Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-07-07
STOCKING TO EMPTY
Private HoardS to Be Put in
Postal Savings Bank.
MILLIONS FOR DEPOSIT
Circulation Expected to Be Wonder.
fully Observation-Disclosures
Not Anxious for Work.

ment are not disposed to attach undue
significance to the fact that postmasters
and bankers are seemingly slow in
manifesting an interest in the new
postal savings bank law.
That only ffty-four pOstmasters thus
far have applied for the establishment of
postal savings banks at their ofi1ces,
and that only sixty banks have
asked to be made repositories under
the law. is not regarded as significant
of a lack of interest or an indication OF
Indifference to the postal savings sys-
tenn.
No Pay for More Work.
IN official remarked today that men
were not apt to go out of their
way to ask for more work and more
responsibility unless there was more
compensation attached to il.
This, he said. is practically the con-
dition that affects the presidential
postmasters and their clerks under the
postal savings bank law. None OF
them is allowed extra compensation
for the additional work that would
follow the establishment OF a savings
bank at. their offices.
Postmasters at the smallest offices,
who are appointed to their positions
by the Postmaster General and not by
allowed a small commission for the
extra work 1t amounts to Il OF 1 per
cent Of the amounts deposited with
them on which interest is paid each
year.
: Private Hoards to Be Deposited.
But, on the other hand. it is said a
keen interest in the new system is shown
by individuals in various parts of the
xx-I,r
safe depository for their savings which
is guaranteed by the United States gov
eminent, which is not dependent upon
investments or speculation for its sup
port and for profit. 1t Is said, are looking
eagerly forward to the establishment OF
the postal savings banks.
Section Is of the act providing for the
system. which states That the faith of
the United States is solemnly pledged
to the payment of the deposits made IN
postal savings depository Offices. with &C
crued interest thereon as herein pro-
vided.'' 1t is claimed, will do more than
anything else to release from Its hiding
places millions Of money now boarded
by thrifty but ignorant people In out-of-
the-way places
Indeed the cashier Of a prominent ma
tional bank in one of the largest eastern
cities. which asked to be made bank
ing depository under the new system,
has written to the department expressing
wonders in that way.
Ways Of Saving Money.
He recited two instances TO show to
what an extent and In what a peculiar
way some folks save and keep large
sums of money. In a recent mine acct
dent in his state, he writes, thirty men
were killed who had in their CLOTH
Ing money to the amount of $4,000. In
another instance a man was killed who
had $3.50 concealed in his clothing.
People like this, he writes, will never
give up their money for safekeeping 10
anything short of the United States
Treasury or some government institution
for which the government itself Will
stand responsible.
Il prominent representative in Congress
from one OF the biggest cities in the
country is urging that the post ONCE
there be selected as one of the postal
savings depository ofhces.
lie writes that between 100 and so of
his constituents have written urging
him 20 bring 1t about. Among the prom
applied 10 be made banking repositories
under the new system are the National
Bank of Salem. the oldest bank in Salem,
Mass: the Corn Exchange Bank of Phil
merce and the Bronx National Bank.
both of New York. the Penn National
Bank of Philadelphia and others.
II will require some little time to ar
range the details for the new system. it
70 said. and other countries which
have such a system will be drawn upon
for Information and the history CT their
experience. that the American system
may profit as far. as possible thereby.
DR. Grandfeld. first assistant postmas-
ter general. said today il was his opin-
ION that once the system was fairly start
ed it would rapidly extend all over the
country Chief Clerk Weed 10 also
frrn believer in its popularity and sue
cess.