The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1898-01-05

all sides of the question and will doubt
less make strong presentation of his
case when called upon by Congress TO
support the plan by facts and figures.
As an example near at home, he will
probably show the excellent workings
of the system in Canada, where, with
her five millions Of people, there were
on deposit in postal savings banks a
year ago over twenty-six million dol
lars in small accounts.
Gen. Gary says that the United
States is behind other countries in this
respect, most civilized countries haY-
ing postal savings systems. thus Civ
ing an opportunity for the people Of
the poorer and medium classes to safe
~ invest their hard earned savings.
Investigation shows that this country
is sadly in need of such an institution.
Private savings banks have left the
people of many large communities. and,
in some cases, almost entire States,
without facilities whereby they may
invest their cash surplus. The sole
convenience, he says, which these
people have enjoyed and are using to-
day is the facility for exchange afford
ed by the money-order system of the
Post Office Department As an eyi-
dence of this, during the current year
more than 50 million transactions were
made in the 81 900 money-order Offices,
and nearly 200 million dollars was re-
| ceiyed, and paid out Millions Of
money orders were bought to be used
by the buyers as drafts and in place of
bank checks
The greatest objection, probably,
which has been made to the establish
ment of the postal banks and the re
ceipt of deposits by the Government is
as to the Investment which the Govern
ment must adopt in order to pay a
suitable interest on the deposits. 1t
Is proposed 10 pay interest Mt the rate
of : per cent. or p per cent, and many
people assume that the Government
could not find proper investment for
the money deposited which would
enable 1t to pay that rate of interest.
Gen. Gary, on the other hand, believes
that there will be no difficulty whatever
in investing the deposits in first class
securities which would not only pay
the interest proposed but Mt the same
time enable the Government to reduce
its expenses in other directions. The
interest hearing debt of the United
States is now about $685., 900, 900, and
all of it bears 81 per cent. or more II
the deposits were invested in these
securities, ii is evident that the Govern.
ment would save the difference between
the > or y per cent, and the b per
cent, or ut least that portion of it not
necessary in paying the expenses OF
the system The Postmaster General
has various other suggestions as to in
| Nestment
One of the best suggestions, how
ever. and one which has impressed it
self upon General Gary, is the scheme
OF General Stone, the acting president
Of the League of Good Roads of
America, who proposes that the
Government shall invest the deposits
i'll county bonds throughout the various
States, the money to be used in the
construction of good country roads.
| L., Il
feasible one and one which will likely
meet with great favor with the farmers
after its provisions are thoroughly I'M
derstood by them. 1t Is simply that
the county shall issue bonds and sell
them to the Government and pay the
same interest on them to the Govern
ment which the Government must pay
II the depositors in the postal banks.
This interest would be more than met
by the money which is annually used
III working on county roads and keep
ing them in passable condition. The
great advantage apparent from this
purchase of local bonds is in the fact
that the money would not leave the
community where il was deposited
Instead of going to large business
centers for Investment, as would be
the case in the purchase of all other
securities which have been mentioned,
1t would stay directly in the county and
be utilized and paid out to the people
of the county The benefit to the
county and the country generally from
the building of good roads is hardly to
be estimated In many sections of the
country the road facilities are SO bad
during part of the year that il is inn
possible to do any hauling. and if it il
attempted, the farmer makes nothing
more than wages at it, and gets nothing
for the crop which he is transporting
Good roads and prosperous communi-
ties go together The railroads are
willing and anxious to lend every
effort to the construction fgood roads,
hauling ballast and material at cost, as
it is to their interest to tap as large mn
area of country as possible, thus in
creasing their freight traffic
Don't Tobacco Spit and SmoAe lonr Life Away.
To quit tobacco easily and forever. be mag
netie, full of life. nerve and vicor, take No-To
bac the wonder worker, that makes weak men