Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-01-20
POSTAL SAVINGS BANKS.

To the Editor of the Register. -
postal savings system seems "
have been slated, by the present al
ministration, as one of the latest legis-
lative scheme. it having been proposed
by Secretary Bliss.
Even congressman and Senator'S
the champion spendthrifts OF the
world, theoretically acknowledge the
benefits of economy in expenditures
and the advantage Of saving; every
body excepting manufacturers and
merchants sing it's praise; there is
nothing, therefore, to be said against
saving in the abstract.
A claim is made for the system that
it will increase the amount OF money
in circulation. Logically, contraction
will be the result. The expenditure
of money is sure method OF getting
it into circulation. boarding of mon
ey is keeping it out OF circulation,
which is contraction.
But there is another view Of the
question so Objectionable that it over
balances all that can be said in its
favor.
Suppose that a general system OF
postal savings is entered upon, with
interest on deposits of 21a or 3 per
cent, then, we all agree that tie great
facilities offered, with the confidence
in the government, will largely IN
crease the savings of the people, so
that not less than $2O0,000,000 viii be
deposited per annum.
A government receipt or certificate
of deposit is then equivalent to a gov
eminent bond, and draws interest just
as a bond.
The whole country to the very eX-
trcmes of civilization will feel the par
alyzing effect of this drawing away of
its insufficient currency, and its con-
centration in the money centres.
An enormous contraction will re-
suit, and a frightful panic will follow
in its train.
The only remedy for this state OF
affairs is to put this money again in
circulation. How can this be done?
If the present bonded debt could be
paid off it could be transferred to
savings investments inside of five
years, and then the deluge would
come.
Practically it has come, for there is
but one way to restore this money into
circulation, and that is, enter upon a
policy of the widest extravaganza;
increase the expenses Of the govern
Of the savings deposits, and. behold!
we have a policy fastended upon us
which beats that of Grover Cleveland
out of sight, namely, Increasing the
national debt to obtain money for ex-
travagant expenditures" The sum
total of such a profigate system would
be a national debt piled mountain
high, (synonymous, with National
Curse."o
There are now about $1,700,0C0 ,0GO
deposited in savings banks which
would eventually be drawn out, and
invested with the government, veal
thy men would utilize the system for
investment and an appalling debt
would stamp Finis! on the liberties OF
the people.
Every good citizen ought to be UNI
alterably opposed to any system which
increases our national debt and fosters
public prof1igacy even if it does en-
courage individual economy.
A postal savings system is dan
gerous experiment and ought to be
squelched before it's is begun.
We must not join hands with plu-
tocracy and assent to the heresy that
the government is bound to furnish
profitable investment for the surplus
funds Of the country.
VIM. C. WELLES.
Since the above was written | find
that some prominent farm journals
are scattering blank petitions through
out the country to be signed and pre-
scented to Congress urging the passage
Of an act establishing postal savings
banks.
A great number of endorsements
from prominent men are being pub
lished. but none deal with the ques-
ton, What is to become of the mon
ey9" w. G. ".
Parkersburg, w. Va, January 1S.