The representative. [volume] (St. Paul, Minn.) 1893-1901, 1898-10-05
The Postal Savings BaMk

education Is the lever to the elevation
OF the masses, and is essential to true
citizenship. 1t is sad to see the drift It
the young men and women nto the reckless
expenditure of the hard earned wages they
have received for their services. The habt
OF saving, once acquired, will often prevent
extravaganza. and a little nest-egg, like q
bank account, will keep many a young
man from the saloon OF gambling den Tn /,
most discoufaging obstacle to, the young
man woman is the insecurity of the
banks in which to depos their savings,
Out of the LOCO private savings banks that
existed one year ago. over $50 Of them
closed their doors and left their poor vic
tins to struggle for their subsis. ence or
take home in the poor house.
Now the postal savings bank furnishes
safe place for deposits, as the govern
ment is ample security for the money in
trusted to it. 1t is strange that this nation
is the only civilized peo lie without this pro-
vision for the poor mans little savings:
even Japan has adopted this system, and a
slight sketch of the history of the postal
savings bank system might be introduced
here, l will present some of its Principal
features. Over 80 years ;go the Society of
Friends (Quakers). arted this movement
In England for the encouragemei Of the
industrious poor. Every postofice was
made place Of deposit. The smallest sum
received was one shilling (25 cents), and
all sums over E100 drew no interest. Two
per cent interest was AlIOW cO Tie CcpoSllOI,
and all loans were limited to 21a. No loan
over t1C0 was granted, the object was to
encourage the poor class in thrift and
economy. Another great convenience for
the poor. Any deposftcr could trar sfer the
amount Of his deposit to any other post
Office in the kingdom at me nominal
cost During the exsteHce of this system
not a single shilling was lost to any de-
positor The amount Of de0osits for 1896
was over $3.50, 100000. Now this appears an
enormous sum. but it must be borne in
mind that the deposits of today are loaned
out to borrowers tomorrow, AMI this. IN
stead Of dead capital lying idle in the bank
Qike the gold, silver ard greenb cks in our
national treasury is put in active circ'l-
lation. In 1897 there were in the English
savings banks 3,7l5.000 depos;tors. Now this
-ystem has proved so beneficial 10 me
masses of the people that all the princi al
nations have adopted it, Here is a great
reform movement in which all the voters.
irrespective of party, can unite. Too ioHg
has the working class been victimized by
the money ring. The failure of one out Of
$50 private savings banks that have shut
their doors on their creduious depositors is
enough to convince the most Skeptical or
the insecurity Of the present system. The
Globe savings bank, OF Chicago. left tens
Of thousands destitute; the deposits
amounted to over $lOOOO.0Oo. Is it at all
surprising that the wage-earners will not
trust their little savings in banks they have
lost all confidence in. The circulat on is
daily decreasing, as the careful man would
sooner hide his little hoard In some secret
place than risk it In some bank But let us
once adopt the postal savings bank system
and the confidence of the PEG lie TN the
stability Of our government will start mill
ions in circulation that is now hid away IN
all conceivable holes and corners. The
banking interests will fight the establish
ment of these savings banks. but II we
could once establish the referendum In our
national constitution it would Prove sure
cure for all the evils of the present lncom-
potency Of our present rulers. win a SIN
cere hone that this postal savings bank
system will become the leading principle
of the toiling millions, remain as ever the
friend of equal and exact justice to all,
special privileges to none.
SAMUEL SINNETT.