF
inestimable benefit to the whole coun.
try.
The estimates Of revenues and eX-
penditures for the fiscal year ending
June 30. 1899. are:
Total postal revenue for 1897. 49,.
665 ,462.73; add ) per cent. s4,133, 273.13.
Estimated revenue for 1898, $50. 79S.-
1886: add I per cent. s6,O75,9ll.51.
Total estimates of revenue for 1899,
800. S74 ,647.37; estimated expenditures
for 1898, $685. 1929, 100: deficiency for
1899, estimated, 81, O4S112,63. Follow
ing is an abstract of the report:
The increase of the postal deficit for
1897 is largely a reflection of the de
pressed business conditions which pre-.
vailed all over the United States the
first three-Quarters of that period.
There have been no extravaganza OF
expenditures, save that obligated by
law. Reiterating the injustice inflicted
both upon the postal revenues and the
people by second class mail matter car.
riage 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 general says:
"If this were done there would he 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 genera re.
sources of the government, and even.
tually result in the much desired reduc-
ton 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
postofices. Legislative restrictions on
its DEVELOPMENT are to be regretted
and a repeal of the fve-mile limit con-
solidation measure in the 1896 postal
appropriation bill is recommended.
"The experimental rural free delivery
has been generously appreciated: few
expenditures have conferred greater
benefits in proportion, and it has I'M
q~uestionably 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
class
The report reviews in detail the OBJ
erations of the various branches of the
department. The portion on the sub
ject of postal savings. in brief follows.
Many millions of dollars is undoubt-
edly secretcd by people who have 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 proba-
bic that the bulk of this fund would
find its way into the channels of trade
and commerce. If the government IN.
dertook this task the service would IN.
doubtedly be gladly accepted by the
people, Their faith in the government
is unbounded. Their LITTLE sayines
which separately could hardly he nut
at interest, would amount in the ae.1
greeate to a sum that could be invested
to their