Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1908-10-11
POSTAL SAVINGS BANKS
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.

I'VE favor the establishment Of
postal savings bank system for the con-
venience of the people and the encour-
agement of thrift"
This is the declaration of the Repub-
lican national platform, and postal say
ings banks will without doubt be au
thorized by law and established az a
part Of our financial system by the
action OF Congress at its coming SET
sion, which will be convened in Deem
ber Indeed, much has already been
accomplished towards the enactment Of
this law At the last 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 Offices and Post Roads
This bill is now on the Senate calendar
and can be acted upon as soon as Con-
gress is convened.
The scope of the proposed law is ser
forth in the committee report, which Is
in part as follows:
Committee Report.
The purpose of this bill is to place
at the disposal of people of small
means the machinery of the Postotf1ce
Department to aid and encourage them
to save their earnings. The subject OF
postal savings banks or repositories is
not new in this country and it may Dc
truly said to be quite familiar to tine
people of Europe and the British colon
les The propriety of establishing
postal savings banks became the sub
jcct of discussion in England as early
as 1907 Every objection to such use
country was vigorously pressed in the
long-continued discussion of The subject
III England
For over fifty years private savings
Institutions waged bitter opposition to
the growing sentiment in favor of postal
savings banks, but Notwithstanding
such opposition in 1861 an act Of Par
lament was passed entitled AN &C:
" uu0tttOudl ldClliLICS IOI uc-
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 Il
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 fol
lowing the establishment of postal saw
ings institutions.
That the postal savings institutions
proved successful is satisfactorily at
tested by the fact that no backward
step has ever been taken in England OIL
this subject and by the further fac
that in rapid succession the lead o.
England was taken by other countries
The primary purpose Of these insti
buttons Is to encourage thrift and ;
saving disposition among the people o
small means by placing at their dis
! posal in every part of the countr,
ready facilities for the depositing O
| small sums, with absolute assurance O
htlyNN iitut Oh ueLnduu Will low TdI
Of interest on limited aggregate
| amount.
| Postal Savings Banks Needed.
| In certain parts Of our. country saw
| ings institutions are sufficiently numei
GUS to accommodate the people. b,l
such areas are quite limited, being con
! fined to New England and New Yora
1t is alleged that by reason of the nun
Der and location Of savings banks Their
is one savings account to every two 0
the population of New England, where
as in all the country outside New En-
gland and New York the average /
only one savings account to every 10
OF the population. Taking such figure
to be approximately correct and recoI
nlzing the fact that the people Of al
sections of this country are prett
much the same in habits. inclination.
and purposes. it must, be obvious to til
most casual observer that the peopl
Of the South, the Middle West, and til
West do not save their earnings as d
those of New England from the mer