The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-08
AN ADDRE SS
BfHATHAWAY
Before the Convention of the
Postmasters of West
Virginia.

Hon. E. H. Hathaway, OF Wash
ington, D. c., sent here by the post
Office department, to make an adj
dress to the postmasters of West Vir-
ginia in convention assembled. did
so ably Wednesday evening. ably dis
cussing postal savings repositories as
follows:
Experience has shown that the
disposition to save money is very
much prompted among the people of
small means by providing them with
abundant facilities for making de-
posits in institutions of undoubted
security; by the payment of a small
rate of interest on deposits; and by
the acceptance of deposits In very
small amounts, at such hours of the
day as shall be most convenient for
the laboring classes.
I'm some parts of our country saw
ings institutions are sufficiently num-
erous to accommodate the people. but
such areas are quite limited, being
confined to New England and New
York. 1t is stated that by reason of
the number and locntion of savings
banks in the localities mentioned
there is one savings account to every
the country outside the average is
only one savings account to every 1877
of the population.
Taking such figures to be approx
mateIy accurate and recognizing the
fact that the people in all sections of
this country are of pretty much the
same habits and inclinations and pur-
poses, it becomes obvious to the most
casual observer that the people of the
South. the Middle States, and the
West, do not save their earning as
do those of the Eastern States, from
mere want of suitable places in which
deposits may be made.
Facilities Are Lacking.
Statistics indicate that OF the.
$500, OOO,O 900 derosited in savings
institutions in the United States. the
combined holdings of 35 states are
but s per cent. of this amount. There
must be, therefore, great numbers OF
our people who are without banking
facilities. 1t is found by careful cal
culation that in the South the aver
age distance from the postoffice to-
the nearest bank of any class Is 33
miles: and west of the Rockies the
distance isi55 miles.
Amount ON Deposit.
I'm the entire country the total
amount on deposit In savings insti-
buttons was at last accounts $780,
100000, of which SO per cent. Is in
the banks of New York state alone;
and 33 per cent is in New England.
If you add Pennsylvania, Illinois,
Iowa and California, you have 80 per-
cent of the three billions and n half,
leaving eight per cent. for the ball
ance of the country, and showing con-
clusively that not as much attention
has been given there to encourage
and facilitate the making of savings
deposits as has been the case in the
states first mentioned.
THE New England savings band is
not a private company, neither is I'll
stock company. 1t is a mutual
concern, established under the laws
of the states; an association, almost
benevolent In nature; the trustees re-
ceive no pay for their services, and
there are no earnings made on stock.
The only officials to receive pay are
the president, the treasurer, and the
clerks. The trustees give their time
for the benefit of the depositors. The
amount of money on deposit in some
of these institutions reaches into the
millions. one Boston bank has $50,-l
900, 900 on deposit. These institu-
lions are conducted under the direct
of the states where locat-
T Il