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

| the total deposits now equal $751;, 900,
600 The cost OF the machine is such
that understand the business is run
AT a loss. Similar books are kept ir
France. Germany and in nearly every
civilized country on tire face OF the
! globe.
This was enc OF the dificulties which
faced Uncle Sam when he took hold OF
me problem. our postal savings bank
business Is bound to be twice Is large
as 'hat OF any other ration, and should
We carry II on in tho same way. Mi
theodore l.. Weed. the chief clerk OF
the Post Office Department and the
secretary of the board OF bankinH
| trustees, tells me, VIC should have tc
establish in time. great accountins
system, here at Washington. with 4
great force of clerks TO keep track O.
Inc moneys In these thousands of of.
noes scattered over mere than 5000, 600
square miles.
Nevertheless. we have begun the
business without a cent of additional
expense for clerical hire And. more
over, the prospect is that II will be car
RED on without sny material change
IN our government ma chinery when the
deposits are hundreds of millions. and
that at an expense which. in ths Ugh,
OF us cost TO other nations, will be
ridiculously small
An Ilen Worth Millions.
For the invention which has done
away with this enormous bookkeeping
Uncle Sam is indebted to Mr.. F. Hitch.
COCK. his Postmaster General. II is an
invention worth millions. for IT is esti.
mated that II will save at least $1,000.
200 year to the government II will
certainly do away with the possih,e
employment OF 1000 hookkeepers. which
even az as low salary as $1,000 year
would make an annual draft on tba
treasury of 10000 900. and that in ad.
oltion to other machinery which would
greatly add TO the total. Mr.. Hitchcoct
conceived the Idea during his trip "a
Europe last summer. He there saw the
.oHipi'eated machinery of other ma
lions, the most of IL based on the svs
tenn devised by Gladstone. which has
been adopted by forty other countries
rms was the use of the passbook
winch IN England meant the posting NJ
the deposit books of $1,000 Offices. and
OF Keeping sets of books for them. I,
involved the employment of 2, 900 clerks
In London, and of a great bookkeepinr
establishment there. In our own coun
tiy the Offices would surely be three
tunes as many as in Great Britain
ana they will probably be 10000 or 60
900 or more To handle them on the
european system was evidently verv
expensive. and Mr.. Hitchcock. in work
! ing over the matter, originated n plan
whereby the accounts would to a great
extent Keep themselves, and that with
/ out mistakes
Certificates VS.. Bunk Books.
ms plan was the wiping out of the
passDook. and the issuance of drafts
or certificates or deposit. This has beer
installed and 1t is the present system
Inc depositor hands in his money. hui
IN place OF having a credit made oy, 3
odhk oook. ne is giver certificate OF
deposit for the amount he puts in.
! Ihe certificates are in the denomina
tions or 81. So. IS. $40. $40, $50 and $500
ana they bear interest at the rate of
per cent. per annum. They are neither
transferable nor negotiable and
are not worth anything excent In tbe
hands of the person buying them. They
are issued in duplicate and the orIpi
nal and duplicate must each bear the
signature of the depositor: The dunIi.
cate is retained by the postmaster. and
~ the man would withdraw his deposit
ne must bring back the original. and
sisn his name In the presence OF the
postmaster. who compares it with the
signature on the duplicate II is AZ.
ter just the same method that the
travellers checks Issued by banks and
express companies are cashed all over
the world to-day. and the same as tina,
used In letters of credit. One might
iorse another mans signature. but a
taxes great skill to make such a forg.
cry ohhand in the presence OF the man
you are trying to defraud
II certificate OF deposit should be
LOST or DESTROYED 1t can be duplicated
by applying to the postmaster. the
signature. made in this way, being
evidence of the claim. The postma ster
keeps record OF these duplicates. no,
IN book, but in a set of manila Jack.
cts or envelopes. after the card index
system, each manila jacket bearing the
name oil the depositor and having in Il
that depositor's duplicates. It Is as
simple as rolling off log.
~ 1t Is Foolproof.
Again tho need OF bookkeeping Is
avoided by tho fact that dspogtts are