The Washington herald., 1910-01-02
LOSES HIS SAYINGS
Chicago Cigarmaker Places
Money in His Sock.
IT PROVES TO BE BAD BANK
Tragic Result Follows Germans
Lack of Confidence In Western
IL. Currier Thinks Postal Banking
Service Would Protect TeutOns.

George W. Currier. chairman Of the
Postal Savings Bank League. tells in the
current number Of The World To-day
the story Of the loss Of his savings By a
Chicago cigarmaker and from il deduces
an argument in favor Of government saw
ings institutions in connection with the
postal service OF the country This is
the story.
Louis STEERS had painfully saved until
proprietorship. the goal Of years of hope
and struggle. was az hand. and he had
enough capital, $3.50. TO buy little cigar
factory Of his own During all those
years Of incessant labor and self-denial
ne had not intrusted his savings to any
bank. At first he mad been unwilling 10
face bank tellers. behind their counters
of bronze and marble TO make a deposit
Of merely 81 or S or 500 Then, as his
little hoard grew, his caution, instead Of
pride. prompted him to avoid banks, for
there were failures and losses and TRACE
dies. He kept his savings pinned inside
his sock. ana as the roll OF greenbacks
grew larger he secretly rejoiced.
Went To Close Deal for shop.
"On The day the little cigar factory
was all bat bought. He had the price
pinned In his sock the deal was agreed
upon. and he set out. exulting. to pay
over the money. 20 become a possessov:
no longer, as he always had been. one
VINO worked for others profit He turned
over in his mind the rearranging he
would order. the changes in his little fac
! tory-his, He was in ecstacy. and trod
( the rough pavement buoyantly But dis
aster logged his hurrying steps Through
a hole in his sock his savings futtered
Out-0ns so bill and then others, and the
rest OF his cherished roll. He was almost
/ penniless when he entered the cigar fac
tory which so nearly had been his
/ Tragedy it was 10 STEERS
And the poor Cigarmaker. who again
is gTimly working at his bench. is bit
one OF thousands. Denied the security
I Of Uncle Sans guaranty. the one banker
! of whom he, in his timIdity and his pride
would avail himself. STEERS boarded his
I his in the United States, President Taft
mas said. from government data. is not
/ less than 500 100000.
The same dangers beset the savings
that make up the whole $500. O00000 as per-
I lied the $3.50 Of Louis Stiers
The losses of boarded money each
year run into millions. This does not put
a stop TO boarding. however. nor will ii:
the reasons which prompted Stlers re-
main. What is needed?
Was a Measure of Thrift.
When the United States Congress
created postal-bank system for the
Philippine Islands il was done as meas
ure OF thrift and a stimulus to habits of
providence and saving That Is Just what
the system has been to the millions strug-
Cling to get ahead in spite of ptiful
wages. heavy taxation. and other OBJ
stacles that confront the men and wom-
en- In Canada, Europe. Australia, India,
South Africa, and Japan. It has been
spur to providence. a crutch TO lean upon.
and a shield of safety The deposits
show that; so do the enormous annual in
creases Of deposits and the total number
of depositors The figures are stagger-
ing. and show what has been and is being
done abroad and what with certainty
can be done in the United States.
In 1907 the postal deposits in Austria
totaled 81. 34,421. there being over 2,O0O,-
600 depositors, which shows that the aver
age deposit is about $21.5O Belgium Gre
ated q pOStal-bank system in 1863, and as
reward that country has over S162 OOO-
600 on deposit. the average account being
s644 Then there are Finland. France.
Hungary. Italy, the Netherlands, Russia,
Sweden. and the United Kingdom. in
Europe. all of which. through a postal
savings system, enable timid deposlt0rs
TO intrust their savings at the post-ofiee
to the safekeeping Of their government.
Canada created the system in 1868, and
the deposits now exceed S50,000,00O the
average account being 1924. which is
fair index OF the average account to be
expected in the United States, and goes
to show that it is the mite of man like
Louis stlers which is left on deposit in
the postal-savings system
In all there are about $40 machine tools
l.. sar.rioe 5D tba xario1fs shoDc af the