New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-24

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them on their way to Italy.
.DEPOSITING in European postal say
- ings banks by means OF American
monevordcrs has been the common practice
and not the exception. The records OF the
New York postoffice show this beyond any
doubt. Many Italians ike to hoard their
savings until they accumulate large sum,
and then send it to Italy. Some OF them
have gone 10 the postofiicc OF the mctropo-
lis with wads Of bills stuffed in their bosomS,
containing from $500 TO $1,000, to send
abroad. \ few months ago two Italians
called on Joseph Elliott superintendent OF
moncvorderS. with bills amounting TO
s. 600. which they wanted to send TO the
postal savings system in Italy. The bills
were so soiled and faded that the cashier
thought some OF them were counterfeit.
The men were asked how the banknotcs be
came so dead-lOoking. They explained that
they had kept the money buried IN the
ground. -
AT Young town. Ohio, $4,000 worth OF
foreign moncvordcrS were bought IN three
DAYS because Of the 500 limitation and 5000
restriction. Although the local postoihce
showed an increase of several thousand dol
lars in deposits, more than 100000 in liquid
cash was turned away after tWo-dayS run
on a local bank.
Under the law a dcpoSitor may exchange
his deposits in amounts OF so and multi
Dlcs thereof for United States registered or
coupon bonds bearing interest at the rate OF
two and half per cent, and postal savings
deposits that have been exchanged Tor bonds
are not counted as part OF the maximum
allowed one depOsitor. Yet, although the
cd a nearly
~ GOO 600. threc-fOurthS of which was III
the registered form, clearly indicating that
they were purchased for permanent invest
ment, the practice has not been popular
among persons not ConVcrSant with bonds
or experienced in banking or negotiable
Dapcr Ii has been held that the average
man who cared to deposit thousands OF
dollars in the postal savings system with
the intention Of buying bonds would save
time and trouble by investing at the begin
ming in United States bonds.
THE postal savings system, Ike every
L other service that benefits the people,
is ALWAYS subject to development in various
WAYS | have been informed that an educa-
tional movement is about 20 be launched IN
the public schools of this country, 50 as to
afford the pupils an opportunity OF learning
the value OF thrift and the importance OF
conserving their cash resources. Pupils oil
the Detroit public schools will be the ilrst
10 be given advantage of this opportunity,
rs soon as the board OF education Of that
city has approved plans that are beng
formulated by the associated banks OF De
troit. The same plan has been under CON
sidcration in Baltimore, and +. &. Nc
Williams Of New York, secretary OF the
savings section Of the American Bankers
Association, who recently appeared before
the school board OF Baltimore, had this to
saw in reference TO the school savings Sys-
TEN: So,
81 vcntured to suggest that II II could be
shown that this system possessed no cduca-
tional value. aside from the mere saving OF
money or that il would add 20 the laborS
6f the teachers or take from the pupils time
in classrooms the postal savings bank SyS-
tenn was unworthy of further consideration.
but if. on the other hand, II could be shown
that the school savings system possessed a
distinct educational value aside from saving
money in that ii furnished interesting,
practical problems in arithmetic, besides
teaching the boys and girls practical bank.
ing methods and the proper manner OF
making out certain forms IN daily use, such
as checks. deposit slips, etc, and that all
this could be done without adding one bit
to The labor of the teachers or taking any
Il g I...