The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-10-03

Machinery Of Congress Already
Started for Postal Savings
Bank Law.
A Safe and Sane Plan for the Con-
veniencs Of the People and the
Encouragement Of Thrift
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| postal savings BANK system Tor the con-
venience Of the people and the encour-
agement Of thrift
This In the declaration Of the Bepub-
lean national platform. and postal say
inss banks win without doubt be au-
thorized by law and established a.
part OF our financial system by tho
action OF Congress at its coming ses-
sion. which will DO couvencd In Deem
bar. Indeed, much bias already been
accomplished towards ths enactment Of
this law. At the hast session Of Con-
gress a 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 onices and Post Roads.
This bill Is now ON the Senate calendar
and can be acted upon a. soon as Con-
gress Is convened.
The scope OF the proposed law Is set
forth IN the committee report, which 10
In part as follows:
Committee Report.
The purpose OF this bill Is to place
Mt the disposal Of people OF small
means the machinery Of the Postofnce
Department 20 aid and encourage them
20 save their earnings The subject Of
postal savings banks or Repositories Is
not new in this country and II may be
truly said 10 be quite familiar 10 the
people Of Europe and the British colon
les. The propriety OF establishing
postal savings banks became thu sub
ject OF discussion In England az early
as 1907 Every objection to such use
Of the postoflcc facilities urged In thin
country was vigorously pressed In ths
longcontinued discussion Of the subject
In England.
For over fifty years private savings
institutions waged bitter opposition to
tho growing sentiment In favor Of postal
savings banks, but Notwithstanding
such opposition In 1861 an act OF Par
lament was passed entitled IAN act
10 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 Ill founded In
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 fob
lowing the establishment of postal saw
ings institutions.
That the postal savings institutions
.N..f a. o.. III
tested by the fact that 10 backward
ktep has ever been taken In England on
this subject and by the further fact
that In rapid succession the lead OF
England was taken by other countries.
The primary purpose OF these insth
tutions Is 10 encourage thrift and
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 Of
small sums with absolute assurance OF
repayment on demand with low rate
OF interest on limited aggregate
amount
post.i Savings Banks N~~Aea-
In certain parts Of our country saw
iryr fnstitutinns arc sufbcfsDtIy nnmer-
COS 10 sccomnodate thu people, but
such areas are quite limited. being con
fned TO Nov Bnglapd and New York.
II 10 alleged thst ~ pssssn Of tn mum
Der and locattsn e savings hanns tAArs
" ens savin0 seosunt - svesy two al
thu population e New DngiAnd, vhsrs-
- IN all the couatry ouesi6s NV N
gland and NV Yori fAs AvspAss 10
only one savings ecrsunt 10 every icz
Of thu povslatisa- Tskins such figures
70 be approa INA tsfy csrrscs and psrov
Mining tbs fact that The psops Of AL
sections Of thas ccontSy are prctty
much TIN SANE IN hsbsts, iDcitnattans.
and purpoe>s. II must Be obvisus 10 fhs
most casual observer that ths peops
Of the Bcuth the flddls Wees. and thu
west Do not save their esrnfnp a. DO
tboss Of New England from thu nrrs
want Of secure psaors In which deposits
may b. made.
To those who feel inclined 10 believe
that the establishment Of postal say
inxs depositories will involve an ele-
ment OF pstsrnalism II seems qufse suf-
ncient 70 suggest that the machinery Of
the Postof,ce Department IL now In cx-
istence and will continue 10 exist with
cut diminutien Of expense whether
such depositoriee nre 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-onice Department. but
will probably, on the contrary. prove
more than demonstrating. Very slight
computation viii clearly demonstrats
that the postal savings deposltors can
not burden the Post-ofice Department
with any additional deficiency
Fsvors Publicity Law.