The Monte Vista journal., 1898-01-15
NEED POSTAL BANKS.
WOULD BE A HELPro FARMERS.
Secretary Wilson Says That the Peasants
In Foreign Lands Are Greatly Benefited
by Them.

Secretary Wilson IL greatly interest
ed In Legislation for the establishment
OF postal savings banks because he
believes they are necessary TO the pros
perity OF the farmers. The banking fa
cilities In the agricultural districts are
so limited. he says, that the farmers
and their wives are compelled to con-
cenl their savings In teapots and tin
cans, under the mattresses OF their
beds and the corners Of the carpets.
and In stockings that are hidden away
where none but the prudent house
wives can find them. They bury them
In the ashes OF the stoves In the sum
ner time and In the corner OF the
woodhouse during the winter. These
hoardings represent millions OF dol
lars and are idle-tirst. because banks
OF deposit are scarce and remote, and,
secondly, because OF n lack Of conf
dence In private institutions. It's an
all days job for farmer to 40 to the
county town where the nearest bank
liz situated. while there Is n postoffice
In every village
The lnck OF confidence In private In.
stitutions Is found among citizens OF
foreign birth more than among the ma
tive population. The former In the Old
country have been accustomed to In.
trusting their savings to the care of
their government. Immigrants from
the northern races Of Europe are par.
ticularly economical and thrifty. No
matter how little their surplus may be.
they put II away ms 1t comes Into their
hands until their nccumulations reach
n considerable amount. when they usu-
ally reinvest II In wild lands. They
have nothing else to do with the mon
ey. So long ns II remains uninvcstcd
there IL temptation TO spend 1t for
personal comforts and decorations
which they do not actually need. If
they had an opportunity to invest these
savings In government bonds OF small
denominations or deposit them where
they would draw even n small rate Of
interest. they would not only take nd
vantage OF the opportunity hut would
bs encouraged TO even greater thrift
ana economy. thereby adding to the
general wealth and prosperity.
Secretary Wilson says II liz the postal
savings system that has made the
peasant class Of France. Germany,
Ausirla. Belgium and the Scandinavian
countries NO prosperous. II wns the
postal savings bank system that en-
"bVu tHe uHtlNts III tnOst countries to
save money To pay their passage to
the United States. and they feel the
lack of II here. They have n faith In
the government which they can never
acquire In private institutions. even II
there were savings banks available for
them.
The eastern and southern part Of
Iown the secretary considers the most
prosperous agricultural country In the
world. Diversified farming. scientific
tnirying. the Improvement OF stock
nnd the multiplication Of convcnicncrs
for saving labor have made the people
Of that locality rich. but there are very
few opportunities for the Investment
OF their savings. and II they had the
privilege Of dcposiiing their money
with the government they would utli-
izc II to M extent that would surprise
people. The recent report Of the comp
trollcr OF the currency shows that the
savings banks Of the United States nrc
mostly confined TO the northcastcr
section Of the country. Nearly NJ per
cent. OF the number Of banks and
amount Of deposits Is represented by
New York and New England. In the
western states. for reasons TINT are
well understood. they nrc few und fur
between. and Secretary Wilson thinks
the government should supply this
very important defect In our national
economy.