The Springfield herald., 1898-01-14
NEED POSTAL BANKS.
WOULD BEAH HELPTo FARMERS.
Secretary Wilson Says That the Peasants
In Foreign Lands Are Greatly Benefited
by Them.

Secretary Wilson is 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 IA
cilities in the agricultural districts are
so limited, he says, that the farmers
and their wives are compelled to con
| ceal their savings in teapots and TN
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
mer 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 Il farmer to go to the
county town where the nearest bank
is situated. while there is postoffice
in every village.
The lack of confidence in private in
stltutiOns 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 it away as it comes into their
hands until their accumulations reach
considerable amount, when they usu-
ally reinvest it in wild lands. They
have nothing else to do with the mon
ey. So long as it remains uninvested
Ir 10.
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 small rate of
interest, they would not only take ad-
vantage of the opportunity but would
be encouraged to even greater thrift
and economy. thereby adding to the
general wealth and prosperity.
Secretary Wilson says it is the postal
savings system that has made the
peasant class of France, Germany.
Austria, Belgium and the Scandinavian
countries so prosperous 1t WIS the
postal savings bank system that en-
abled the natives of those countries to
save money to pay their passage to
the United States. and they feel the
y
the government which they can never
acquire in private institutions. even il
there were savings banks available for
them.
The eastern and southern part of
Iowa the secretary considers the most
prosperous agricultural country in the
world. Diversified farming, scientific
dairying. the improvement of stock
and the multiplication of conveniences
for saving labor have made the people
of that locality rich, but there are very
few opportunities for the investment
of their savings. and if they had the
privilege of depositing their money
with the government they would util-
ize it to an extent that would surprise
people. The recent report of the comp
troller of the currency shows that the
savings banks of the United States are
mostly confined to the northeastern
section of the country. Nearly so 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 that are
well understood. they are few and far
between. and Secretary Wilson thinks
the government should supply this
very important defect in our national
pronOmy