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

and thus provide for the investment Of
postal savings during the next few years.
Ii il, also claimed that in 1897. when Il
! large portion of the public debt falls due,
THE government would be in position
to throw them all into the hands of the
Postal Savings Bank If this is done.
and the postal bank absorbs large por-
ton of the government securities. ii
would soon become necessary 20 change
entirely our present national banking
system, thus adding another disturbing
element to financial affairs. The advance
in the price of government bonds, the
difficulty that national banks would have
| in obtaining them and the reduction in
the net income to the holder. would soon
result in a material decrease in the
amount of the national bank circulation
The currency of the country would he
thus contracted, fully as much as it
would be expanded by bringing into cir
culation the small sums, which it is
claimed, are now hidden away by people
who lack confidence in banks.
AT the present time Il large portion of
our municipal and industrial securities
are held by savings institutions. and the
great mass of our people are thus the
owners of the real mortgage upon the M
duStries and income of the country. II
the collection of the future savings OF
our people be transferred from local in
situations To the government. the owner
ship OF those securities would be diverted
to the capitalists. who would be only too
glad 10 hold them, at the prices they
would then command. As a result, the
great mass of people would be carrying
the national debt at low rate of in
terest. and be at the mercy of the general
government and any political party in
power; while the wealthy would hold
the municipal and industrial securities
with the advantages that come from that
ownership.
II is claimed that the proposed system
would not interfere with the savings
banks and kindred institutions now used
as Repositories of the savings of our
people. 1t has been stated that nearly
VI per cent. of these institute are To-
Gated in the New England and Middle
! States. Their Accommodations amount To
nearly S2,WJ~po."0. and their patrons are
more than jooo,o1 in number. one in
! three of all the inhabitants of these
! states ar" therefore dcpoSiturs in these
| institutions. and the average amount
| standing to the credit of each is less than
$$ao@. \ large percentage Of the depoS-
/ itOrs have much less than this average
! sum To their credit. In this State more
! tl.an % per cent. of the 1888 depositors
! in savings banks are women and minors
and the same proportion would doubtIs Il;
! hold IN the similar institutions of other
! states. These are not the funds of thu
/ wealthy but the savings Of the INDUS
( trlou~ in the humble conditions OF life.
1 The amount that can he received from!
/ amy one dcpositor is limited by law 10
ma t,,,st ,.t,tt4.. n ,.,1, H., ..,en ,ta, -
I install svst..n, ,nnsi ,lr,w It's funEl fron1
mich 1h. SAM, enIrr,. as ,bat ftn,,
which ,nr.,I in.titu,inn. .,lt.,, ~. =, az
! nosjts WhiIr In. nutinnsI s,.st,.in IL
( Idnntrd wand uut H., IilztIy f.. ,.,,tl.. !,
t,.,.'ef.,, 10 th,. government ~ tn. ,,,s..'
4 deposits in our prosperous banks. il
! would however, IA. ;, sti,co..fuI .ni,,,,..t :
! itnr for futl,,,. ,I,,oeit. .,,t ~ la,rrs
! oc,lnv thu whole, fi.li now cn,.a..l IN
! IN ,,.iri,,is sayt1ps instiintio,,. .l.t -
! vantage to the. government % .tnliu,it.d
/ rrSnilrtts and credit ~ Will .,. H., ..,,,,
! hnYnl.l ftitb" D.,r,ir an, tL ,,,.t j.
/ I'M. jndivi,I,1.I >,,I,lJ I,i.,,. w.. 1a.f il,
stit,,tiot> az -, .,,,,..,t -, i.a},-,,,,.. t,,,