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

Washington. D. c.
10 you want to open an account with
ohcie sam banker? You can do It at
several hundred different places over
the Union a thousand or more banks
VIII have been established by the time
this letter is published, and this mum,
Der VIII be extended until IL covers the
i''ooV and odd money order post of
noes throughout the United states. The
postal savings bank bill was passed
"hiy last Congress, and the business
Was started with 100000. This was to
establish forty eight banks. each State
having one. When Congress met again
IN the spring more banks were started
Forty-ive additional ones were IN
Operation in April. thiriy-six more
we're added IN June. and from that time
OIL they have gone ahead at the rate
OF the year tho forty. eight which were
hrst started had taken in only about
10000. but with the new banks the
deposits have quadrupled. and they Will
soon amount 10 sl.o0o,Ooo or more.
Two billions of Honrded Treaaure.
indeed. 1t is impossible to prophesy
how much money will come into the
poat-ofices The amount will run into
the hundreds of millions Ii can do
that and still not affect the banking in
sututions which we have to-day. The
ohcials OF the Treasury Department
who keep track of the money in Cir
culation and in the banks. saw that
tnere is an enormous sum not account
Ell for which lies idle, either in hiding
or in the pockets of the people. This
amount is more than 50 600. 000. 900 1t
is enough to give 500 10 every fam
lily in the United States. and enough to
buy the steel trust and leave something
over for few railroads or so. 1t is
about per cent. of the aggregate
wealth of the nation. and II it could be
collected together into one nile IL
would almost pay the national debt
twice over. Take 1t out of hiding and
.urn IL Into government bonds, and
we should not have to borrow n cent
from outside nations, and at the same
.ime would have enough surplus capital
10 complete the Panama Canal and dig
ditch big enough for the largest
ocean steamers from the Great Lakes
TO the Gulf.
similar boards have existed in all
countries altogether nowhere to such
an extent in ours. We are the rich
est of the nations. and we have more
loose money than any of the others
Take. for instance. the Hindus, where
the standard is so low that you can
hire man for 20 cents a day and
where many OF the people figure on
how much they Will eat for supper in
order to know whether they will have
enough left for breakfast. That coun-
try is known to have a hoard in gold
or silver or Jewels hid away under its
floors. and since the British govern
ment has established postal savings
banks there s500.0h0,000 have been
taken out and deposited, and the ac-
counts in the post Offices are almost L.
100000 in number.
Uncle Snnl's New Banking System.
But how about taking care of a bust
ness like this?
Think Of the work of handling 10000
different banks. each OF which has hun
dreds of deposit accounts!
Think of the deposits and withdraw
ais. of calculating the interest and of
keeping tie accounts, where the loss
of cent in the balance may set a
clerk crazy. as is common in the banks
of to-day!
These are some of the troubles tina
are asitating the other nations which
have similar banks. and are costing
them millions. 1t Is so in Great Brit
ain. where a big building at London is
devoted to keeping the books The
banks have been In operation there
for twenty five years, and the separate
accounts are 100000 in number whiIe