Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1907-12-05
U. S. SAVINGS BANK
POSTMASTER GENERAL FAVoRS
THE ESTABLISHMENT.
WOULD ENCOURAGE ECONOMY
Money Deposited in Postal Savings
Bark Would Be Absolutely Safe
and boarding Would Cease.

Washington, D. c. Postmaster
General Meyer, in his annual report,
made public, urges the establishment
of a postal savings bank. The report:
In order to draw attention to the
enormous expansion and increase in
the business of the postoffice depart
ment, | desire to refer to the yea
1857, when the receipts of the postal
service were $8,053, 1852, the expendi-
lures $11 sos, 058 and the deficit So
454,1O6. Since then the receipts have
nearly doubled every ten years and
the expenditures have increased cor
respondingly.
In the year 1897 the receipts had
risen to $50, 6G5, 462, the expenditures
to 1914, 077,242, and the deficit to SILL
ALTO. Ten years later, June 80,
1907, the receipts for the fiscal year
had doubled, being $1S3, 5S5, 0o5, with
expenditures of $50, 23S, 2SS. The def
icit, however, had dropped to $685.
2S2. Consequently, if one may judge
by the figures of the last fifty years,
every indication points to the proba-
bility of the postal receipts passing
the $3.50, 000, 600 mark in 1917.
Would Encourage Economy.
| earnestly recommend the estab-
lishment of postal savings banks:
First. In order to encourage among
our people economy and thrift.
Second. In order to afford a place
of deposit free from any possibility of
doubt or suspicion for vast sums of
money which might otherwise be
boarded and kept out of circulation
through ignorance or lack of conf
dence.
Wherever it may be, this money
has lost its proper functions and the
business of the nation not only re-
ceives no benefit from it, but ever the
prosperity Of the country suffers and
may be eventually destroyed. Money
deposited in postal savings banks
would be absolutely safe, as the gov
eminent would be back of it.
More than 1000, 900 of immigrants
landed in this country during the past
ten years, and it has been demonstrate
ed that in the aggregate immense
sums Of money have been boarded or
sent away by these people. In many
instances it has been found that, for
want of postal savings banks, money
orders are being bought, payable to
the purchaser, good for one year.
Sent Millions to Europe.
During the fiscal year ended June
80, 1907, the ~postofice department
sent to European countries alone in
the form of money orders $72,111,-
748.94. OF this sum, SIS, 986,519.61
went to Italy representing 459, 795
money orders, averaging $41.29 each);
$16,3 6 ,991.66 to Austria Hungary;
$11, 582, 02S.54 to Great Britain, and
$7,250, $500 to Russia. This money,
while it was accommodating, would
naturally have been placed for safety
in the postal savings banks. In fact,
1t has been brought to my attention
that money Of the immigrants, on ac-
count of its possessors being ignorant
Of our language and suspicious of our
private institutions, is being sent
home in order that it may be placed
in the postal savings banks of their
native countries. 1t is believed that
this would not be the case, in many
instances, If we had postal savings
banks in the United States.
On deposits made in postal savings
banks a rate of interest Of 2 per cent
per annum is suggested, the deposits
to be limited to $500 by any one per
ron.