El Paso herald. (El Paso, Tex.) 1901-1931, 1911-07-15

patrons of Uncle Sans great banking
system.
Suggestion for the Benevolent.
In all places where the banks have
been established many children are
among the depositors. In some in
stances postmasters have been asked to
address the public school children on the
system, and school teachers from all
parts of the country are writing the de-
partment for information concerning it.
At one of the Pennsylvania offices a
boy has opened an account IN order that
he may have a start in life when he is
through school, and in other places men
are opening accounts for children and
starting them on the way to save. One
philanthropic man in Owensboro, KY.
has purchased postal savings cards for
all the public school children of hat
town, his idea being to encourage thrift
through the use of this government sys-
tenn. This seems to be an excellent iIea
and | suggest it to such of you as have
a charitable dollar to put where it VII
bring big results Take Il village or
town which has 1000 school children. An
investment of 500 in these 10-cent pos
tai savings cards would start the chill
dren of that whole town to saving, and
would be better charity than the pau
periZing indiscriminate gift-giving which
is so common today. One might take the
children of a single school or class and
do the same. Indeed, this system of
giving is subject to countless variations.
Government Bonds for Savings Bank
Depositors.
Connected with the postal savings
bank act is a provision by which the
certificates of deposit may be used to
buv government bonds. This went into
effect the 1st of July, and many bonds
have already been purchased. The law
provides that postal savings, in the sums
of $40, $40, $50. $50 and 500, and null
tiples of 500 and $500, NAV be turned
in for bonds, which shall be in the above
denominations and shall bear interest at
the rate of 2 IL percent per annum,
payable semi-annually. These bonds
cannot be bought except by postal saw
ings bank depositors, but they are so
arranged that anyone can have part in
the government debt of the United
States, and can own government bond.
They will be sold to such depositoTs at
par. They are exempt from taxation,
and they will probably have a market
value somewhat higher than at the rate
they are sold to depositors. This, it is
thought, will add to the stability of
our government. Every man who owns
such bond viii want to support the
government and will feel that he has a
part in it. 1t will probably result IN
great part of our bonds, which are now
held by the rich, here and in other coun-
tries, going into the hands of the people.
Patronized by Foreigners.
So far we have thousands of foreign
ers who have been taking out deposits
in these new postal savings banks. These
men know the postal savings banks of
their own countries, and they have faith
IN ours because they are backed by the
government. Postmaster general Hitch
cock tells me that vast sums have an
nually been sent abroad by the foreign
element of this country in order that
they may be deposited in the banks of
Europe. Some of this goes to the banks
direct and some is sent to friends, who
put it in the postal savings banks of
their respective countries.
In the four years ending with 1909,
more than $312,000,000 of such money
orders were issued, and a large part of
them were for savings deposits Now
that the postoffice bank has been es-
tablished, a great deal Of this money
will go into it. This has been the case
in the banks opened in the mining
camps, where many foreigners are en-
ployed. 1t is so. also, in the milling
centers and in all laboring towns. At
one of the Pennsylvania offices a group
of foreigners, both men and women,
called TO see the postmaster, and on be-
ing informed that they could only de-
post 500 each, they went away, say