Evening star., 1914-05-24
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afford or would not care to save anything
at ally. If 100000 children deposited two
cents each every week for thirty eight weeks,
the length of the scholastic year,-it
would mean yearly gross total of 81, $4,000
in deposits, exclusive of $50, 400 interest.
AFTER all, we cannot very well forecast
n what the postal savings system will
enable any one person, or the nation, or
both, to do. Thus far it has shown, like the
parcel post, that it meets great national
need, and that the experimental regulations
of the original law have been outgrown by
public requirements. Having, therefore,
passed the experimental stage, it behooves
us to remove as fast as possible those 1imita-
tions which impair the intended utility of
the service. | am sure that, if Congress acts
favorably upon the provision in the pending
appropriation bill as recommended by the
House committee. the total deposits this
time next year will be trebled. Certainly
this is true if the indications obtainable
through official reports from all parts of the
country are normal, and l am convinced
that they are.
We must avoid repetitions of cases like
that at Butte, Montana, whose postmaster
reports that during the first sixty days after
the opening of the postal savings system at
this Office we refused deposits in the aggre-
gate of $3.50, 600, due to the restrictions, and
at the present time there are many inquiries
as to the possibility of those restrictions
being removed. Had there been no such
restriction, since the opening of the Butte
postal savings bank, instead of $410, ,595 on
deposit here at the present time there would
be at least $2,OOO,O0O." From New Britain,
Connecticut, comes the report of "a patron
who had $500. He kept the 500 he could
not deposit, and a few days later his son
stole the amount from the place in his home
where it was hidden and disappeared Del
Norte, Colorado, has citizen who deposits
his money as the law allows and purchases
$500 bonds serniannually. He is reputed
quite wealthy, but told the postmaster he
would not deposit his money in private banks,
and it is assumed that he hides his money
in some insecure place.
St. Paul has received applications from
widows who desire to deposit their insur-
ance money, ranging from $500 to 1000,
tenn Marion, Indiana, reports several de-
positors who have reached the $500 limit
and stated to the postmaster that they would
add to that sum if possible, but that they
did not care to purchase bonds. Kansas
City, Missouri, reports that an average
of three prospective depositors a day go
away with sums exceeding $500, for the
reason that they refuse to make repeated
trips to the postoffice, entailing loss of time,
streetcar fare, and other inconvenience.
On one occasion man pushed $500 in the
tellers window, and when $4O0 was given
back to him with the explanation of the
law he became angry and demanded the
other 500. Albany, New York, had a
young foreigner who deposited 500 one
month and returned the next month with
$500; but upon being informed that the
regulations would not permit the accept
ance of the latter amount, except in monthly
instalments, he withdrew the original de-
post. Camden, New Jersey, has been obliged
to reject individual deposits of Sc, 900 offered
in lump sum.
Despite the turbulence in Mexico, there
are Mexicans who wish to avail themselves
of the postal savings service; but the post
master at Mogollon, New Mexico, has been
obliged to refuse sums from Mexicans rang
ing from $500 to 81 800. New Richmond,
Wisconsin, had prospective depositor
with 81 200. 1t was suggested to him that
he might open separate accounts in the
names of his children or relatives; but it
turned out that he was single man and
had no near relatives. As a result he sent the
money to his native town in Norway.
THE postal savings system, I am happy
70 60, hos ;,,e+;GaJ oJort;o,, 7 ,1re