The Taney County republican. (Forsyth, Mo.) 1895-1992, 1898-01-13
wAsHINGTON LETTER,
Special Correspondence.

"AoHAN0AVNs ~. " y ou. ~, 1910.
The proposition for the establish
ment of postal savings banks in this
country is meeting with good deal
of quiet favor here in Washington.
1t is said, in fact, that tho Postmaster
Generals bill will stand a better
chance in the United States Senate
than any other of the fina ncial meas
ures proposed or likely to be pro-
posed by the present national admin
istration. Yet, it is predicted that
there will be strong fight Oh it when
it comes up for action and that it will
meet with manifest and determined
| opposition. AS it is an administra-
ton and Republican measure it is
not hard to determine where the
opposition will develop, but Gen.
Gary thinks the proposition so COM
paratively simple aud SO manifestly
advantageos to the people of the
country that he has great hopes of
its enactment into a law. He has
studied all sides Of the question and
will doubtless make strong present.
alton of his case when called upon by
Congress to support the plan by facts
and figures. AS all example near at
home, he will probably show the ex-
eellent workings of the system in
Canada, where, with her five millions
of people, there were on deposit in
postal savings banks year ago over
twenty-six million dollars in small
accounts,
Gen. Gray says that the United
States is behind other countries in
this respect, most civilized countries
having postal savings systems, thus
giving an opportunity for the people
of the poorer and medium classes to
safely invest their hard-earned saw
ings. Investigation shows that this
country is sadly in need of such an
institution. Private savings banks
have left the people of many large
communities, and, in some cases, al
most entire States, without facilities
whereby they may invest their cash
surplus. The sole convenience, he
says, which these people have enjoyed
anu are using to-day is the facility
for exchange afforded by the money
order system of the Post-Otlice De-
partment. AS an evidence of this,
during the current year more than
% million transactions were made in
the $1,000 money-order Offices, and
nearly 200 million dollars was re-
ccived, and paid out. Millions of
money orders were bought to be
used by the buyers as drafts and in
place of bank checks.
The greatest objection, probably,
which has been made to the establish
ment of the postal banks and the re-
ceipt of deposits by the Government
is as to the investment which the
Government must adopt in order to
pay a suitable interest on the deposits.
1t is proposed to pay interest at the
rate of 2 per cent. or IL per cent,
and many people assume that the
Government could not find proper
investment for the money deposited
which would enable it to pay that
rate of interest. Gen. Gray, on the
0fh I.o hn1s hof mill
be no difficulty whatever in investing
the deposits in first-class securities
which would not only pay the inter-
est proposed, but at the same time
enable the Government to reduce its
expenses in other directions. The
interestbearing debt Of the United
States is now about S635,O0O,OO0. and
al of it bears 1-2 per cent. or more.
If the deposits were INVESTED i'll these
securities, it is evident that the
Government: would save Indifference
between the or 1-2 per cent. and
the 3 1-2 per cent, or at least that
portion of it not necessary in paying
the expenses of tue system. The
Postmaster General has various other
suggestions in regard to investments
One of the best suggestions, how
ever, and one which has impressed it.
self upon General Gary, is the scheme
OF General Stone, the acting presi-
dent of the League of Good Roads of
America, who proposes that the Gov
ernment shall invest the deposits i'll
county bonds througout the various
States, the money to be used in the
construction of good country roads.
The proposition seems a simple and
feasible one and one which will likely
meet with great favor with the farm
ers after its provisions are throughly
understood by them. 1t is simply
that the county shall issue bonds and
sell them to the Government and pay