The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-09-27

. Is without weight If there were say
2 irss banks ia all the country %
> numerous and as easy Of access ai
/ they are in Massachusetts, in Tho
. Now England states and in New York
/ It nj ght be said that the postal say
ihps bank was an invasion of terri
tory properly occupied by private en-
scrprises, although even then it could
he pointed out that the function per
formed by the postal savings banks Is
much more comprehensive than that
OF the ordinary savings banks
Savings Facilities Needed.
Int. when il is considered that IA
only eleven OF the thirty-fve stat S
are there saving bank facilities, when
i is known that in the middle west,
east of the Rocky Mountains, the
average distance from any postoffice
to a bank OF any kind is thirty-threa
miles ana west of the Rockies is
FIFTY FIVE miles, il can be readily un.
lGerstood that the private enterprise
does not supply the need Of savings
banks which in order to furnish a mo.
| tive and opportunity for thrift and
savings should be easy of access to
the class whose welfare il is sought
! thereby 10 improve, OF the SO 500,
SOC coo deposits in savings banks
| thirty three per cent is in New Eng.
| and t6ityeight per ccut in New
York twnntyono per cent in P,nn-
syiyania Ohio Illinois, iowa and
ICaUioruia, leaving but EIGHT per cent
+ the total IN other states
We should not deny to orr people
throughout the country opportunity
to make the small deposits with the
security II the government promise
ia arE priuural and interest Su h |
i syatom will add greatly to the
money savings Of the country,
Would Not Hurt Banks.
Tho fear by any class of banks that |
il would Interfere with their business
the experience IN other countries has
shown to be utterly un7oundod. Whore |
savings banks are established. they
pa' q, higher rate Of interest than the
government viii pay ror deposits in
the postal savings banks and confer
privileges on their dcpcsitors which
It WcGd he impossible to grant under
a government system
\ siIuidcant fact in connection
with the postal saving banks OF
thGao countries wheer they nave bcca
most successful is that onethrl OF
thn dypositors Of the postal savings
hanks abroad are miners anw two.
'hnds Of them are working men
Guaranteeing Deposits,
one Of tho great merits claimed for
he enforced guaranty Of deposits is
that il viii prevent panics. 1t is SUI
tcient to say that the plan proposed
cannot prevent panics panis IS
1ot STAYED by the promise that money
VIII ultimately be forthcoming. II
ran only be stayed by the production
# hC money itself When a fnan-
cial strIngency is on it is the cash
he man needs, and to say that he
will "rt il next. week certainly does
lol assist him No one who has heard
hat his bank was going 10 fal win
ieldy in Immediately applying for hi,
meme, roroI, boconso bo T.. o..,,.,,,
ba- N como tina !, a., r,,tana
vii Get ! {. Therefore the system
mi waro 1argo' n,onnh 80 onahr, Gao
,anLs ta ma, nh or th,i,. dona.i,ar.
he ti,po ~ tbo rn, MA ta, w. , ="
otioued opiy 70 tho ra.. .n'tai ,,'
to- foundation apJ n,,,,on MN ~
hat the funds would be utterly in.
dclratc to meet the demand for
eal- money which womb pr,yept a
auic. The total deposits Of t1c ma
.oral baufs arc s5.00oooo ooo one
aIi of one per cert upnn that and
his is n much larger porccutacc Than
rolo~el would make fund of s,5
l1G0G. The amount of money that
ns reudod to STAY the lat. manic il,
aN York banks alone was many
mes this sum. m other words the
,4h needed to STAY manic II Is Inn
s-iblo a. accumulate I'm .p, otn.r I