Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-03-05
IN. sIMPKIN EMPHATIC.

have a guarantee as good, at least,
as that offered by European govern
ments.
The late proposal to make local
banks the Repositories of savings
funds is one requiring much thought
and the imposition Of wise restriction.
IL enlarges the unduly large oppor-
tunity for gain which the banker al
ready possesses. There IL in Il also an
opportunity for the wide Indulgence
OF political favorltism In the bank
ing life OF the country In designation
OF depositaries.
on the other hand. governmental
receipt and sub-treasury deposit. with
direct holding by the government sup
planting market subscriptions 70
treasury, irrigation and other bonds
By direct investment OF savings az
fixed interest in public enterprises
has It's practical dangers The segre-
CATION OF vast sums for periods or
months OF years would anect Vitally
the business OF the country In compul-
sorry shrlnkage OF the circulating
medium. The matter needs more dis
cussion than 90 has had. The motto
for the senate is "Festina lente.'
PosTMAsTER's VIEWS.
Postmaster A. l.. Thomas-"How old
the postal savings bank system is can
not be told. History records that Cy-
rus the Elder after the conquest OF
the Persian empire. some $50 years
before the Christian era built post
roads and post houses throughout the
empire. These were established Tor
the government alone, not for the use
Of the people, and Il seems they were
used not only for the transmission OF
government communications but, also,
for the transaction Of financial busi-
ness.
Great Britain seems 20 be the plo-
uaor IN the establishment Of postal
savings banks, and they are now in
use in England, France, Austria and
other countries.
The main argument In favor Of tho
establishment OF postal savings banks
Is the fact that there are many peo-
pie among the poorer classes, who
accumulate money and Will trust no
one with IL except the government
This class seems 10 BE- suspicious OF
any banking institution. but have OBJ
solute faith In the government. The
experience Of the money order depart
ment OF the salt Lake city postoffice
supports this argument very strongly.
This office has issued a large number
OF money orders for large amounts 20
persons who are willing 10 pay the fee
for obtaining a money order payable
20 themselves. good for one year, so
they may have what they deem TO be
safe place for depositing their
money. This office has received as
high as 81, 800 from one person He
paid S8450 money order fees for the
privilege Of depositing the money with
the understanding that at the end Of
the year he would have 10 renew the
orders and pay another fec OF the same
amount. A large number of orders
have been issued for amounts from
b.. NrHHH
these orders come into the Office very
cautiously turn away so that no one
can observe them and from belt or
some secret pocket take out the money.
WOULD DEPOSIT WITH UNCLE
SAM.
1T Is claimed that for every dollar
deposited In the money order Office In
this way there are hundreds of dollars
not deposited. and this class Of per
sons who are suspicious OF private
financial Institutions prefer to carry
the money about their persons or hide
IL somewhere rather than place q In
a bank or like institution. and that tho
money is thus withheld from circula-
ton. II is claimed that In times OF
panic or financial stress large numbers
Of people draw their money from pri-
vate financial Institutions and hide
il rather than trust II TO these institu-
lions. taking the money from
circulation at the time Il II most
needed thus aiding IN the financial
stringency. who would deposit Il with
the government ~ they could.
4 Is claimed by the supporters OF
the postal savings bank system that
n will bring hidden money TO light and
instill life into IL and bring II hack into
the channels OF trade where Il will be
OF mutual benefit To labor and capital
nj uHH 40, ha fNr4 81
try. The argument Is also made, that
II the working classes could be given
the opportunity OF depositing small
sums OF money IN a postal savings
bank, az some rate Of interest. Il would
encourage a feeling Of confidence and
interest in the government and make
them better citizens. II is claimed that
the moment person acquires prop
erty he becomes a better citizen.
PLANKs IN PLATFORM.
THE national Republican party at
It's last national convention in It's
platform, declared that we favor tho
establishment ~ a postal savings bank
system for the convenience OF the peo-
pie and the encouragement Of thrift
There Is little doubt that such sys-
tenn would encourage thrift and dis
courage boarding 10 would bring a
safe place Of deposit close TO tho people.
There are many postofhces In locali-
ties where there are no banks and tho
people would. undoubtedly. patrOnizo
them, prcferring 10 deposit their money
with the government and receiving an
interest upon IL rather than carrying Il
about their persons or hiding II In their
homes
In the last national campaign for the
presidency, the Democratic candidate
for president advocated the policy OF
the government guaranteeing the safe
~ Of deposits placed In private bank
ing institutions. The fact that many
millions Of voters supported this plat
form and voted for the candidate who
supported n r. fair evidence that
large number Of people OF this country
want "a postal savings bank system es-
tablishcd. However, the dement's Of the
system can only be determined by the
experience Of administering IT,
England. France and other coun-
tries have found the postal savings
bank system to be Of great benefit 20
the people. II has encouraged economy
In their people and given them an OPP
portunity 70 husband their resources.
believe Il would be a good thing 20
give the American people the same OPP
portunity."
LOCAL FACILITIES
should the postal savings bank be-
come an established institution, there
viii be ample accommodation In the
federal building for the conduct Of the
t.,-fv..g ~ tho fosnf ofng. Uaforr fha