The river press. [volume] (Fort Benton, Mont.) 1880-current, 1908-06-03
POSTAL SAVINGS BANKS.

A system of postal savings banks
is proposed in measures that have
been under discussion in congress.
one of which was introduced by Sena.
tor Carter, of Montana. The new de-
parture is said to be opposed by bank.
ing interests, on the ground that it
would interfere with their business,
but the success of the plan in other
countries encourages the belief that 1t
will be adopted in the United States.
The Carter postal savings bank bill
provides that deposits may be made
at any money order Office In sums OF
one dollar, or a larger amount In
multiples OF ten cents-the deposit
made by any one person not to exceed
5000 in any one calendar month. 1t
is also provided that the deposit to
the credit of any one person must not
exceed $1,000, and the amount upon
which interest will be paid must not
exceed $500. Interest upon deposits
will be two per cent per annum, COM
pounded once in each year, according
to the terms Of the measure. The de.
posts in postal saving banks are ge'
clared to be public funds, and will be
loaned to national banks, repayment
to the depositors being guaranteed by
the government.
In urging the passage OF his pos
tai savings bank bill, Senator Carter
expressed the belief that it would put
into circulation a large amount OF
money that is boarded by people who
distrust the methods Of existing tinan.
cial institutions, his remarks being 10
part as follows:
ITO me the duty of the government
appears plain and unmistakable.
Long experience has demonstrated
that privat institutions have not re-
sponded to the public needs in this
direction. and the merest academic
knowledge of geographical divisions
and the course Of the country's settle.
ment will force any one irresistibly to
the conclusion that no agency can
ever be devised to furnish the people
such widely distributed, s%plendidly
organized and satisfactory facilities
for the accumul alton Of small savings
as the postoftices of the country may
promptly supply without any tax
whatever on the postal revenues.
1.-The recent financial crisis has
given birth to many theories, and
numerous panic antidotes have been
presented to congress. Some OF the
measures proposed are novel, all
more or less experimental, and many
of them are contessedly but temporary
makeshifts. The measure | advocate
is not novel; it is not experimental.
nor is it in any sense a makeshift.
Forty.seven years Of trial in Grea,
Britain, supplemented by briefer per.
iods of operation in practically all
the countries of Europe, must Ger.
tainly be regarded as q sufficient dem
onstration Of utility.
AHC pOS'N' 9UNAAS9 ososClu uuS LUZ
nished financial ballast for every
country in which it has been adopted,
and in my humble judgment it would
do infinitely more to stay the return
of panic and give stability to the
finances of this country than al!
measure that has been accorded thu
serious consideration OF congress dur
ing the session.
SIN answer to a demand repeated
over and over again by the American
people for more than forty years
supplemented by the deliberate judg
ment of every postmaster-general VIII
has given the subject serious con
sideration since 1871, and in harmon.
with the recommendation Of the presi
dent of the United States, the con-
mittee on postot1ices and postroad
has reported this bill to the senate
Profoundly impressed with the vie
that sound public policy and iu;
regard for the interests Of all tn
people require that the bill should /
enacted into law, l shall earnestl
urge and will confidently expect
favorable vote on the in tt
near future,N