The Superior times. [volume] (Superior, Wis.) 1870-1912, 1898-01-08
Postal Savings Banks.
{New York J0urnal)

1t IL curious fact, appearing con
hne OF dcmarcatIon separates two classes
of thinkers on this topic. The people
who deposit savings all favor the postal
system: those who receive them all
think that things are very satisfactory
us they are. The labor leaders say that
woTkmen are anxious Tor a chance to
intrust their earnings to the govern
ment; the bankers express confidence
in their own ability to take care Of all
the money in sight.
Mr.. James Il. Reynolds, of the Uni
versity Settlement, agrees with the
bankers. The East Side population"
he remarks, = can without any difficulty
take their money to savings banks
Undoubtedly, but can they with equal
facility, take 1t out? The Italian labor
crs who have seen dozen of tleir acute
compatr,ut5 III the banking business
vanish within the past three or four
years, each leaving behind him some
hundreds Of destitute families whose
thrift had been converted through him
into exasperatinglv useless sci denial.
would hardly say so. These plundered
working people were reduced to desti-
tuition because they had been accust-
umed In their own country to system
ri postal savings banks in which no de-
pnsltor ever lost copper, and they
imagined that deposits here were equal
" secure. They know better now, and
no doubt many Of them have been per-
manently cured of thrifty habits, and
have adopted the policy of spending
their money while they have it.
Mr.. Henry Ciews thinks that postal
Savings banks may do for England, be-
cause the country is small land the sys-
TEN Is kept in Il compact form, instead
of being, as ii would be here, spread out
over Il vast territory" But We have
s.nlv to cross the northern border O.
his state To find ourselves in country
as extensive as ours, with q smaller
population, more sparceIy scattered,
with Infinitely inferior means of com
Iuunication, and Yet with successful
postal savings bank system. And hen
We anneX Hawaii We shall absor b svs-
tenn OF postal savings banks which the
iIawaiilns would be extremely sorry to
l.,t up.
Mr. Clews laws down the broad pro-
position: Il believe the government
should not assume To do anything that
can be as well, or better done bv corpo-
rItious.' That Is an attractive prin-
.ipie, but the expounier forgets the
Important condition. He omits TO say
whether by well done" he means We'll
stone for the public or for the corpora
tons. There Is no doubt that corpora
mons can do efficient work for them
selves, but il Is possible that the people
Jlignt gain more benefit from even
less efficient system operated exclusive
IL tor the public good instead of prima-
lilly for private profit.
TIE trouble with the we'll to do gentle
men VINO eu!ogize the safety of the pri-
Natc savings bank system is that they
are unable to put themselves i'll the
pace OF Inc people VINO contribute the
deposits. They deal in large ideas They
see that most savings banks are we'll
managed and safe, and the fact that a
comparatively few are not seems TO
them matter of trivial Importance If
ten thousand or twenty thousand q pos
ltor- are ruined hv 4 failure, the number
appears insignificant in comparison
With the millions whose deposits remain
intact. But To the ten or twenty thouS-
aud the disaster is as crushing ; if the
finances of the universe had collapsed.
Aud when such calamitles are repeated
from time 10 time in every part of the
country, dra-sing down myriads Of fam
mes to perjury, a sense of insecurity is
dfaSed throughout the entire body OF
oepositors. Other civilized countries
are not satitied with system which
runs on'v few hundred thousand
PEOPLE. They have preferred TO intro
duee one by which nobody has ever
lost dollar.