Rocky Ford enterprise., 1907-12-06
POSTMASTER GENERAL MEYER
STRONGLY URGES THEIR
ESTABLISHMENT.
TO ENCOURAGE THRIFT
GOVERNMENT COULD Paw TWO
PER CENT AND GET TWO AND
ONE HALF FROM BANKS.

Postmaster General Meyer urges the
desirability OF postal savings banks.
The report says:
Il earnestly recommend the cstlb-
l.shmcnt of postal savings banks:
"First-ln order TO encourage among
our people economy and ihrift.
'Sccond-ln order to afford n place
OF deposit free from any possibility OF
doubt or suspicion for vast sums OF
money which might otherwise bO
boarded and kept out Of circulation
dence.
wherever II may be. this money
has lost It's proper functions and the
business Of tho nation not only receives
no benefit from II. but even the pros
pority OF the country suffers and may
be eventually destroyed. Money de-
posted In postal savings banks would
BE- absolutely safe. M the government
would be back of II.
More than 100000 Of immigrants
landed In this country during tho past
ten years II has been demonstrated
that In the aggregate immense sums
Of money have been boarded or sent
away by these people. In many IN
stances II has been found that. for want
u; postal savings banks. money orders
are being bought payable to tho pur-
chaser. good for one year.
From study Of the system which
In working so % iisfactorily In Canada
II is believed that practically no .tidt-
uonGl clerk hire In required In the va
rious postofiiccs. the entries being
made by the money order clerk. That
the postal savings bank business cln
be handled with safety Ia best altcs:cd
b. the results In Canada, where In
thiriy-ninc years stG5.000.000 have
been received and disbursci. with u
loss To the government Of not more
than $4,000. The total deposits In
postal savings banks aggregate $780,
UOO.O 900.
1t In recommended that tho post
master general he given authority to
designate all money order poKtoMccs.
ana such other postoiiiccs M may bss
deemed necessary. to receive deposits
u: money. for savings: deposits to Lc
accepted In even dollars. with 81 M
y minimum. postmastcrH to be re-
aGircd to receipt for such deposits In
tho pass books OF the dcpoSitors and
to make daily reports thereof to tho
postmaster general. who will ackno~l-
edge receipts OF tho deposits direct to
the patrons: money deposited In tho
postal savings banks not To bc liable
Ia demand. seizure or detention unIcr
legal processes against tho deposition.
Withdrawals may be made Mt any tImo
subject to certain regulations.
"On deposits made In postal savings
banks a rate Of Interest Of two pcr cont
per annum is suggested. th" deposits
to bo limited to $500 by any one per
son: any individual In the United
States ten years old or more TO bc pcr-
mittcd to open nm account In hts own
a Al
amount not In excess Of $500. A child
under ten years OF age TO have an nc
count opened In his name by n parent
or guardian. but Withdrawals arc not 10
be made until tho child nttains tho age
Of ten.
THAT the money deposited In the
postal savings bank may return to the
channels Of trade. authority IL asked to
place II In the national banks which
ar. government Repositories In tho
states where the money Is deposited In
tho postofiiccs. In consultation with .
number Of presidents Of national banks
In various parts of the country I navo
been assured that on special deposits
of this character from the Postofice
Department they would allow rate of
interest OF 2a per cent As tho Post
Office Department (govcrnmenD Is a
preferred creditor. II would not demand
collateral from the banks In the say
OF bonds. There would be the safe
guard OF having the comptroller OF the
currency report regularly on the stand
Ing OF the banks that are used rs Dc
positories and the double liability OF
tho stockholders OF the national banks
would be an additional assurance OF
the security of the deposits.
Thus the principal object OF ths
savings banks will be to encourage hab-
It's of economy. not only among our
own men and women. as well as chill
drcn OF ten years of age or over, who
live In places remote from any bank.
but also to encourage the forcig. sct-
tier to deposit his earnings IN this
country, because after he has accu.nu-
lated a few hundred dollars he will not
be content to receive merely two per
cent interest. but will possibly seek TO
purchase home. and the moment he
acquires real property here he becomes
n more conservative citizen. is actively
Interested In the affairs of the nation
and at the same time places himself
and his dependents beyond the likelf-
hood of becoming public charges-
Should, however. his earnings remain
in tho postal savings banks. the fact
that he has an interest In the govern
ment and something at stake will tend
to make him a more desirable citizen"