Daily Arizona silver belt., 1908-11-05
KEEPING CASH AT HOME.

KEEPING CASH AT HOME.
 Tho moro the proposed plan of estab- fishing postal savings banks on some thing of the sams plan that has already worked so successfully in England for many years Is discussed the more argu- ments, and stronger, are adduced in its favor. This is one of the pet hobbies of Postmaster General Meyer, and he is working so earnestly for the cause that 1t is to be hoped he may be successful, and that this reform, which will un- doubtedly prove a great blessing to a multitude of people will be accredited to his administration of the office.
 Postmaster General Meyer expresses some interesting views on the postal savings bank question in the current number of Van Nardsn's Magazine. He has studied the question carefully, and has reached the conclusion that the adoption of postal savings banks would solve the panic question. Hs believes that because the ignorant immigrants have implicit confidence in the credit of the United States government and no confdsnce in the many private say ings institutions, they would, if postal savings banks were established, be glad to trust their surplus money to the gov ernment-money which is now sent abroad. Last year over s72o, 900, 900 was sent to foreign countries in postal money orders. Postmaster General Mey- CT in an interview in the magazine above mentioned, says:
 T learn that 45e,755 postal or
 ders were drawn by Italians alone.
 These orders averaged Si1.29, and
 the total was more than $19,00o,00
 We know that this vast sum was
 not sent home to be spent. The
 bulk of 1t was added to the de-
 posits of the banks of Italy. our
 financial institutions lost the use of
 1t. Italy gained i"
 As to the question of postal savings banks averting panics, Postmaster Gen eral Meyer believes that the world at large has confidence in the credit of the United States, and that this con- fdence would cause immigrants to de- posit with the government millions of dollars which in times of panic are withdrawn from circulation and hidden away. Having conhdencs in the govern ment, they would leave their monsy in the postal savings banks, where 1t would be constantly performing its function and aiding in the spread of trade.
 While opposition to the establishment of postal savings bauks is to be ex- pected from some private banking in. stitutions, the postmaster general be- heves that the wiss bankers will be found in favor of 1t. They know that the saving of money is a habit, and that the more the wage earner learns to accumulate the greater becomees his desire to see his account grow. Presi- dents of national banks of deposit have already pledged themselves to pay the government two per cent on all deposits.
 Some startling figures have been gath cred by the statistician in the working out of the postal savings bank plan. These figures show that the people of this country are very frugal in some things, especially in the saving of money. For, prior to the recent panic, there was on deposit in savings banks no less than s3,6so. .o7s,s45. Of that sum $1,S94, ,296, 900 was in the savings banks of New York state alone. Ten states had ovar 7S per cent of the total, the remaining 22 per cent being scattered throughout thirty-six states.
 To he postmaster general these figures are eloquent in support of his plan for postal savings banks in the thickly pop ulated states of the east, as proving that the people are anxious to bank their surplus money if given an oppor- tunity. The small savings in the west are due. he believes, to the fact that banks arc few and far between.
 It would seem that there has been hardly any stronger argument adduced in favor of postal savings banks than these figures, showing how much mon sy Is sent abroad by alien laborers on this continent. Last year over ST.. 100000 went to Austria Hungary, and