Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-04
SAVINGS ON DEPOSIT
Opening of Postal System in
States and Territories.
FORTY-EIGHT IN NUMBER
Wage Farmers, Including Children,
Indulge in Run on the Bank"
BUT NOT BECAUSE OF PANIC
Uncle Sans Method of Safekeeping
the Wages of the Small
Farmers.
FORTY-EIGHT IN NUMBER
BUT NOT BECAUSE OF PANIC

Uncle Sam knows what il means to
have q run on bank. He had one yes
terday. 1t extended over the entire
country. and he hopes it will continue in
definitely. 1t was not the tragic run on
the bank that makes men pale and wom-
en- weep. the forerunner of disaster, the
advance sign of ruin. 1t was run of
thousands of men. women and children
with their savings TO the refuge of the
new postal banks. There can be no run
there except to put money in, because
the faith of the government of the
United States is solemnly pledged to all
depositors alien well as native.
Yesterday was the opening day for the
new postal savings system In forty-eight
states and territories banks opened to
receive the deposits OF wage earners and
children. They did not fear Uncle Sans
methods despite political wrangles in the
parties. They had no doubt of his hon
esty. They knew their money was as
safe as the foundations of this great
American republic.
Foreigners Have Faith.
Even the foreigners, who, as rule.
are distrustful of banks and nearly
everybody SO far as their savings are
>.
Some wanted to know if they could
withdraw their money from abroad and
bring it to the postal savings bank in
their home place for deposit Some said
they wanted to do it because they knew
their money would be safe, and besides,
II would grow into larger amount from
the interest guaranteed by the United
States government. The general story
tells of the efforts OF the poorer classes
Of wage earners and children TO put their
cash into Uncle Sans custody for safe
keeping.
John Smith Heads List.
Historical old John Smith was the first
depositor at DUBOIS. Pa Beginning at
daylight. the reports say. men, women
and children began their scramble to get
to the post office first and TO get the
first postal savings certificate it issued.
John Smith beat them all. John is a
machinist. He was born in England.
and he said when he received his GER
tificate, numbered I, he wouldn't sell it
for several times the amount it called
Tor. II was for s..
Following John Smith, a close second,
was d twelve-year-old boy, an Ameri-
can boy. the son of d. prominent dentist
and his certificate, No. =, also calls TO. 50.
At Pekin, Ill, another of the stations
of the new postal savings banks, an
eleven-year-old boy, foreigner, Paul
positor. His certificate calls for 81. 1t
represents his savings of long time in
dimes, nickels and quarters
Within an hour after the bank at Oiym-
piA, Wash, was opened thirty-three per-
sons. including an old gray-haired wom-
an. were I'm line. At Dover. Del, even
the storm could not keep the people away.
Although but about $50 was deposited in
the last-named city. it represented de-
posits from 81 up to $40, and all were
made by Dover people
Reports From Other Sections.
From New England come similar re-
ports. The deposits did not mount up
into the thousands. They were not ex-
pected to. 1t was the poorer classes the
officials looked to as depositors. and they
responded In sufficient numbers to pre-
sage the success of the new government
system of savings. Norwood, Mass; Ber-
I'm. y. H.: Bristol. r. L.: Rumford, Me-:
Montpelier. VT, and Ansonia. Conn. each
the station of a new postal savings
hank Each had its fair quota of de-
positors.
FrostburS has the Maryland postal saw
ings bank. Its line of depositors was
.argely made up OF children. Their de-
-,osits run from dimes to dollars. Those
NO could got certificates. Those who
lid less than dollar got the engraved
savings cards and ten-cent stamps to at
Zach to them. The cards will be held
until they bear nine stamps, when they
viii be exchanged for an engraved GER
tiffcate of deposit.
4 late dispatch states that Postmaster
Hanna could only accommodate six gen
uine depositors. Many We're turned away
until the bank got the fun swing it Is
said. Postmaster General Hitchcock tele-
gTaphed the postmaster las: evening for
"A report.