Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-07-21

man Frank Plumley OF Northf,eld gave
the convention a most Interesting address
Oh u. 8. Postal Savings Deposition"
Officers for the ensuing year and dele
gates to tho national convention at Chat
taneosa, Tenn. will be elected at the
closing session tomorrow morning.
CONGREssMAN PLrMLEYs AD-
DRESS.
In his address Mr.. Plumley said in
part:
The savings deposit idea Is n child Of
the 18th century first taken form IN this
country In the city OF Philadephia in 1916.
starting as the Philadelphia Savings
Fund society with deposit Of 1870.
which has grown to the tremendous
amount of s9o,oco.oo0 while there are in
tho United States as the offshoot OF this
1.7S savings banks with a total deposit
o: S366o.6 .62S,ai5. The purpose Of the pro-
moters of these banks was benedcient and
altruistic, 1t was urged that 1t would
encourage among the people habits OF
thrift, economy and frugality. that it
would discourage and greatly reduce
wasteful expenditure, that in this regard
i; would especially appeal to and prove
peculiarly valuable to wage earners
MUCH MONEY HOARDED IN FEAR.
Even in the New England States there
are very many native born citizens both
men and women who will not trust the
banks with their money and prefer to
hoard 1t and to hide 1t rather than 10
incur the risk of deposting in banK
which may fail as banks have been known
dn ra ral1 hut MT
native born are augmented by those ,,f
foreign birth. who have yet greater dis
trust Of banks. These however come
from countries where the postal savings
repositories are the creative of the
government with the security of its
strength to make the deposit absolutely
safe.
II is known that there are in this COM
try about $3.50, n)0.coo in money outstanding
which should he in circula tion. but onlv
$50 GOO Of this. only a little more than
one-half can be accounted for hy tho
treasury officials It Is not in circulation.
II Is believed to he in hiding
That to bring hack into circulation
the s1.5co, 900, 900 which cannot he OK
plained otherwise than as in hiding Is
of vast Importance to the Industrial
and commercial welfare of our people
is not questioned; since il is accepted
IN this country as automatic that for
every dollar in actual circulation four
dollars of credit are secured If only
one-third comes out Of its hiding
place II will add $4,000. 900 900 to the
business capacity of the country. That
1t would secure to those who would
mako of this Of II
of the benefits and advantages moral
and material which admittedly have
come to the family and the Individual
by the use of the savings bank does
not admit of doubt
WOULD INJURE NO ENTERPRISE
Through the establishment of these de-
positories the government does not touch
or infringe upon any private enterprise
1t does not invade ine actual domain Of
any industry. 1t does not create a bank
Il does not engage in banking business,
ii does not seek or encourage a single
deposit that would enter a bank. it ap-
peals only to the weak the ,mid investor
to the stranger in our land. and offering
him a small income hut large security
| asks to hold his saving until he can in
vest them to better advantage.
There has heen great opposition in the
past to postal savings banks, they We're
styled, there was considerable quiet by
| forceful opposition during the last scs-
sion of Congress. Many points in op-
position We're well taken and the law as
II now stands reflects this wise and CON
siderate criticism In the care with which
| II IS written
In the light of sound reason. in the
presence of world wide and long experience
! confidently believe that this enactment
| by Congress will yet be regarded as the
i most beneficial, most practicable, the
wisest and greatest act of a session dis
| tinctly noted for tho unusual number of
great measures which it made into law