The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-01-21
WHY THEY OPPOSE.
SELFISHNESS BACK OF THE
BANKERS OPPOSITION.
Postal Savings Banks, Being a Good Thing
For the People, Are Not Wanted by Ma
tional Banscrs-Why Sectionalism OBJ
tains in the United States.

Ever since the birth Of the peoples
party plank, advocating the estab-
lishment of postal savings banks, has
been incorporated in it's platforms. For
the past several years there has been
but little said about them. 1t is only
of late that the merits of such system
have been brought to the attention of
the people at large, and the advocation
of their establishment is not now con-
fined to the one party. Since there
seems to be some possibility of the
measure which will give to the people
an absolutely safe depository for their
money, their establishment is being
opposed, and the opposition comes, as
was fully expected, from the national
bankers of the country.
While the bankers advance a num-
Der of reasons against postal savings
banks, the chief ones seem to be that
they are not needed, and that the pres
cnt multiplicity of banks has already
lessened banking profits to an alarm
ing degree.
The latter reason is the true one.
For years past the bankers have had
the people at their mercy, and they do
not now want their profits further d.
minished by reason of the fact that
under the postal savings bank system
the money hitherto deposited with
them and by them loaned out at a high
rate OF interest, generally double that
they pay the depositor, will go into
fha lfRenSrc ~ tho -
are very solicitious about this matter.
They stand to the government in the
same relation Uriah Heep did to his
employer. Uriah, you know, was so
fearful his employer would lose money
in his dealings that he undertook to
save him any such calamity. Had he
been let alone he would have had all
his employers possessions. Just SO
with these national bankers. They
are fearful the government, if it goes
into the banking business, will make
bad investments and lose money. How
kind of them to want to save the gov
eminent anxiety on this account. But
it seems to me that if there ever should
be loss by the government, sustained
by reason of bad investment, seventy
millions of people could stand the blow
better than any bank and it's few de.
positors in similar cases which are Of
almost daily occurrence
Then again, if the law of supply and
demand, of which so much is said, reg
ulates the money market, why would
not these bankers, having, as they
claim they would have, less money *
loan, secure better rate of interest:
The trouble with these bankers i.
that their vision is limited. They are
unable to see very far, under some CIR
cumstances, and are unable to discern
that part of the United States lying
south Of the Potomic and west of tht
Alleghenies. They assume that be
cause the east does not want posta
savings banks, they are not needed
So long as they are oil right, they care
little for the wants and needs of thu
west and south.
The fact that national banks oppose
postal savings banks is the creates
and best reason that can be advanced
for their establishment.
Postal savings banks, which will no
only secure to the people an absolute
" safe and reliable place to deposi
hard earned money, but which will, &C