The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-23
POSTAL BANKS PANACEA
FOR ALL MONEY EVILS
Says His Plan Would Release Mlons-Ex
poets Bill to Be introduced Soon Creating Stations

III across the seas for safekeeping.
''The real vice OF the American people,
as you are aware. is prodigality-a waste
fulness. A French cook. for instance. can
from the waste OF an American kitchen
maintain family equally large without
the slightest difficulty. We are wasteful
I'm our living and in our expenditures, and
the foreigners get ahead OF the men Of
this country because OF our tendency TO
throw money and the things that money
buys away.
WOULD CHECK wAsTEFULNEss
"A system OF postal savings banks
would have an ultimate tendency TO
check that wasteful spirit. When a man
begins 10 save. the desire TO save grows
upon him. lie takes delight I'm seeing his
accumulation Increase Governmental
savings stations are necessary 10 incul-
cate this spirit OF money saving. In the
sparsely settled sections OF the country
there are not banks enough. or they are
scattered over such wide range OF coun-
try that men and boys cannot easily
reach them They can all reach the post
oHices. We have 5000 stations. not
counting innumerable branches and with
the power delegated 10 the postmaster
general TO designate such OF that great
number as he saw NJ for postal savings
stations. IL would be n simple matter to
establish these governmental hanks In
Kindly make It plain. through the col
umns or the American that the govern
inent does not In any way seek TO enter
tne banklng neld as n competitor" said
the postmaster general 'It will aid tho
established banks by fostering n desire
on the part or the people 10 save their
money III VIII earn the money with which
70 pay the interest by depositing the
money so received I'm the national hanks
or the country-in nearly every Instance
placing the funds in the national banks
In the districts OF the states from which II
is received, have been I'm conference with
the presidents OF banks In many states
and have received assurances from n
large number OF them that they can see
their way clear to pay us that two per
cent TOT tne use OF the money we hope
TO place with them.
CONGRESSMEN WILL AID
There Is a feeling on the part OF the
congressmen who truly represent their
constituents that such n far-reaching plan
is so big partisan lines should not be al
lowed to interfere with A. and I have re-
ceived commendatory letters from Demo-
Gratis as we'll as Republicans saying that
they VIII aid the matter
II believe that any member who stands
IN the way or this stands In the way of
the poor people who send him to WASH
ington and blocks the best interests OF
the country.
Il hope that no great opposition to the
plan Will be aroused
Immediately after the HOLIDAYS. early
In January, 1 expect bill will be intro
duced In either house or senate asking
for the establishing OF postal stations.
1T Will be drawn along the lines COW
cred In my talk. If II passes and becomes
law millions of money which now lies
boarded In garrets and tied up In stock
ings will be brought out and placed in
general circulation; the huge sums which
are sent to Europe and Asia annually will
be placed In the banks of this land for
many months"