The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1907-12-06
u. S. SAVINGS BANK
POSTMASTER GENERAL FAVoRS
THE ESTABLISHMENT.
WOULD ENCOURAGE ECONOMY
Money Deposited in Postal Savings
Bank Would Be Absolutely Safe
and boarding Would Cease.

Washington, d. c. Postmaster
General Meyer, in his annual report,
made public, urges the establishment
OF postal savings bank The report
In order to draw attention to the
enormous expansion and increase in
the business OF the pustofiice depart.
mon', | desire TO refer to the year
1851 when the receipts OF the postal
service were sS,053.952. the eXpondi.
lures $ll50S0 5S and the deficit 81.
45i .lOG Since then the receipts have
nearly doIbIed every ten years and
the expenditures have increased cor
rcspondinEly
In the year 1897 the receipts had
risen to $S2.GGj 4G2 the expenditures
10 s9i,O7T242 and the deficit to sll..
4ilT19. Ten years later, June 30,
1907. the receipts for the fiscal year
had doubled, being slS3 .585, OOj. with
expenditures Of Successes. The def.
icit. however. had dropped to sGGj3,-
2S2. Consequently, II one may judge
by the figures Of the last nifty years
every indication points to the proba
bility of the postal receipts passing
the $3.50 100000 mark in 1917.
Would Encourage Economy.
/ earnestly recommend the cstab-
ishmcnt 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-
criyus no benefit from II, but even 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 100000 of immigrants
landed in this country during the past
ten years, and II has been demonstrat
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 postoftice department
sent TO European countries alone in
the form OF money orders $72,1ll,-
1884. or this sum, s1S,9S6,6l9.6
went to Italy representing 4j9,795
money orders, averaging $il.29 EACH;
$lG, 1863. 99lG6 TO Austria,Hungary;
$I1, 5S2. 02S.5i to Great Britain. and
$7,250, S53,G9 TO Russia. This money
while il was accommodating. would
naturally have been placed for safety
in the postal savings banks. In fact
II has been brought TO my attention
that money OF the immigrants, on &C.
count of It's possessors being ignorant
Of our language and suspicious OF our
private institutions, is being sent
home in order that 1t may be placed
in the postal savings banks OF their
native countries II 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 rate of interest of per cent
per annum is suggested, the deposits
to be limited to $500 by any one per.
gOn