The Caucasian. (Clinton, N.C.) 188?-1913, 1898-01-06

~ ~ 0OS18O VII u18o 08SO u
shemsslvss. Ny bill provides for
dsposits - Low - ten cssts, With .
means By which people could bay
stamps With pennies until ten cents
10 accumulated. Those Who would
b improvident II not sAeouraesd 20
save small amounts Will rarely have
. dollar TO deposit. The reports Of
the postal savings systems in sorsigs
countries show that very nearly half
Of the money deposited 10 in amounts
less than one dollar and that . large
msjority Of the number Of deposits
Are in smaller amounts. In AustYia
. per cent Of the deposits are in
amounts less than 20 cent?, while 25
per cent are in amounts between 20
cents and . dollar.
THE second difference il that the
Record bill provides for OILY ? per
cent on deposits. Ny bill provides
for y per cent. Surely this 10 low
enough. France pays q per cent,
England pays q and only recently
paid 3 per cent. Germany pays 3 per
cent, Canada 3, and until recently 4
per cent. In fact, the average in
terest paid BY the countries Of the
world having postal saving banks 10
81 per cent. Ny bill provides for
the lowest rate paid by any country.
Surely our people are entitled to
that much Besides, tho average in.
terest paid by private savings banks
IN the United States is 81 per cent.
They sho uld not object to q Der
cent being paid by the govern ment,
for if they will establish confidence
in the mind Of the public In their in.
stitufions they would get al the de-
posts instead OF the United States
having them.
the third chief difference is that
my bill provides that the govern.
ment upon the request Of any depos-
itor having ten dollars or more to
his credit snail either purchase for
him government bonds or issue to
him postal savings bank bonds bear.
ing "a per cent interest Chat is.
cents q month interest on every &l0
bond and that the proceeds shall b
used in liquidsting the national debt.
The result of this would be that in the
next i've or ten years the national
debt would be transferred from
spectators into the hands OF
the masses of our people. W.
have ample precedent for this. Hall
the consols Of England are to-day
owned by depositors of postal saw
Jugs banks. The French govern
ment has issued bonds Is low Is 8,
in lieu of deposits in postal saving,
banks. In fact the national debt Of
France has always been owned b,
the masses OF the people, and thil
Is why the enormous debt Of tina
country has never troubled it. IL
stead Of interest going abroad and
being . drain on the people it i
paid to people in the country An,
kept in circulation there.
Another new feature in my bill
is one which provides for adapting
the system to q country of SO grea
territory as our own. Instea Q
aaving funds deposited each da
selt to Washington the country i
ilvided into districts. Each distric
S operated separately, SO far as re
ceivipg deposits is concerned, An,
IN turn the operations of these di.
ric,s are reported to Washingto
every month, or more often, at tn
discretion of the Postmaster General
Ny bill also allows women and mi
ners to deposit in their own namel
7 women to have sole control of thei
funds. Minors under sixteen year
8 of age are not allowed to withda
deposits without approval Of thei
3 parents. Provision is also made Il
the accumulation of funds for chi
dren, widows or other depender
: ones, to be paid at the death OF Ii
: depositor or at some specified time
Money for the education of childre
Q could be laid aside in this way.
: Practice Of Buying Money Orders.
I Zone of the most unans werab
3 evidences of the business deman
Q for such institutions As savine
y banks" continued Mr.. Butler, I"
2 given in the number of people WI
buy money orders simply for sal
. deposit for money. They not onl
! get no interest from such deposit
but they must pay for 1.-THE prlvilee
9 of making them. There is scarcel
O a money order Office in the count
e that has not had the experience
= men buying a money order payab
= to themselves. The postmaster
Chicago q few months ago stated Il
Is enormous extent to which this pra
l. tice prevailed in this city. II
u postmaster at Wilmington, the lar
II est town in my State, recently to-
u me that the extent to which th
Is practice was carried on in that TOW
% was really burdensome to the pos
l. Office. The money order syste
10 was established for those who
q not deal with banks and who wi
,. to send money through the mail
:. There were 50, 600, 900 TRANSACTION
u of this kind last year, and the
% would be at least five deposits
N postal savings banks for every o.
y person who buys money orders
send through the mails.