The Caucasian. (Clinton, N.C.) 188?-1913, 1911-06-08
THE GROWTH AND POPULARITY
OF POSTAL SAVINGS BANKS.

The SkDs j II AM EoE s~hsf'
OF POSTAL SAVINGS BANKS.
The I ,stmaster-General has decid-
ed 10 largely increase the number OF
postal savings banks over the whole
country. In the beginning there was
only one bank established in each
State. and the one in North Carolina
Was at Salisbury. Afterwards there
was one established at Concord, and
now there Is one established at Colds
boro, in this State.
The Postmaster-General is out In
statement to the effect that the postal
savings banks already established
have been very successful and have
met with marked popular favor. He
calls especial attention to the fact
that wherever these postal banks
have been established, that people
who have never before saved any
money or deposited any in bank have
now opened accounts in these banks
and are saving part Of their salaries
or incomes in a constant and system
attic manner that is most gratifying.
He points out how US .Il and bene-
fetal this system will be in inducing
thousands and millions to become
savers and small capitalists, and later
home-owners and investors, and that
this will make them better, more use
full and more patriotic citizens. He
further says that the demand for/ex-
tending the system is very great.
1t is noticeable that what Postmaster
General Hitchcock says about the
practical operation Of postal savings
former Senator Butler, of North Car
DINA, said in his report, which he
made on the first postal savings bank
bill ever reported by the committees
of Congress. The bill then reported
was the basis of the bill that has
since become a law.
Another prediction was made by
Senator Butler in that report, and
that was that with system Of postal
savings banks widely distributed over
the country, that it would never
again be necessary for the Govern
ment to borrow money from home or
from foreign bankers, but that the
Government would in the future bor-
row money from the people through
the postal savings banks, as the Gov
eminent of France and other govern
ments that have postal savings banks
have been doing, and that wherever
this was done the size of the public |
debt was never a drain on a country
OF & menace.
In this connection, We might also /
call attention to the fact that Senator
Butler in his report further said that
with system of postal savings banks
it would be difficult for Wall Street to
manufacture another panic in this
country, because when a scare was
started that would make citizens
draw money from private, State or
national banks. that such a scare
would not affect the people who had
deposits in postal savings banks, be-
cause no one would be afraid of the
Government, no matter how big
panic was started in Wall Street. and
that this would leave to the disposal
of the Government an enormous sum
OF money belonging to the plain peo-
pie which it could use to protect any
corner in the money market in New
York.
We trust that no panic will occur
soon again in this country, but if one
Is ever started We feel sure that this
last prediction will be fully proven,
provided the postal savings bank sys-
tenn has been extended to every quar-
ter of the country in time to show its
efficiency in such an emergency.
THE GROWTH OF SOCIALISM.
Oh,