The Caucasian. (Clinton, N.C.) 188?-1913, 1909-01-21
POSTAL SAVINGS BANKS.
Outline of the Bill Now Pending In
Congress.

The bill to establish postal savings
banks, introduced In the Senate at
the last session by Mr.. Carter, of
Montana, has been reported at the
present session with amendments.
one Of which substitutes depository"
for bank" wherever the word oc-
ours, and 1t has for some time been
unoer discussion. 1t is one of the
few general measures which there
seems to be an earnest effort TO push
through both Houses at this session.
1t has the urgent support of Post
master General Meyer, who came
back from his protracted sojourn
abroad greatly impressed with the
superiority Of certain things in for
eign lands, including postal savings
and parcels post arrangements. There
Is much more paternal government
in monarchical countries and those
in which there are assumed to be de-
pendent classes whose private af-
fairs those in authority are bound
to look after than in Il free Republic,
and some Americans appear to be
attracted by systems that reduce the
independence and sense of RESPONSE
bility of citizens, especially if they
are comparatively poor and unlearn-
ed. The real American doctrine is
rather In favor OF putting all the
people on an equal footing and incul-
eating a sense of personal RESPONSE
bility and care for their individual
interests. Besides, our form of State
and Federal Government is based up
on the theory that so far as practi-
cable the affairs of the people shall
be administered by authorities near
to their own control in States and
local communities, and that only
those which cannot be so managed
with effect shall be placed In the
control Of the remote national au-
thority.
The pending bill gives the Post
master-General a paternal oversight
of the savings of the people by pro-
viding that every money-order post
office, and such others as in his dis
erection he may from time to time
designate, shall be Savings depos-
tory Offices to receive deposits from
the public and to account for and
dispose of the same according to this
act" It's provisions are based upon
ordinary savings bank methods
which are not changed by changing
the name. The rate of interest to be
paid on deposits is fixed at per cent
per annum, to be computed, all
owed and entered in the pass-book tc
the credit of each depositor once In
each year." and then added to the
principal, If not withdrawn. The
Postmaster-General is required to de-
post these funds in national banks
designated by him "at a rate of in
terest not less than "a per cent pei
annum." These banks in which they
are deposited, must be in the States
and Territories in which the funds
are received, and when possible, in
the counties in which they are re-
ceived, and 'as far as practicable, in
the Immediate vicinity of the places
at which funds are so received"
Where this is not practicable they
may be deposited in the national
banks at nearest practical points
thereto or invested in State, Terri
torial, county or municipal bonds to
be selected by the Postmaster-Gen-
eral with the approval of the Secre-
tary of the Treasury and the Attor-
ney-General"
Postmasters are required to keep
the Savings depository funds" sepa-
rate from other funds and "all stat
utes relating to the safe-keeping of
and proper accounting for public
moneys are made applicable to such
funds" but there is no restriction
upon the use to be made of them by
banks with which they are deposited.
journal of Commerce.