Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-01-27
BANKERS FRIENDLY
TO POSTAL SYSTEM
AFTER TRIAL
Uncle Sans Method Of secur.
ing Money Of Small Deposi.
tor Does Not Injure Other
Institutions.

WASHINGTON, Jan 27-Even the
most enthusiastic advocates OF the
postal sayiuss bank dil not expect the
great success the System has attained
In the first year the deposits have
aggregated nearly 10 million dollars.
and the money sim Is coming In az
the rate OF one million dollars a
month.
When The postal savings bank sys-
ten first was adyOCa-ed by the gov
eminent protests from all over the
country came from bankers. They
insisted that their deposits would be
decreased the moment the government
went into the banking business.
The postoilice department replied
TO that argument with the assertion
That the contrary would be- true. that
persons who were afraid TO trust tho
banks. or v mo for any other reason
were backward about opening savings
accounts, would flock To postal saw
I ings banks with their money
Since Che law requires that postal
savings deposits be- IN turn, deposit
ed under bond in the banks. the pos.
tai savings banks advocates declared
the result would be to increase the
bank deposits So true has this proved
/ that he DIRECTORS have acknowledged
their mistake and are clamoring that
The limit be- taken of the monthly de.
post permitted, and that depositors
/ be allowed To deposit as much as they
wish They have even impo tuned
their postmasters 10 use their influ-
enCe With the postmaster general 70
/ have The present law so amended so
that unlimited deposits may be- made
II Is estimated that before the end
of the second fiscal year more than
so million dollars win he on deposit
with the government
Where does this money come from
Not from the well TO do or the rich
] Their money il working In invest
menis II Is The opinion of the post
master general that the great bulb
! OF Tho has NO means 90 tell the
lexact percentage comes from hiding
places. lie has had many lllustra-
4llpng tpat some Of Il has been buried
for years Mildcwcd coins have beer
lSont 10 him By enthusiastic post.
masters
AZ iho present writing there ara
NEARLY SIS thousand postuniccs desig.
mated al postal savings banks. ana the
number is being added 10 az the ratl
lOf one thousand a month
Postal "avings have kcut nae, viii
the extension of the system Amount
Ing az the end OF the first month Il
only S60,253, IN the IS experiment sta
lions, they increased IN the half yeai
to $619.3l0 and now after the eypirR-
ton OF a year they have grown To- 1i
million dollars.
At FIRST the postmaster general hao
the postal saving system looked anei
by the clerks in the money order de-
partnent Of the postofIice when b
was discovered chat the deposits Yer,
fast approaching The million dolIal
IA week point and the work becam,
so heavy that the money order clerk
, were unable to handle A. specia
bureau was organized Theodore l.
Weed was made director OF the posta
savings department at salary o
Z $4,000 wear. Mr.. Weed had beel
, chief clcrk IN the posiOhice depart
ment and has been very active in per
+ ieciing the savings bank department
Under him arc nearly 100 clerks.