Year: 1873

AT a mass meeting in Baltimore a few
nights ago, Postmaster General Creswell
advanced his ideas Of postal savings
banks, which, it is understood, will be en-
larged upon in his annual report He
thought the only fault Of the national
banking system is that the depositor is mo-


equally protected with the bill holder, an(
said that Government might, through his
Department, provide the machinery
whereby the laboring masses could have
the fruits of their toll protected from law
less speculation and guarded with abso
lutte security. He contended that by this
plan every suitable post-office could be
| be used to receive deposits of the people
and transmit them to the department al
| Washington to be invested, under direc
tion of designated officers, in the bonds OF
the United States. By this arrangement
the security of depositors would be based
upon the foundation stones of the Repub
lie. In times of panic if people, instead
of boarding means, would place them on
deposit with the Government to be invest
ed in Government loans and then sent into
circulation, like water, currency thus fur
nished would go to points of the lowest
depression, and tend to correct all de-
rangements of circulation, however caus-
ed Thus the people would be served by
the means placed at its disposal, and the
banks and capitalists would be served be-
cause of the tendency to prevent the
boarding of the currency of the country.


"I am aware" he said, "that this plan
will meet with opposition from some
banks and capitalists, who would compel
people to deposit with them on their own
terms, and thus afford them the use of so
much additional capital; but let it be
remembered that [ am not speaking in
the interests of banks or capitalists; am
speaking for poor people who are to be
protected, and not in behalf of the banks,
many of whom have recently given a
notable instance of the manner in which
they can violate their promises to pay.
But why should the banks complain? In
addition to their chartered privileges,
Government has recently interposed in
their behalf. By the act of June s, 1872,
the banks were authorized to deposit for
their better security United States notes
in the National Treasury, receiving there
for certificates of deposit which might be
counted as part of their reserve used
for Clearing House purposes, and con-
verted at pleasure in the place where de-
posits were made. Under this law the
Treasury Of the United States has been
used as place of safe deposit for the
banks to the extent of millions. Why,
then, should it not be used with equal
propriety, and to the same extent for the
security of the masses of the people?"


Mr.. Creswell argued that the Post
Office banks would furnish the Govern
ment with the money to establish postal
telegraph. He said every indication
points to the early success of that great
measure. GAS the people are entitled to
pure water and pure air upon the best pos
sible terms, so are they, in my opinion,
equally entitled to the best and cheapest
modes of communication and intercourse.
No men or set of men have right arbi-
trarily to seize upon the lands and use
them as means of levying tribute upon
their fellow men. believe that the cleo
tric current has been given by God for the
benefit of the whole human race. !.


''In this age men must act quickly, and
to act quickly and at the same time wise
ly, they must learn quickly, and have at