The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-08
..NIutual saw ings Banlls-

1,125,4S S'SSV SAV'"'
STA, South Australia. Sweden. and
Japan, with pronounced success and
immense advantage to the people.
The adoption of this system OF de-
positories as proposed, with such
notifications of practice as are
necessary to adapt 1t to this country.
will, 1t seems to me, furnish an ade-
ouate and efdcacious method for COW
ering both of the difficulties delcribed
in the foregoing paragraphs-that is,
1t will provide the necessary machin-
cry and place it close at the hands of
those who in every section of our
country desire to avail themselves OF
some method OF saving their earnings
thus encouraging thrift, economy and
good citizenship; also so insure the
absolute protection of those savings,
and causing their Immediate return
into the channels of trade, thus auto
natIcally maintaining financial eQuili-
brfum at all times.
postal Savings Banks have been
In successful operation in Great
Britain since 1851, Al years ago. In
that country, exclusive OF Scotland
and ireland, year ago. there was on
deposit in Postal Savings Banks
about $663. 100000. belonging to
more than eight million people.
In 10 countries, by latest returns,
the total amount on deposit in these
banks was So, 1Se, 914,7s9; the aver
age amount to the credit of each indf-
viduaI being $65.53. In Canada,
Postal Savings Banks have been OPP
Grated since 1857, and with success,
more than 5O,000,000 being on de-
post there.
';Discussion of this project is not
new to this courIry. The establish
ment OF these repositories in connec-
ton with the operation of post offices
has been advocated for many years,
and many different bills have been in
troduced in Congress for accomplish
ing the end sought for. Recommen-
dations for the introduction of this
system have been made by various
postmaster generals, viz, by General
CrosweIl, in 1S71-2-3; Gen. Maynard
in 1880; Gen. James in 1881; Gen
Howe in 1882; Gen. Wanamaker in
1B99-9O. Many petitions, some of
them of enormous sIze, containing
hundreds OF thousands of signatures,
have been presented, advocating and
praying for its establishment, but no
action has resulted.
'Active opposition has always prof.
ceeded from private banks and SINH
lar institutions, and has mostly been
due to ignorance and prejudice, and
a fear that an interruption of the
present help1essness of the multitude
in many sections of our country, and
the providing OF ample facilities with
abundant security for deposits. would
reduce profits of the certain powerful
interests. Every improvement intro
duced since the world began has met
the same class OF opposition. and con-
quered it.
What is the Postal Savings Depos-
itory idea, and how will 1t operate?
The project now being discussed has
in view the adoption of such measures
in connection with the postal service
as to permit the deposit of money in
small amounts by ordinary individ-
uals, at all money order post offices.
and such others as the postmaster
general designates-a rate OF inter-
est fixed by the Department, or by4
legislation, to be paid on deposits.
probably not to exceed ? per cent per
annum. Deposits SO received to be
secured by the government for the re-
payment Thereon Win interest as
agreed, thus furnishing absolute prof.
lection.
How It is Conducted.
cit is proposed to keep these mon
ey order Offices open as repositories
for the receipt OF savings deposits
every week day. during the usual
hours devoted to the transaction of
postohlce business. Accounts may be
opened by any person OF the age of
10 years or over, but one individual
shall not run two accounts. except as
trustee. A pass book, bearing the
proper consecutive number, will be
Issued to each deposition, having the !
name and other memoranda entered
thereon for Identification and other
purposes, and in this book ali entries
of deposits and payments, and inter-
est accrued, will be made. One dol