Bisbee daily review., 1908-11-10
KEEPING CASH
AT HOME.

tablShing postal savings Danks Oh
something of the same plan that has
already worked SO successfully in
England for many years is discussed
the more arguments, and stronger,
are adduced in it's favor. This is one
of the pet hobbies OF Postmaster Gen.
eral Meyer, and ne il working so earn
estly for the cause that it is to be
hoped he may be successful and that
this reform, which viii undoubtedly
prove a great blessing to multitude
of people win be accredited to his
administration of the Office.
Postmaster General Meyer ex-
presses some interesting views on ;he
postal savings bank question in the
current number of Van Narden's Mag
azine.. He has studied the question
carefully, and has reached the conclu.
sion that the adoption OF postal saw
ings banks would solve the panic
question. He believes that because
the ignorant immigrants have implic-
it confidence in the credit of the
United States government and no con-
fidence in the many private savings
institutions, they would, if postal saw
ings banks were established. be glad
to trust heir surplus money to the
government money which lis now
sent abroade Last year over $780,
00O, 900 was sent to foreign countries
in postal money orders. Postmaster
General Meyer in an interview in the
magazine above mentioned. says:
81 learn that 459,755 postal orders
were drawn by Italians alone. These
orders averaged s4129, and the total
was more than 100000. We know
that this vast sum was not sent home
to be spent. The bulk of it was add
ed to the deposits of the banks of
Italy. Our financial institutions lost
the use of it. Italy gained it."
AS to the question Of postal saw
ings banks averting panics, Postmas-
ter General Meyer believes that the
world at large has confidence in the
credit of the United States, and that
this confidence would cause immi'
grants to deposit with the government
millions of dollars which in times OF
panic are withdraw from circulation
and hidden away. Baving confidence
in the government, they would leave
their money in the postal savings
banks. where it would be constantly
performing it's function and aiding in
the spread of trade.
While opposition to the establish
meut of postal savings banks is TO BE-
expected from some private banking
institutions, the postmaster genera
believes that the wise bankers will b
found in favor of il They know tina
the saving OF money is habit, an'
that the more the wage Garner iearnl
to accumulate the greater becomes hi
desire to see his account grow. Pres
idents of national banks of deposi
| have already pledged themselves 4
pay the government two per cent Of
all deposits.
Il Some startling figures have bee
Il gathered by the statistician in til
working out of the postal saving
! bank plan. These figures show tina
the people of this country are yer
frugal in some things, especially i
the saving of money. For prior I
the recent panic. there was on depo:
it in savings banks no less than 50
| sec, 07s, s45. OF that sum s1.Ss4,zss
, 900 was in the savings banks Of Ne'
: York state alone. Ten states had owe
rs per cent Of the total, the remainin
q per cent being scattered through
} out thirty-six states.
To the postmaster general these NJ
ures are eloquent in support Of hi
. plan for postal savings banks in III
thiclsiy populated states of the eas'
as proving that the people are anxiou
!, TO bank their surplus money II give
an opportunity. The small savings 4