The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-16

offices boy has opened an account 10
order that he may have a start in life
when he is through school, and in
other places men are opening accounts
Tor children and starting them on the
way to save. One khilanthropic man
In Ownesboro. KY. has purchased pos
tai savings cards for all the public
school children of that town, his idea
being to encourage thrift through the
use of this government system This
seems 10 be an excellent idea. and 1
suggest IL to such of you as have
charitable dollar to put where II will
bring big results, Take a village or
town which has 1000 school children
An investment of 800 in these To-
cent postal savings cards would start
the children of that whole town to saw
ing. and would be better charity than
the pauperizing. indiscriminate gift
giving which is so common to-day. One
might take the children of a SINCE
school or class and do the same In
deed. this system of giving Is subject
to countless variations.
Government Bonds for Savings Bank.
DcpositOrR.
Connected with the postal savings
pank act is provision by which the
certificates OF deposit may be used to
buy government bonds This went in
10 effect the LIST of July, and many
bonds have already been purchased. The
law pr6vides that postal savings in the
sums OF $50. $40, $50. $50 and 500, and
multiples of 500 and $500, may be
turned in for bonds. which shall be In
the above denominations, and shall
bear interest at the ratio of . l-2 per
cent per annum. payable semi annually
Ihese bonds cannot be bought except
ny postal savings bank depositors. but
they are so arranged that any one car
he
of the United States. and can own a
government bond. They VIII be sold to
such depositors az par. They are ex-
empt from taxation. and they will
probably have market value some
what higher than at the rate they are
soio 10 depositors This. 1t is thought
VIII add TO the stability of our govern
ment. Every man who owns such a
pond VIII want TO support the govern
ment and will feel that he has a mart
In 1t. 1t Will probably result in a
great part OF our bonds. which are
now held by the rich. here and in other
countries. going into the hands OF the
people.
Patronized ny Foreigners.
so Ter VIC have thousands of foreign
ers who have beer taking cut deposits
IN these new postal savings banks.
ihese men know the postal savings
banks of their own countries. and tho,
nave faith In ours because they are
backed by the government. Postmas
'er-General Hitchcock tells me that
vast sums have annually been sent
abroad by the foreign element Of this
country In order that they may be de.
posted In the banks of Europe Some
OF this goes to the banks direct and
some is sent to friends. who put IL in
the postal savings banks OF their re-
specttve countries.
In the four years ending with 1909
more than Sl2.00G,600 Of such money
oroers were issued ard a large part of
tnem were for savings deposits. Now
that the post Office bank has been es
tablisEed, great deal of this money
VIII go into 1t. This has been the ca
IN inc banks opened in the mining
camps. where many foreigners are en-
ployed. II Is so. also. in the milling
centres and In all laboring towns Al
one OF the Penn5ylvaria Offices q group
or foreignt1s. both men and women
called to sec the postmaster and on he
ing informed that they could only de-
post 500 each. they lent away saving:
NO good to us Take too many months
to make deposits, come back when gov
eminent gets bank fixed better way"
Wanted TO Pay tue Postmaster
AT Frosthhrg. Nd. en- italian who de
posted $50 offered to pay SO cents for
the certificate. and when hs was told II
would not cost MIN anything and that
his deposit would also draw interest he
was much pleased. At an Ohio office a
Syrian woman tried to deposit s37O, and
at Oroville, Cal. n number of foretgncrs
offered from $1,000 to $4,000 each,
which. of course. was impossible. At
Ashtabula. Ohio. foreigner came from
gainesville with $500. and at Globe,
Ariz.. the postmaster says that his de-
positors rank as to the amount of
| money held as follows: American, Eng
lish. Austrian. German. Russian. Next
| can and Swedish. AT many Of the
| places interpreters have asked for lit
| erature on the system, saying that they
want to explain II to the foreign lab