The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-01-16
new BANKS Win
FROM The START
First Two Weeks Operation
Proves Plan Profitable in MI
Parts Of Country.
WELCOMED BY ALIENS
Children, Too. Show Great Inter
cst-Only Discordant Note
Is From a Bank.

| tai savings banks has been productive
/ 81 interesting results. Inauguratcd OH
! January 3. this newest instrument of
! paiernai government has received
! many thousand dollars in deposits
from as many individuals willing to
! trust their savings 10 Uncle Sans care.
During the interval that has elapsed.
| the post-Ofticc Department has re-
ccircd daily reports FROM the post
masters Of forty eight cities in as
many States and Territories. where
the postal bank has been started.
| showing the number of accounts
| opencd and the amount deposited. The
! postmaster General says the postal
bank mas done even better than was
| expected. Its record is said TO he
| more satisfactory than the record of
| the English postal savings bank When
| first opened In the 1O's
| AZ later date. not yet determined
! the board OF trustees OF the bank,
which includes the Fostnastcr-c;cnc
| and the Secretary Of the Treasury. Will
make report To Congress. Meanwhile.
! the Postmaster General will submit 10
! this session OF Congress an cstima te
or appropria tions needed TO extend the
| system.
/! Congress appropriated oily 100000
| to start with. but this may bc doubled
or 9uadrupled this winter. Eventually.
IL is expected. the postal blak will nav
Tor It's own maintenance This Will
follow the depositing of funds recciv-
ed by the postal bank In private banks.
where the money will draw not less
Than Ii per cent. interest Uncle
sam viii pay tho dcpositors per cent
1t Is figured that % per cent. will be
sufficient to pay the expenses of opcr-
atinE.
Appeals 40 Aliens md Children.
| So far the postal bank u only an cx-
pertinent but IL Is "a most successful
! and satisfactory experiment. depart.
mcnt officials say. The reports from
postmasters who are runn.rg branch
/ banks Indicate great interest in the
/ new bank among people IN all walks
f. OF life--Amcrican and foreign born. old
aud young In these reports the fact
standing out most prominently is that
the postal bank is appealing more par
! ticularly to children and foreigners II
! was the primary intention OF Congress
| that II should attract the BUSINESS of
the young and the large and ever in
creasing element Of American popula
| ton that was horn abroad
/ The postmaster OF Princeton. Ind. re-
4
| tho bank in his office by foreigners and
! children Of that city eager TO deposit
! One young man OF foreign birth made
/ n large deposit. saying he had been
afraid to trust private banking iItsti-
tutions and had hecn carrying all his
/ money in his pocket.
! AZ Dubois. Pa. great numbers II
/ foreigners have deposited large
amounts. Many Interpreters of every
/ foreign language have applied TO tho
! department. for literature showing the
| working OF the system for use among
! tho foreigners III the large and small
| cities throughout the country. The
interpreters have explained that many
| OF their companions can neither read
write nor speak English, and need adj
vice how To open accounts with Uncle
! Sam
| The postmaster of Globe, Ariz, has
suggested that large posters be printed
in English, Italian, Slavonian and
! Spanish for the benefit OF the hetcro-
| gencuus population of that Mcstor,
! mining town. Several other postmas-
| tors have announced that they are pre-
pairing large signs in different Ian
! guagcs to he displayed in and about
| the post Offices.
| Only DESCENDANT Note From hank.
| The postmaster of Brunswick, Ga.
| suggests that ii would he well to issue
the postal bank regulations in such
form as TO be easily available for the
information of school teachers and
their pupils. so that the children can
| be taught how they can save their
pennies. At Lcadvllc, Col, the post
! master delivered a lecture at the High
School
| The children like the bank scheme
and are buying large quantities of the
cards Issued to those wishing 10 save
dimes. Each card costs n dime. ana
when nine other dimes are put on The
| card the owner is entitled to omen an
| account, with 81 10 his credit Many
postnasters are selling these cards TO
| persons at a distance from their offices.
This is permitted, but tho regulations
Of the postal bank don't permit de-
posts to be received by mall.
There has been some criticism from
| travelling men and other wayfarcrs be
cause they are not permitted to deposit
| in ono office ana withdraw their money
al another office.
| These two features OF tho rcgula-
tions, relative to opening accounts and
| withdrawing funds at various post :
/ Offices, VIII probably be taken up by
| the board OF trustees at the first con
| venient opportunity. II is explained
that the regulations are experimental
and subject to revision a any time in
| the light of the results of the bank
| opera tion.
One discordant note Is from middle
Western city, where the postal bank
needs publicity. According to informa
| ton received AT tho department the
only newspaper published in this city
is controlled by interests which run Il
| local bank. and for this reason the
| paper refuses to-, publish any informa
| ton whatever about the postal bank
| The private banks elsewhere are re-
ported to the department to be Offering
inducements to depositors never hero
| tOforc offered