Alma record. (Alma, Mich.) 1878-1928, 1908-10-29
POSTAL SAVINGS BANKS
Machinery of Congress AHsasS 4
Started for Postal Savings
Bank Law.
A SAFE and Sane Plan for the Cen
vsnience of the People and the
Encouragement Of Thrift


postal savings bank system Tor the con-
venience of the people and the encour'
agement Of thrift"
This is the declaration OF the kepuD-
lican national platform, and postal saw
ings banks will without doubt be AL
thorixed By law and established as
part of our financial system BY the
action Of Congress at its coming ses
sion. which will be convened IN Decem-
Der. Indeed much has already been
accomplished towards the enactment or
this law. At the last session OF Con-
xress q bill was carefully prepared
which met with the approval Of the
Postmaster General. and was reported
upon favorably by the Senate Commit
tee on Post Offices and Post Roads.
This bill is now on the Senate calendar
and can be acted upon as soon a. Con-
gress is convened.
The scope OF the proposed law Is set
forth in the committee report, which 10
In part as follows:
COMMITTEES Report.
The purpose Of this bill In to place
at the disposal Of people OF small
means the machinery Of the Postofice
Department to aid and encourage them
to save their earnings. The subject OF
postal savings banks or repositories IN
not new In this country and 1t may be
truly said to be quite familiar to the
people Of Europe and the British colon
les The propriety Of establishing
postal savings banks became the sub
ject OF discussion in England as early
as 1907. Every objection to such use
OF the postofIice facilities urged In this
country was vigorously pressed In the
long discussion Of the subject
In England.
For over nifty years private savings
institutions waged bitter opposition to
the growing sentiment In favor Of postal
savings banks, but notwithstanding
such opposition In 1851 an act OF Par
Lament was passed entitled IAN act
to grant additional facilities for de-
posting small savings with the security
OF the government for the due repay
ment thereof" That the alarm Of pri-
vate institutions was iii founded IL
amply proven by the recorded fact that
/ the private savings banks increased
their capital by more than ten millions
Of dollars In the first fifteen years fol
lowing the establishment OF postal saw
ings Institutions
That the postal savings institutions
proved successful is satisfactorily at
tested by the fact that no backward
step has ever been taken in England on
this ubiect and by the further fact
that in rapid succession the lead OF
England was taken by other countries.
The primary purpose Of these insti-
tutlons is TO encourage thrift and a
saving disposition among the people Of
small means by placing at their dis
posal in every part Of the country
ready facilities for the depositing ct
small sums with absolute assurance OF
repayment on demand with low rate
OF interest on limited aggregate
amount.
Postal Savings Banks Needed.
In certain parts of our country saw
Ings Institutions are sufficiently numer-
GUS to accommodate the people, but
such areas are quite limited, being con-
fined TO New England and New York.
1t is alleged that by reason Of the num-
Der and location Of savings banks there
Is one savings account to every two OF
the population Of New England, where
az IN all the country outside New I'm
gland and New York the average is
only one savings account to every 15T
OF the population. Taking such figures
to be approximately correct aud recog-
nizlng the fact that the people of all
sections OF this country are pretty
much the same In habits, inclinstions,
and purposes, il must be obvious to the
most casual observer that the people
of the South. the Middle West, and the
West dc not save their earnings as d
want OF secure places in which deposits
may be made.
To those who feel Inclined to believe
that the establishment of postal saw
ings repositories will involve an ele-
ment OF paternalism Il seems quite suf-
ficient to suggest that the machinery Of
the Postoffice Department is now I'm ex-
istence and will continue to exist with
out diminution Of expense whether
such repositories are created or not
and that the establishment of these
repositories for the benefit OF the
people will not involve one farthing Of
loss to the Post-Ofice Department, but
will probably, on the contrary, prove
more than selfsustaining. Very slight
compute ton viii clearly demonstrate
that the postal savings depositors can
not burden the Post-Ofice Department
with any additional deficiency.
II / am elected President, shall
urge upon Congress, with every hope
OF success, that law be passed reQuir-
ing n filing In q Federal Office of