The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-11-18

diana is chairman. Mr.. ONerStTSeJ him
self was regarded as hostile TO a bill
Of this nature. But MI. Overstreet has
been beaten for reelection and. while
he VIII serve in the short session he
desires 10 remain in politics ana 10 re-
turn 10 the House, and IL Is not likely
he will try 70 get in the road of a policy
for which the Republican party has de-
.clarrd in national convention.
One source Of strength for the pro-
posed legislation is Mr. Taft. He Is In
favor OF it. and strongly advocates
action at this session.
Meyer Gives Estimate.
Postmaster General Meyer estimates
that within a few years $500. 100000 will
be deposited in the postal savings
banks, once Congress authorizes their
establishment. Under the bill now
pending in the Senate, this money would
not be Withdrawn from circulation, but
would be placed in the channels Of trade
through the medium Of the national
banks. II is the contention Of the Post
master General that facilities are not
now provided for most OF the popula-
ton Of the country to deposit money.
The deposits in savings banks as re-
ported 10 the Comptroller OF the Cur
TeuCy amount to a total Of s.. 4S2, 900. 900.
but OF this sum, the savings institutions
OF fourteen States, including New York,
New England, Pennsylvania, Maryland,
New jersey. Ohio. Illinois, Iowa, and
California, have s., 430, 900. 0O9. That IS,
the savings institutions Of these four
teen States have 98iz per cent of the
total deposits In savings banks IN the
United States leaving ~ per cent, or
So, 600 600, In the remaining thiTty-Uwo
States Mr.. Meyer argues from this
that more facilities for saving money
are needed I'm these thirty-twO States.
al
vide the facilities.
$1,000 Postqfices.
In the United States there are 81, 900
pOstOfnCes. and OF this number 1900 do
a money order business. and under the
pending bill, If Il Is enacted, will be able
TO serve as postal savings repositories.
To a considerable extent. the Post
office Department is being converted
into a savings institution without any
law. This Is shown by the fact that in
the last fiscal year. Ss,1O4 AZ IN money
orders were purchased, payable TO buy
ers themselves. This represents about
81. 100 IN fees paid 10 the Government,
ne fact that in the last calendar year,
about Sl00 OO00 900 was sent 10 other cOun-
tries. much Of it 10 postal savings banks
abroad. viii be used In the debate in
Congress as an argument for the estab-
lishment Of a postal savings system
here.
Places the Power.
The bill which the Senate will debate
soon after the opening Of the short ses-
sion gives the Postmaster General
authority 10 designate all money-OTder
postofhces to receive savings deposits.
Accounts may he opened by any person
ten years OF age, and a married woman
may open al account free OF interior
ence by her husband. one dollar or
larger sum in multiples OF 10 cents VIII
be necessary to open an account. but
deposits OF 10 cents or multiple thereof
viii be received after an account is
opened. Interest will be allowed at z
per cent, and postal savings funds are
TO be deposited by the Postmaster Cen
cTal IN national banks located as near
as may be in the neighbOrhOod where
such deposits are received at not less
than "a per cent interest per annum.
One Of the interesting facts about the
bill is that the POst0ffice Department
has been overwhelmed with letters in
behalf Of Il.