The San Francisco call., 1905-04-09
POST DESCRIBES
GREAT SCHEME
Author of Postal Currency
System Tells in Detail
of Benefits to Business
ONE BILLION A YEAR
Large Figures Are Required
to Estimate Loss While
Present Conditions Last
ONE BILLION A YEAR


postal currency system for the United
States, is at the st. Francis Hotel The
idea has been indorsed by practically
all the commercial organizations Of the
/ country, by Postmaster General Payne,
by Third Assistant Postmaster General
Madden. by the National Association
of Postmasters, by farmers associa-
tions and by many others whose expert
study Of postal and commercial ques-
tions has entitled their opinions and
conclusions to respect.
/ A proposed law to carry the postal
currency idea into effect was reported
favorably by the Congressional House
Committee on Postoffices and Post
Roads. The influence of the express
companies is so strong, however, that
| it cannot become a law until the rail-
| road and express Senators are put out
of the Senate.
Mr.. Post is tall and commanding in
person and sagacity-facts that are evil
1 dent to even the casual observer His
bears the lines of an exceptionally
| strong face. Business acumen and
/ judgment have already been demon
strated as characteristics of this man.
He is the chairman of the Postum Ce-
real Company, the business of which
runs annually into millions of dollars
in the United States alone. Three years
ago Mr.. Post retired from active bust
ness. He said yesterday: Il am not
giving my money to establish libraries.
| There are various ways to help the peo-
| pie and to promote prosperity, and I
am working on some other lines"
"THE SENTRY Box"
In pursuit of his generous plan, Mr..
1NIs IscI.o
D. c., a bureau known as THE Sentry
Box" Men who have been prominently
connected with the governmental de-
partments at Washington and who are
familiar with the inner workings have
been employed to prepare and send
from THE Sentry Box information
and editorial matter for the use of
throughout the United States
Mr.. Post has devoted his own time
and talents also to investigation and to
writing for the leading magazines on
current questions of public concern.
The result is that hardly any man in
the United States in or out of official
life is better known than Mr.. Post. In
an interview with a reporter for The
Call yesterday Mr.. Post said:
1T has been estimated that the ex-
listing hindrances to the easy and ready
transmission Of money through the
mails entail a loss to trade annually
of perhaps $1,000, 900, 600. The present
money order is tied up with red tape,
| is troublesome to get and hampered by
| the distances at which the rural popu-
lation especially-a large part of the
people of the United States-dwell from
the money order offices. The attending
inconvenienceS and the natural inertia
of thousands of persons who would like
to subscribe for a periodical or to pur-
chase articles of small cost, pay bills,
etc., but who in default of ready facili-
ties at hand never carry out their pur-
poses, cause to a large extent the loss
to trade that / have mentioned The
plan of the postal currency, or postal
check money, remedies the lack of
present facilities and puts money in
the hands of the public for small
amounts-$1. 81 and $5-that can be
safely sent by mail.
THE basis of the proposition is to
| have the Government print all 81, 81
and So bills with three blank spaces in
! them This money is, in every day use,
! blank until the holder wants to send 1t
by mail; then he will write In the first
blank space the name of the payee in
the second the. address, and the third
is for the signature of the receiver The
bills are thus converted into checks,
and are payable to no other persons
| other than those in whose names they
are indorsed, and are as safe as any
! check. The bills are redeemable by the
Government, and, when redeemed, are
a source of Governmental profit, the
| amount Of profit per annum being up
ward of $1,000, ,000-quite a considera-
ton when the profits to trade are also
| in view.
This money will be in the hands OF
every one, and the redemption and re-
newal of the bills will be simple. They
will be received and be handled by the
persons to whom they are sent exact
| ly as checks are handled. They will
be Cancelled, find their way into the
clearing houses In the daily settle
ments, be forwarded to Washington
and be redeemed. While I originated
the idea seven or eight years ago,
something similar has occurred to 9TH
ers. Samuel L. Clemens, known as
Mark Twain, when he was in Austria,
described In writing a scheme he had
for postal checks, and he has sent the
manuscript to me. 1t illustrates from
another point Of view the obstacles
that are interposed to the free trans