The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-11-24
POSTAL SAVINGS.
Measure Likely to Be Adopted
at Short Session.
OPpO 'itiOn From Bankers Has
Been Largely Withdrawn.
PLAN is MIR. MEYERS.
postmaster General Has Work
ed UntiringIy for Change.
Says More Facilities Are Needed
for Saving Money.
PLAN is MIR. MEYERS.

A-4oS Oe1AIh law VIII prODaDly De enacted
by the coming short session of con-
gress. Not much general legislation is
expected at the short session. The ap-
preparation measures will occupy most
of the time. Still, it seems likely that
both houses will find the opportunity
to put through a measure for postal
savings banks, and that without any
protracted debate
Since 1871, for nearly 40 years. the
country has been discussing the ques-
ton of establishing postal savings
banks, and it will be a remarkable ac-
complishment if the short session of the
Sixtieth congress provides for a sys-
tenn over which there has been so much
controversy and to which there has
been so much opposition.
A year ago it looked as if the way
to postal savings banks were likely to
prove long and rough one; but the
public demand for such a system, fol-
lowing upon the depression of a year
ton has changed radically. In the first
place public sentiment on the subject
led the Republican party at the Chi
cago convention to declare for a pos
tai savings system. In the second
place a large share of the opposition
that used to prevail in banking circles
to postal savings banks has been re-
moved. Intelligent bankers for the
most part have been led to see that
the postal savings bank will re-enforce
the banking system of the United States
instead of injuring the banking bust
ness.
Moreover, the agitation of the plan
favored by Mr.. Bryan for government
ly tended to lessen the objections
hitherto made to postal savings banks.
Postmaster General Meyer will be
entitled to large measure of credit
toll inc han Il fEaT11 To-
gally provided for by congress. He
has hammered away from the
time he entered the poStoffice depart
ment and has gone to and fro and up
and down over the country preaching
the advantages of it. He has had
more to do in .arousing public senti-
ment as to the needs of postal saw
ings system than any other one man.
He has been strongly backed by
President Roosevelt, who urged a pos
tai savings bank law in his last mes
sage and who will repeat his recon-
mendation in his forthcoming mes
sage.
Postmaster GENERAL Meyer believes
that congress Will pass the postal
savings bill the coming session. De-
cember IA has been fixed as the date
for beginning general debate upon 1t
in the senate, to-be continued until
vote is had. Senator Carter of Mon
tana is in charge of the bill and will
give it able cham pionship.
A majority of the senators and
more are pledged to support the bill,
which was reported last session out of
the senate postoffice and postroads
committee by unanimous vote How
far the Democrats will oppose the bill,
now that it has been Endorsed by the
Republicans in national convention
and made a party measure, is not GER
tain, but it is not expected there will
be serious Democratic opposition.
Last session the plan of postal saw
1ol-c L in
for the reason that it had opposition
in the house postal committee, of
which Congressman Jesse OVerstreet
of Indiana is chairman Mr.. Over
street has been beaten for reelection
and while he Will serve in the short
session, he desires to remain in poll
tics and to return to the house., and 1t
is not likely he will try to get in the
road of a policy for which the Re-
publican party has declared in nation
al convention.
one source of strength for the pro-
posed legislation is Mr. Taft He is
in favor of it, and strongly advocates
action at this session.
Postmaster General Meyer estimates
that within a few years $5OO,OOO,OOO
will be deposited in the postal savings
banks, once congress authorizes their
esta bIishment Under the bill now
pending in the senate, this money
would not be withdrawn from cir
culation, but would be placed in the
channels of trade through the medium
of the national banks. 1t is the con- |
tention of the postmaster general that
facilities are not now provided for
most of the population of the country
to deposit money. The deposits in
savings banks as reported to the
comptroller of the currency amount
to a total of S3.482, 100000, but of
this sum, the savings institutions
of fourteen states, including
New York New England, Pennsyl- |
n 1t
Illinois, Iowa, and California, have
s3.4SO.O0O,OOO. That is, the savings
institutions of these fourteen states |
have 9S11 per cent of the total
deposits in savings banks in the
United States. leaving 1 II per cent, |
or $52,0OO,OO0 in the remaining
thirty-two states. Mr.. Meyer argues |
from this that more facilities for saw
ing money are needed IN these thirty |
two states, and that postal savings |
banks will provide the facilities.
In the United States there are 61,- |
900 postoffices, and of this number
10000 do money order business,
and under the pending bill, if it is en-
acted, will be able to serve as postal
savings repositories.
TO a considerable extent, the post |
office department is being converted |
into a savings institution without any |
law This is shown by the fact that /
in the last fiscal year, $S,1O4, 447 in |
money orders were purchased, pay |
able to buyers themselves. This |
about $4,000 in fees paid |
to the government. The fact that in |
the last calendar year about $1,000
100000 was sent to other countries, |
much of it to postal savings banks
abroad will be used in the de- |
bate in congress as an argument for
the abliShment of postal savings
bank system here in this country.
The bill which the senate will de- |
bate soon after the opening of the |
short session gives the postmaster gem |
eral authority to designate all money |
order most nfffhes to receive savings