Evening star., 1907-11-14
At THE White HOUSE
Postmaster General Meyer on
Postal Savings Banks.
Mr.. CAMPBELL'S VIEWS
Lack of Confidence in Banks Can Be
Overcome by Legislation.
PARSONS AND TWENTY-THREE
Mr.. CAMPBELL'S VIEWS
PARSONS AND TWENTY-THREE
He Had an Interview With the
President Today and Lunched
With Him.

Postmaster General Meyer, who called
on President Roosevelt today, Is delighted
with the boom the postal savings bank
proposition is getting. He is of the opin-
ion that Congress will take the matter
up seriously and that there Will be mighty
little opposition from sources that have
heretofore opposed the plan.
Il notice by the newspapers this morn
ing that the national manufacturers In
ST. Louis have come out for postal saw
ings institutions, and I am informed that
the National Grange, in session at Hart
ford. will do likewise. ! do not believe
there will be much opposition from ma
tional hanks. have had talks with bank
ers in number Of cities and explained
the scheme. as 1 have thought 1t out
They have not made objections. The ma
tional banks could not be hurt.
They would get the use of the money
deposited with the government, and, II
am not mistaken. they would not en-
counter stringent money, as at present
The object Of the plan / have is to pre-
vent money being put out Of business.
The people would have confidence in the
government and would not Withdraw
their deposits. as they have been doing.
The government would receive the money
and pay per cent interest on 1t, loanlng
cent. The interest from the banks would
pay all expenses"
No Securities From the Banks.
Would you demand securities from
the banks?'
Il do not think so. In the first place
the government would be a preferred
creditor as to deposits The courts have
decided this in other cases. In. the next
place the controller of the currency would
be a member of the board Of directors
and would make frequent examinations of
banks receiving al.otments of deposits.
Yes. there are suggestions that the inter-
est rate charged the banks be made suff1-
Client to provide COR a reserve fund to Sc
cure deposits, but that is something to be
worked out.
Il sent a good man to Canada to
study the workings of the postal saw
ings bank there. He reported that in
the last thirty-nine years the Canadian
government had handled 100000. 900 of
funds. and in that time the losses from
defalcations of pOstmasters and in
l do not think the government would
lose much money by dishonest post
masters. The funds deposited with
them would be deposited each day in
national banks designated for the pur-
pose.
But. as I have said, the main idea
in postal savings banks is that it
would have behind it the credit Of the
government Take the case Of immi-
grants who come here. In the last
fiscal year they returned to their homes
S7O,0O0.O00 of money through United
States money orders. I have no doubt
that through various other sources
they returned in that year fully $780,
100000 more, making a total of $780,
100000 that went out of the country.
A goodly portion of this went to rela--
tives. but we have traced millions of
it back to the postal savings bank
systems of foreign countries. The i'm
migrant Is unfamiliar with our busi-
ness methods. and had rather trust his
money with the government of his own
country. If we had a postal savings
bank system 1 believe that immigrants
would deposit millions that now go
abroad"