Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-26
POSTAL SAVINGS BANK

The postmaster general 81 llit' Hll't
States in a recent report urgently recon-
mcnded the establishment by the nation
III government of Il postal savings SyS-
fem. and a bin for that purpose is now
pending in Congress.
The people of Maine after many years
experience with savings banks, fully
agree with those in favor of a postal sys-
tom that il is well To encourage people
to save. and that the lessons of economy
taught by all kinds of savings institu-
lions are valuable alike to the individual
ana the public They appreciate the
fact that III the masses of people were
thrifty and saving in their habits they
would more likely be contented aud hap
py." They KNOW that "a man without
property is frequently reckless and i'm
provident" and often without respect
FOR law and order; and that, the moment
he has saved from his earnings Il sum
however small and has those savings in
vested he becomes DESTROYS of increasing
that sum, and interested in the enact
mrnt of wise and prudent laws to pro-
tect ii. hey understand that a man
with property is in every respect a better
citizen and better qualified to perform
his duty as such under our form of gov
eminent These lessons of patriotism
follow as we'll. however if his savings
are in local institutions as they would if
deposited with the general government.
1t is not necessary or important that the
people Of this country have a selfish mo-
ernment or party. IL is sufficient if,
from any motive. they come to have q
higher regard for the rights of the in
dvidual and of property. While all APP
prcciate the Importance of educating peo-
pie to save, we should not lose sight of
rhe Importance of educating them to look
after their own interests and to manage
to some extent their own affairs.
Savings banks originated, undoubtedly,
in Il design to assist the industrious poor
and teach them lessons of economy use
full to individuals and advantageous to
the community in which they live. Their
office now extends much beyond this.
They are ministering to the wants Of the
public and promoting private enterprise
by carrying n large portion of the NUM-
cipal and private Indebtedness of tho
country. The many small sums of money
in the possession of individuals are of nc
special use or advantage to the public
while thus held, but. when accumulated
III Il savings institution. the aggregation
becomes to some extent the capital of the
community in which such institution is
located 1t is this capital that has con
:str,,cted railroads. built factories, and es
tablished various industries; in fact is
being used by business men and corpora
tions in the transaction of all kinds il
business These institutions have he
come an important factor IN our polltiC3
economy. and to them is largely due tht
present financial standing of the East.
In this state there are xGS.9t1 1857 il
savings. deposited III our various h3lIIr
ing institutions. This is nearly one-tiftt
as much rs III. entire assessed Valuation
nf the state. Al least 10 per cent. of thi.
amount is invested within tn" State aut
employed in developing local industrie,
and III transacting local business-nearl,
S,5 900 ,'Fo 90 alone. being used by indiVid
nails in carrying mortgages on thei
farms and homes and in their Variou,
business enterprises. The withdra WA
even of the amount loaned to individual:
would most seriously affect the business
pros peritN of our people.
In answer to inquiries by this depart
ment. one bank reports. that its deposit
amount to 5000 that the average de
ptsit to each person is about 5000: tina
its loans amount To sos 900: that of thi.
:,rnount Sl@.01 is loaned to individuals
nu~n. So firms and corporations within
the limits of the small town where it i;
located. Mere these funds collected h,
the governments. it is evident that the,
kould not h" re-oiiStributed and be of III,
ME advantage to that community n.
BOW As another illustration of what i,
hci,lE done with such funds. attention i.
called to the fact that our savings bank.
now bold &.25i. 4aGn of the stocks anc