Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-21
POSTAL SAVINGS REPOSITORIES.
Something About Their Workings
and Popularity I'm England.

| with the most generous consideration
throughout the country. In my report
recently issued l expressed the convlc-
ton thst the time was ripe for their es-
adjustment In connection with other
duties of this department, and that De-
lief has been amply justified by the IN
terest and cordiality with which the pub
lie has received the proposition
In furtherance of the adoption OF this
evident benifice | have pleasure In pre-
! senting to your readers a summary OF the
| history of the Post Office Savings Bank
! In Great Britain, with which l have been
| supplied through the courtesy OF Horace
| ]. Smith Esq, OF Philadelphia Ga repre-
| sentative Of historic family, from the
| day OF William PENN, and for fifteen
years or more. an enthusiastic advocate
| Of the Introduction OF the post-ofice
savings bank system into the United
States. Mr.. Smith is residing at the
present time in Moseley, Birmingham,
| England, and authorizes me to say that
he will respond to any inquiries sub
mitted to him on the subject OF post
Office savings banks and their workings.
He writes: Operations commenced IN
Great Britain in September, 1861, and at
the end OF 1862 nearly 10000 accounts
had been opened. The total balance due
depositors was nearly S. 10000. The main
features of the system were that de-
posits might be withdrawn at the post
office where they were made or at any
other pOst-ofiice The original plan has
been cautiously expanded by the intro
duction of some new features, among
these lin 1880 being the use of slips or
blanks to which postage stamps could be
affixed and when q cents worth Of such
stamps were affixed the slips could be de-
posted, and in 1881 it was estimated that
more than $4,000 of such slips had been
received and that more than 223, 900 new
accounts had thereby been opaned. This
demonstrates most pathetically the de-
sire and the difficulty of the poor to be-
gin a career of thrift and self-depend-
ence. In 1896 there were LA 900 stamp
slips used. aggregating a deposit OF
s475, 600
USED BY CHURCHES.
Another feature was the use OF the
post-office banks by churches, provident
ard charitable societies, etc, etc, which
thus became rapidly an important factor |
in the general development Of thrift in |
the country, not only by the assistance |
rendered to thrifty individuals, but also |
as the ally of the associations for self |
helo.
That wonderful man, the blind Mr.. |
Fawcett, became Postmaster-General in |
1850; and it was his constant endeavor |
TO make the system familiar and ac- |
ceptable 10 all classes of the people. |
Under his administration the savings |
banks began TO act as agents for persons |
of small means, who might desire to in |
vest in the national funds or bonds. This |
action of the post-otlice savings bank |
dates from 1880, the total amount OF |
stock which might be held by one person
III hi. FN.I
800 600. In the year 1896 the number of
investments thus made aggregated 1900,
and the stock remaining to their credit
at the end Of the year S40O0,0O0 This
extension of the functions OF the savings
bank is thus shown 20 have assisted many
persons of small means to acquire
a stake in the country" Similar facili-
ties to create i'm the United States as
there is in Franco large body of small
bond-holders directly interested in the
stability of government-should be fur
nished by Congress; for, as one has said
Nothing can be found more conserva-
tive than 5000, except, say, 100000"
A LESSON OF THRIFT.
striking development OF the post
office savings bank, that deserves atten-
ton arose when the Department OF Edu-
cation and the Postmaster General work
ed in concert to incuIcate upon
parents and children alike a lesson OF
thrift. The managers OF the newly
adopted system of gratuitous education
lin 1891 were urged TO accept the special
stamp slips prepared for them, and to
attend at schools 10 open accounts and
receive deposits.
Under this arrangement, In three years.
1000 schools had adopted the scheme and
loout s2Oc,00,0CO was deposited through
his means In the first year. In 1893
were made for the use of
he telegraphs for the withdrawal of ,
money from the savings banks and the
in 1896, by return OF tele-
grams. we're $4,000.
Fraud default, and accident have not
'een altogether absent from the history
II the Post-Ofice Saving Bank, but de-
'osltOrs or course, have not suffered (
nd the State, which holds them harm
ess, has lost but $4,000, or .00l25 per cent
nut of $1,000 100000.
The number OF open accounts in 1896
vas C,S56OO0; the deposits aggregated ,
ooW0Oo; the average balance in each l
ccount being about $50, and the number /
L oflces ll,s6I. Every year. until 1896. a 4
ront accrued to the State after the bank j
ad paid its expenses and 2I-2 per cent ;
o its depositors Now, the appreciation ;
( Consols Gin which the Post Office Saw :
ng Bank invests has brought about a
mango, and the annual balance-sheet .
hows a loss. :
The ngures given In this summary sneak p
loquently OF the popularity of this sys- Z
I'm. and OF the place IL has taken In the :
ocial economy Of the nation. IL has Il
let the wants Of a class which corpo- b
ate savings banks could not have reach T
j. Ihey might serve the townsman of Il
xed abode, but not the people of remote /
llages or OF no settled home. These are
he classes whose convenience can only 4
2 met by a bank which has its branches a
'eryWhere. and which can carry on al d
ny branch a business which Il under. n
'0k at any other. n
FOR WORKING PEOPLE. {
Special facilities are afforded at anv r
ace where body OF work-people are q
ELECTED by some temporary emerRencv n
id us advantages are afforded 10 de- o
OF the army and men I'm the o
IVY Wherever they may be stationed b
ven such occasions as the temporarv n
nployment OF berry and hon nickers .
e provided Tor by sending post-office u
Metals to them for the time being. e
me pokt-ofiice has absorbed MANY n, II
e ola corporate savings banks. whose "
anagers had opened them from nhiIan I
roplc motives and were glad 10 be- re- a
yea OF their responsibility but the Ia
posns or those savings banks which "
III exist exceed to-day by no less thar
'"o'Vo the deposits which were In the,r
re III lSOl' when the post-Ofice entered
Is neid. This should dissipate anv
alousy felt by savings hants a. 80