The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1908-10-02
POSTAL SAVINGS BANKS
Machinery of Congress Already
Started for Postal Savings
Bank Law.
. Safe and Sane Plan for the Con-
venience OF the People and the
Encouragement Of Thrift

I'VE favor the establishment Of a
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 saw
ings banks will without doubt be au-
thorized by law md established as a
part of our financial system by the
action OF Congress at it's coming ses-
sion, which will be convened in Deem
Der. 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 1901 az 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
at the disposal Of people Of small
means the machinery of the Postofice
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 nay 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
Ject OF discussion in England as early
as 1907. Every objection to such use
of the postofice facilities urged in this
country was vigorously pressed in the
long-continued discussion of the subject
in 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 IAN 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 nri-
'0eS 1iiolilutlpuS WAS Ill founded iS
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.
mat the postal savings institutions
proved successful is Satisfactorily at
tested by the fact that no backward
step has ever been taken in England O N
this subject and by the further fact
that in rapid succession the lead of
England Was taken by other countries.
Inc primary purpose of these insti-
buttons is to encourage thrift and a
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 a low rate
ol interest on a limited aggregate
amount.
Postal Savings Banks Needed,
In certain parts of our country saw
lngs institutions are sufficiently numer-
GUS to accommodate the people bu.
such areas are quite limited. being con-
nned to New England and New York.
IL Is alleged that by reason Of the num-
Der and location Of savings banks there
ID one savings account to every two of
the population of New England. where.
as In all the country outside New En-
sland and New York the average is
ohly one savings account to every 1877
OF the population. Taking such iynres
TO be approximately correct and recog.
nlzlng the fact that the people of an
sections Of this country are pretty
much the same in habits, inclinations
n purposes, it must be obvious to the
most casual observer that the peopl
OF the South, the Middle West. and th.,
West do not save their earnings q. do
tnose OF New England from the mere
want OF secure places in which deposits
may be made.
10 those who feel inclined to believe
that the establishment of postal cav
lngs repositories will involve an e,e-
ment of p~aternalism it seems quite s,,r-
nclent to suggest that the machinery Of
the Postofice Department is now in OK.
1stence and will continue to exist win.
out diminution of expense whatber.
such repositories are created ~ rnt
ana that the establishment Of these
repositories for the benefit Of thA
people Will not involve one farthinx OF
1853 TO the Post-Ofice Department. hut
VIII probably. on the contr.rv nro,o
more nan self-sustaining. Very slight
computation will clearly demonstrate
that the postal savings depositors can
not burden the Post-Ohice Department
with n additional deficiency.
II am elected President, I shau
urge upon Congress, with every hope
OF success that a law be passed reuuir.
Ing a fling in 4 Federal ONCE OF q
statement OF the contributions received
oy committees and candidates In elrc.