The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-10-17
Machinery Of Congress Already
Started for Postal Savings
Bank Law.
A Safe and Sane Plan for the Con-
venience OF the People and the
Encouragement of Thrift.


agement Of thrift
This is the declaration Of the Repuh-
lean national plat form. and postal say.
lngs banks will without doubt be Al
thorized by law and established rs 4
part If our financial system by the
action Of Congress at lis coming SEES.
sion. which viii be convened In Decem-
! Der. Indeed. much has already been
! accomplished towards the enactment of
+ this law II he last session Of Con
gress IA bill was carefully prepared
which mel with the approval Of the
Postmaster General. and WAS reported
upon favofably by the Senate Commit
tee on Post Offices and Post Roads.
This bill Is now on The Senate calendar
aud can be acted upon As soon rs Coli
gress is convened
The SCOPE OF the proposed law Is set
forth in The committee report. which Is
In part as follows:
con.ai,,es Report.
The purpose of this bill is to place
Al the disposal NJ people Of small
means the machinery of lie Posiofiiee
Department 10 aid and encourage them
10 save their earnings. The subject Of
postal savings banks ar repositories IN
not new In this country and 1t nifty be-
truly said 10 be quite familiar 10 the
people ef Europe anu tie British colon
les. The nfoprieiy of establishing
postal savings BANKS became the sub
jet of discussion in England as early
as 1901 Every objection IL such Use
OF the postotiiee facilities urged in this
country was vigorously pressed In the
long continued discussion of the subject
In England
For over nifty years private savings
institutions waged bitter opposition IL
the growing sentiment In favor Of postal
savings banks. but Notwithstanding
such opposition In ls6l an act of Par
Lament Wis passed entitled An 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.
yate institutions was III founded Is
amply proven by thu 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 Tire faet that IN backward
step has ever been taken in England on
that In rapid succession The lead Of
England was taken by other countries.
The primary purpose Of these instl
tutioHs is 10 encourage thrift and a
saving disposition among the people Of
small means by placing al their dis
posal in every part of the country
ready facilities for the depositlng of
small sums. With absolute assurance OF
repayment on demand with a low rate
OF interest On limited aggregate
amount
Postal saving. Banks Needed.
In certain parts NJ orr country saw
ings Institutions are sufficiently numer-
Gus TO Accommodate the people. but
such areas are quite limited. being con
fined 10 New England and New York.
1t Ii alleged thai By reason of The mum
Der and location III savings banks there
Is one savings account 10 every two Of
the population of New England. where
as In all the country outside New En-
gland and New York the average is
only one savings account 10 every 151
OF the population. Taking such figures
to be approximately correct and reeog
MIXING the fact that the people Of all
sections ~ this country are pretty
much the SAME in habits. inelinations,
and purposes il must be obvious 10 the
most casual observer that the people
Of the South. the Middle West. and the
West do not save their earnings as do
those of New England from the mere
want of secure places In which deposits
may be made.
To those who feel inclined to believe
that tho establishment Of postal say
ings repositories viii involve an ele
ment of paternalisln II seems quite suf
ticient TO suggest That the machinery OF
the Postoifice Department is now in ex.
istenee and viii continue 10 exist with
out dlminution 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 farthlng of
+ loss 10 the Post Office Department, but
will probably. on the contrary, prove
more than self-sustaining. Very slight
computation viii clearly demonstrate
that the postal savings depositors can
not burden the Pest-Oiiiee Department
with any additional deficiency.
II | am elected President, | shall
urge upon Congress. with every hop
OF success. that a law be passed reqnig-
Ing a filing IN a Federal Office of a
statement OF the contributions received