The Florida agriculturist., 1907-12-18
Uncle Sam as a Banker.


Thhis is the title of a good editorial
in the American Farmer, which is as
follows:
Your Uncle Samuel contemp1ates
going into the banking business
Heretofore he has contented himself
with bossing banks, through his ex-
aminers and courts, but now he thinks
of starting bank of his own
Though he has plenty of capital in his
Golfers, it is not proposed to use any of
this in his banking business. Another
popularity of Uncle Sans bank is, that
it is not to be run to make money, but
to spend it, herein differing widely from
all other kinds of banks In brief,
there is strong probability that we are
at last to have the long talked of postal
savings banks. Postmaster-G
Meyer will urge the scheme strongly
in his Forthcoming report to Congress,
and the public temper seems decidedly
favorable to trying in this country
what has long been familiar in Europe
In Great Britain, where the postal
savings bank has had a great develop
ment, the private banks are not regard
ed as weakened, but rather as strength
ened by this reservoir for savings
Ten million persons, or almost one
quarter Of all the men, women and
children in the United Kingdom, have
accounts with the postal savings bank.
The average sum on deposit is about
$78, the total amount of deposits being
$3.50, ,ooo, 900.
The need of the postal savings bank
is as we'll marked in the United States
as in Great Britain, and if Mr. Meyer
can succeed in securing the establish
ment of such a bank, his. adminrstra-
ton of his office will be memorable
Recent occurrences emphasize the
necessity and value of postal savings
banks. During the furry, the chief
alarm of banks and financiers was that
tinid people would draw out their de-
posits and hoard them, thus keeping
out of circulation hundreds Of millions
of dollars needed in the channels of
trade for carrying on business. It
was to prevent this that the banks
adopted the extraordinary expedient
Of limiting the amount that a depositor
could draw of his own money in cash.
Certified checks we're substituted for
llle IelLdlHucI, lHc OBJECT DclIlS 10
keep the cash in the Golfers. This was
a dangerous, if not an extra-legal
scheme, which it would not be safe to
try often. Now, postal savings banks
would remedy this very trouble with
out straining the law Or alarming the
public. People who would not trust
any bank and are suspicious Of the
richest fnanciers, have perfect conf
dence in the United States govern
ment. While shying off from J. Pier
pont Morgan or even John D. Rookie
fe1ler, they would give Uncle Sam
their last cent in custody dy and lose no
sleep for fear of losing it.
The veriest old maid, wha uses her
stocking as a bank, the timorsome
miser who hides his hoard in a hole
under the cellar, the frightened for
eigner, the ordinary workman and sus-
picious people generally would with
out hesitation put their money in
a postal savings bank for the purpose
Of securing the small interest which the
government agreed to pay. But all
this money, which in the aggregate
would amount to a billion dollars or
more, would be turned over to the
banks of deposit to be used in business.
Thus, though in a slightly round about
way, the postal savings banks would
help to keep practically all the currency
i'm circulation Thew would be almost