The free lance. (Fredericksburg, Va.) 1885-1926, 1908-10-01

That she Government Cannot I'm
prove It-Think Il Preferable C
Educate Ne~ly-Arrived Foreigner.
to our Methods Than to Aeeommo
cate Cur Methods 70 His lneNperi
enee.
Denver. Colo. Sept - -Oppo sitiou
/ 10 postal saviuSs bauAs aas yci,cd i'm
| a report m1Dc bv fhe committee nu
that subject 90 Rae savings banks src
/ uon ot the American Bankers ,rs
citation. whose thirty fourth annual
convention opens on Wednesday. The
report follows.
10 is onr opinion that. unless I'm.
pc-auveiy demanded by public needs.
tAe functions of che United States eo.-
eminent should NOT oe extended %
The spheres properly occupied by state
governments OF by corporate or lndl
Niluai effort
The savings ss stem of the major
.t of thc states. with the modern Ia
cittles Tor transaCting business bv
mail are adequate 90 the needs 81 the
people and tac safeguarding OF their
deposits. Or Is evidenced by the record
Ut tais association that it is tho con.
slant eudeavor ot the banking frat
nifty 20 improve these conditions In the
rgmaiu.u- states.
Although ia our opinion. NO great
4etfimeni VIII result % the existing
Swings bank system from the estab
hsnmcnt of postal savings deros.tnr.
les. mas much rs the present facilities
are sup uor 10 any that could o. af
io--,i oy the government. or 90 thos,
Oh Toe countries where postal saving.
bsn.s row exist
We think 30 preferable 60 educate
the n'~ls arrived foreigner O. AmDri-
tan methods rather than To accomro-
Dale our methods 90 his ineNp,ricnse
We r.nt Uith pride 20 tho record
OF ,fe savings Institutions OF tho
United States. While the figures fo-
1919 Gre nlr tct available. during the
y,ar 1906 tac ag-rc gate net loss 90
-ito. s. Ua- tac trivial sum of SfeI..
l.N. ms th-.. ten thousandths az
per c.at on a tota. or 81. 100000 .0ln in
savings deposits. whereas the rro-
government rate or . per cent
'i.t aa-. deprived tne depositors OF
Ai i.a-t s.|-UIuNu In interest in III,
..r year
iar tlc requirement notice for
VItAir-wal of deposits the report
says
Nearly all the banks are protected
By their charter provision in the mat
Tor &C requiring notice for PAYMENTS II
desired During The past year this
privilege was largely awaited OF. al
though many banks resort. with a
sAo" 80 some pride. that they have
never found THIS step necessary. Many
Of the large harks 10 the east reouireB
notice. not because of their individual
.cis but because the general com.
mere al ana banking conditions dc
maniet that the savings institution.
conserve their cash resources and taus
protect those commercial banks with
whom they carried balances
II these large concerns had viaidai
10 The clamor OF their depositors Tor
currency the situation would mas.
oetn strained % the breaking point.
lAeir aston is now commented al.
most universally.
IN is wise ia the opinion Of this
committee that every savings b,n,.
should have the right 20 require sixty
or ninety days notice Tor the with
dIa al % deposits. in order TO protect
iis'i from LOSSES resulting from tho
forced selling OF securities durine a
ume oi general financial stress as VOL
as Oh protect the deposltors them
selves from the dangers OF carryin
cash on their persons. or from storing
it in unsafe places in their homes. bu,
no solvent savings bank should max
use az tals defense If it alone is sin
sicd ont and IT'S integrity assaned N
times Of general prosperity.
Tho attitude Of the savings banks
toward their panic-stricken depositors
seems 20 De one Of tolerance. al
though The burden may be placed upon
the larger number OF depositors who
DO not lose their heads"