The Delta independent., 1908-10-09
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.


venience of the people and the encour-
agemp- thrift"
Tht -s'the declaration OF the Repub-
llcan national platform, and postal saw
ings banks will without doubt be au-
thorized by law and established as
part of our financial system by the
action of Congress at its coming ses-
sion. which Will be convened in Decem-
ber. Indeed. much has already been
accomplished towards the enactment Of
this law At the last session Of Con-
gross u bill was carefully prepo ed
which met with the approval of the
Postmaster General. aud was renorted
upon favorably by the Senate Commit
Tee on Post Offices and Post Roads.
a..-his bill is now ON the Senate calendar
,Ssfd can be acted upon as soon as Con-
gress is convened
The scope of the proposed law is set
forth in the committee report, which is
in part AS follows:
COMMITTEES Report.
The purpose OF this bill is to place
Mt the disposal OF people OF small
means the machinery OF the PostofIice
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 1t may be
truly said TO be quite familiar TO the
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
50.
OF the p0stofiicc facilities urged ln 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 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 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-
vate Institutions WAS III founded 10
;Snply proven by the recorded fact that
the private savings banks increased
their capital by more than ten millions
OF COLLARS In the first fifteen years fol-
I ioxing the establishment OF postal saw
.incs 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 on
this subject and by the further fact
that In rapid succession the lead OF
England WAS taken by other countries
The primary purpose OF these insti-
tutions Il to encourage thrift and
saving disposition among the people of
small means by placing at their dis
.posal In every part of the country
ready facilities for the depositing OF
small sums. with absolute assurance of
repayment on demand with n low rate
of interest ON a limited aggregate
amount.
Postal savings Banks Needed.
In certain parts OF our country saw
ings Institutions are sufficiently numer-
GUS to accommodate the people. but
such areas are quite limited. being con-
fined TO New England and New York.
II is alleged that by reason OF the num-
ber and location OF savings banks there
is one savings account TO every two OF
the population OF New England. where
ms SIl the country outside New En-
glan1fand New York the average Is
only one savings account to every l5T
Of the population. Taking such figures
t~o be approximately correct and recog-
s.nizing the fact that the people OF all
sections OF this country are pretty
much the same In habits. inciinations,
and purposes. II must be obvious to 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 the establishment of postal saw
ings repositories will involve an ele-
mcnt OF paternnlism Il seems quite suf.
ficicnt to suggest that the machinery OF
the Postoilicc Department is now In ex.
istcnce and VIII continue to exist with.
out diminution 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 farthng Of
loss 10 the PostOfiice Department. but
will probably. ON the contrary. prove
more than sclf-sustaining. Very slight
computation will clearly demonstrate
that the postal savings deposltors can
not burden the Posto Department
With any additional deficiency.
If am elected President, I shall
tge upon Congress, with every hope
81 success, that a law be passed reQulr-