Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-01-26
POSTAL BANKS A
REAL NEED SAYS
Mr.. MEYER
GENERAL
WANTS ACTION AT ONCE
Declares innovation viii Bring
Out Five Hundred Million Of
Dollars Which Is Now Lays
Idle and Hidden,


Especial Correspondence TO Morning Journal
Chicago, Jan. 22.-Postmaster Gem
eral Meyer has added a new factor to
the postal savings debate in the sem
ate by making public at last extensive
facts and figures gathered by the
postoffice department showing h re-
suit OF the postal savings bank system
abroad and probable results in this
country. In an article written for the
"Woman's World" of Chicago, he
makes clear the attitude of the ad-
m%inistration TOWARD the bills now be-
fore congress and makes a vigorous
defense of Il system which he claims
viii bring into circulation fully half
a billion dollars not today placed In
any bank. owing to lack OF confidence
or facilities. The article is the strong
est summing up Of the arguments for
governmental banking yet made and
contains many new facts for the first
time disclosed.
'As an evidence of the demand for
postal savings banks" says Mr.. Meyer.
I'VE have reports from postmnsters
that they have been compelled to re-
fuse to accept deposits offered by for
eigners for safe keeping, and also that
orr own neonlc have bought postal
nancy orders during the last wear
PAYABLE 10 themselves to the extent of
81 an which amount fees OF
s25 ooO were mid These money or
ders were bought "a the greatest ex-
ton, In tho states of Arizono Colo
rado Kansas. Missouri Montana. Ne
hraska Nevada. Ohio.
orepon rexos and WASHINGTON.
"A nostoffice inspector has reported
INN ono family residing near n small
nostoffice in me state Of Washington
has sl1 0OO on deposit in the postal
HANKS NJ british Columbia.
Under the hill now before the SEN
ata win n favorah HE report from the
committed on postoffiees and post
roads tho money wo1ld he widely dis
trihuted os II won,d he nlaced in the
n%ationaI hanks in the districts where
no denos;ts wore first broupht to the
nos,offices The ooyernment would
NOT oo into The hankinp business. The
hanks are 10 nav not less
than 9l-2 ner cent for the deposits,
tho povernment in turn to nav the
denositors . nor cent. retaining one
fourth of one per cent in order that
the system NAV be self-sustaining. No
vould he maid by the govern
ment ON denosits over $500.
.dTbo denosjfs wot,ld Ne t~uaranfeed'
nv tho government as il would make
itsalf -resnonsible nv receiving them.
an some parts of the United States
need of postal savings banks is
MOI nc urgently felt as in others. In
New England the average distance OF
me savings hank from the postoffice
10 about fifteen miles in the middle
and western states il is about twenty
file miles. in the southern states
thirtv-three miles. and in the Pacific
slone states fifty-five miles. The pos
raj savings bank would reach every
community.
while the money in savings banks
amounts to s3,66O,553,945, only 1.6
per cent, or $70,30S, SAB, is in thirty
two states. TN fourteen other states
are fortunate in possessing savings
hank deDosits TO the noun of So
q. O945.4O2. or 9S.4 per cent. This
is of great advantage to the latter
states. as il increases their financial
rersources and thus aids in their de-
velopment.
IN the thirty-two states referred TO
there are many localities where there !,
are no savings banks and in some
cases no banks of any kind. II is
there that considerable money is held
IN hiding. which is neither absolutely :.
nor in circulation for the benefit
Of the community. 1t has been esti-
mated that altogether fully half a bill
ion dollars not today placed in any
bank. due to want of opportunity or
ack of confidence. might be brought
,ack into circulation through the
agency of postal savings banks.
1.-THE additional opportunities for
,aving that can be afforded the peo-
Die by postal savings banks in this
.ountry are made apparent by the fact
hat there are 6O.G24 postoffices, 40,-
of which are money order post
,ffices.
..The foreigner should be cncour-
,ged TO deposit his earnings, because
,fter ne has accumulated a few hum
ired dollars he will not be content to
.eeeiye merely a . per cent interest,
mi win seek to purchase a home: and
ne moment he ACQUIRES real property
N this country he becomes q better
.i,izen is more actively Interested in
no affairs of the nation. and at the
anne time places himself n his de-