Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1921-07-05

General HAYS seeking whereby the
hidden dollars of the country be induced TO come out INTO
the open the money circulation He plans to
broaden the workings of the postal savings system which has been
operation something like years but which has never been
popular with Americans 1t estimated that billion dollars
held secuodden away stockings and other nonpro
duye placesand is this that the chief OF the postal
bring circulation do its full towards
rebuilding the broken industries Of the country The present syS
postal savings has been attractive to some considerable extent
particularly among people Of foreign birth 1t claimed that
seventy per of the half million deposors the post office
banks they sometimes termed of the foreign class
They from where they knew the security offered by
the government but did know that the banks looked upon as
private enterprises fully trustworthy 1t not UNUSUAL
this alien class who has saved eW
hundred dollars withdraw his savings with dollars added
for and back to the "od that he hence
forth live like nabob luxury and aluence The little two perl
paid by the government this class considerable OF
item but apparently not the average American citizen Who
be with small for his investment if
he invests at all.
1t is not the purpose the General enter into
competition with the private banks the country order tobud
up the deposits the postal savings branch OF the service but he
will reach for those which the banks have hs far
failed obtain Some OF the changes in the system contemplated
the payment deposits held for periods less than
Under present regulations interest be paid unless the deposit
which paid shall have been made least year prior such
paymentnerest the first day OF the month next
succeeding that in which the deposit is made
Remove the restrictions against depoto under years
of age
Increase the number postal savings banks post offices
from $500 10000 practically making all money order offices
postal saving Offices
A. Compensation for fourth class postmasters he based
the amount of deposits they handle
Other changes contemplated relate the handling of the funds
by postolices and banks
Mr. Hays quoted having said that the number of Offices
receiving safety deposits has dwindd from 1888
1920 The for the reduction of handling such
funds and presumably like reduction in the volume of business
handled stated but it be inferred that the unsettled
condition of business throughout the world occaoned by the great
war largely responsible He further quoted having said
that This money needed in circulation 1t will make gen
a bank dpostor and ultimate bond OF
the merous 1t will give small capital chance for honest return
the large capital 1t may be that he is right in assuming
that will make government bond of tmerous for
without question the would be perfectly
safe the government itself is saebut with experiences n
the value of Liberty bonds there may still be those who will hesitate
about placing their small capital government bonds unless they
prepared to await for their maturity before realizing full
value in When the drive sell Liberty bonds to
aid the government in providing for "he boys there
subscribed and paid with funds borrowed for that purpose But
when the and the world safe these small sub
crbers found their bonds had deprecated in the money markets
from ten to fifteen For that there be
hestancy about going the of investing in small bonds
But after all the plan of the Postmaster General enlarge the
workings of the postal savings has different ring iroml
that of the Liberty bond issue As the the postal savings
system will always the full value the certificates and
with where the deposits have been made sufficient
LENGTH of time That billion OF dollars average of ten
dollars from every and child in the land unless losses
by fires and shpwecs shall have wrought havoc with the peoples
large Of timerouS people, money