Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-26

interest on deposits cannot vita
reason. fear that the governments
banks Viii cut materially into their
business
ION the other hand. I propose that
this money shall not be taken out Of
[ circulation. 4 lot Of dead money
will be resurrected. There are now
great numbers - people wno have ac-
quired tho habit u thrift. who. upon
mall earnings. by s%elf-dcniai and
money. They do not carry 20 10 the
savings banks for various reasons
Among the immigrants IL Is ack %
confidence They are a thrifty peo-
pie. They do not spend All they make.
Ar present. however. they VIII not put
their savings Ia the banks, because
they do not understand our institu-
lions. They have brought with them
from home great confidence in the
stability % the government, ana when
they want to put aside their little
hoard they viii GO 10 the p~ostoffcc
and bus q money oroer. Thk ties tho
money ny gs tight as though it were
placed in box in "a safe deposit vault
We constantly hear 81 the tight
ness of money. We are frequently
told that our currency system 81 not
sufficiently elastic. From my study
while abroad and from my observa-
tions since becoming postmaster gem
erat. I ann satisfied that a great deal
can be- done in the direction Of keep
ing money In circulation by establish
ing postal savings banks. A. J do not
believe the government should enter
into competition with savings banks
and ! do not believe it Will. " We fix
a rate Of interest lower than that paid
by thc private establishments. ] sug-
Rest 2 per cent because the govern
meut has na trouble in borrowing all
the money b. needs al that rate OF in
terest viii recommend that the
money deposited with the postal say
inRs hanks be loaned out 10 the ma
ti0nal banks al not less than b rate
Of interest the government pays. and
the rate might BE- madc ga per cent.
Sci that all expenses incident to the
conduct Of postal saving banks Wouli
be covered and the government would
operate without a loss.
Get Law First.
81 have not decided 10 my 49,
satisfaction just how these deposits
Of postal savings funds with national
banks viii be secured. II might boz
provided in the law that. like other
government deposits, the natiOnai
banks be required 10 give United
States bonds as security. But that Is
one of the details that can easily be-
arranged.
what we want now II to secure the
passage Of a law which VIII launch
here q system that has been conducted
with so much success abroad. Whether
a special issue OF stamps should be-
provided 10 be- sold to the public 10
be placed Ia books 10 be Issued By
postal savings banks Is another ques-
ton which can well be- disposed oil
when the law Is being framed. N.Y.
idea Is that IL might be stipulated
that amounts from % cents upward
should be accepted by p~ostmastcrs.
and that no account should be permit
ted to exceed $3.50. ! think It we'll 40
place a maximum upou the total of
the savings "a be cared for by the f
government. After the deposition haH
accumulated $3.50 or $500 the saving
habit viii be upon him u he al
then be prevailed upon 90 Withdraw
the amount for deposit IN some pri-S
vate or national institution and begin
again with his small savings.
- have found during my inquiry, /
adequate savings banks facilities
do not exist al present. In the Pa
cihr coast states. for Instance. the aN-
distance between pOstofhces and
savings banks is from hfty to nfty-fve
In the southern states the aN-
crago distance is from thirty 90 thin I
tY-fiVc miles in the middle and wes-
miles. and in New England only hf-
teen miles. Would 30 not De advisable
70 provide facilities so that our pcp-
pie. when they go 10 thc pOstUfnCc
may deposit their savings?
we should do an We can 10 en-
courage thrtft among 10 children.
The great strength OF France has been
b. HHA .F HL- ..aaN- UHE..L |.H
no reason worth considering why a
should not receive the same enc
courjCement. / am now az work upon
details and viii strongly urge
congress hat something be- done. ln
my opinion postal savings banks VIII
a long way IN The direction Of max
Ing money easier. lt viii bring out
)f hiding many millions of dollats
NhiCh do not Roy "a their way into
savings banks, and never
a may be hard 90 got congress 60
act ca the postal savings bank plan
next winter. but with the power OF
he administration caruc-,iN oNcrtcd
In htlulf OF the plan, aS is Indicated
q start viii be mad in the right di-
ana those iu control al thc Icl-
md. who, FOR one reason ct
lnotl or. have been Keeping the
p~igeonholcd win have Co rc-
port "a measure iu comparatively
short order on answer Goo the people
their neglect.
That there mas been % constantly 7.
ng sentiment among the people
In favor OF the postal savings system
which now has reached proportions
,uth,lcnt Ca force action ht congress-.
Z effort be- concentrated fp ihat end.
AN hardly hc denied. THE trouble iu
De ,tt has been thai the aIministrn- e