East Oregonian : E.O. (Pendleton, OR) 1888-current, 1907-12-03
P0ST0FF|CE RECEIPTS FOR 1907 WERE
s185,585,005

Of money which m ght otherwise bt
boarded and kept out of circulation
through ignorance or lack OF con,
fidence.
Wherever 1t may be, this money
has lost It's proper functions and the
nations business not only receive,
no benefit from It, but even the pros.
perty of the country suffers anc
may be eventually destroyed Money
deposited In postal savings banks
would be absolutely safe, as the gov
ernment would be back of 1t.
More than seven million immi.
grants landed in this country during
the past 10 years, and 1t has been
demonstrated that in the aggregate
immense sums Of money have been
boarded or sent away by these peo-
pie. In many instances ii has been
found that, for want Of postal saw
ings banks, money orders are being
bought, payable to the purchaser,
good for one year.
During the fiscal year ended June
! 30, 1907, the postoffice department
sent to European countries alone in
the form of money orders $72,111,-
1884. OF this sum, 1S.9S6,519.61
went to italy representing 459,765
money orders, averaging $41.29
each); 81, 3.99166 to Austria
Hungary; $11,5S2,O2S54 to Great
Britain, and s125O,S5S.s9 to Rus
sia.
latlng, would naturally have been
placed for safety in the postal saw
| ings banks. In fact, II has been
brought to my attention that money
OF the immigrants, on account of It's
pcssessors being ignorant Of our Ian
guage and suspicious of our instltu-
tions, Is being sent home in order
that II may be placed in the postal
savings banks of their native cOun-
tries. II is believed that this would
not he the case in many instances. II
we had postal savings banks in the
United States.
Enormous Savings.
The total amount Of deposits in the
savings banks OF this country Is $3,-
$50, ,0iS,9i5. OF this amount,
s1,394. .296,0S4 is in the state OF New
York; Sl.229,7 ,701,214 is in the New
England states. s694,OS1,142 being
deposited in the state of Massachu-
setts; $159.174,012 is in the state of
Pennsylvania; s194,66S,S5S is in the
state of Illinois: s1S5,S70,436 is in
the state of Iowa, and $576, ,S6S,391 in
the rest of the United States.
From these figures 1t will be seen
Nhat SS per cent is in New York
state; 33 per cent is in the New Eng
land states, about 10 per cent be-
ing in Massachusetts; per cent in
Pennsylvania: s per cent in Illinois:
nearly per cent in Iowa, and only
about 16 per cent in all the remain
ing states.
1t has been computed that in the
New England states the postoffice
averages only about 10 miles from
the savings bank. the distance in the
middle states averages 25 miles. the
southern states 33 miles, and the
states west Of the Rockies So miles.
1t is believed that postal savings
banks would be a great accommoda-
ton and an incentive to the great
mass of people who have not the
proper facilities near their homes
for placing their savings in safe
keeping.
From a study of the system which
is working so satisfactorily in Cam
ada 1t is believed that practically no
additional clerk hire is required in
the post offices, the entries being
made by the money order clerk. That
the postal savings bank business can
be handled with safety Is best attest
ell by the. results in Canada, where
in 80 yeaEs s465,OOO,0OO have been
received and disbursed, with a loss
to the government of not more than
$4,000. The total deposits in pos
tai savings banks there at present
aggregate S5O,OOO,OOO.
Asks for Authority.
It Is recommended that the post
master general be given authority to
designate all money order postoffi-
ces and such other post offices as may
be deemed necessary to receive de-
posits Of money for savings; deposits
to be accept in even dollars, with
81 as minimum; postmasters to be |
required to receipt for such depos-
its In the pass books of the Deposit |
ors and to.make daily reports there
OF to the postmaster general. who |
will acknowledge receipt of the de-
posits direct to the patrons; money
deposited in the savings bank not
to be liable TO demand, seizure, or de-
tention under legal processes against
the depostor Withdrawals may he
made at any time subject to certain
regulations.
On deposits made in postal savings
banks rate of interest of . per
cent per annum is suggested, the de-
rosits to be limited to $500 by any |
one person; any individual in the
United States 10 years old or more
to he permitted to open an account Il
in his own name and deposit to his
credit an amount not in excess of
$500. A child under 10 years of age
to have an account opened in his
name by a parant or guardian. but
are not to be made un-
I'll the child attains the age of TO-
Benefits of Postal Savings.
That the money deposited in the
postal savings banks may return to
the channels of trade. authority is
asked to place 1t in the national
banks which are government Qdepos-
tories In the states where the mon
~ ls deposited IN the postoffices. an
Iic,, MINI q n,,r,ho. Ac -. -