Year: 1872




Saving money is equal to earning
it. The old prOverb of penny saved


is a penny earned,n is founded in
truth. 1t is habit that needs eulti-
waiting and encouraging in this eoun-
try, that the vast results of our great
industries may inure to those who do


the work. As it is, the moment labor
creates wealth, somebody is ready to


get II from the laborer, and rake il


into bis own pile. 1t lis from the toll
ers who do not save what they earn
that come the vast Individual fortunes
that in these days astound US by their
huge prOprtions- A dispropor tionate
accumulation of wealth in the hands
of a few is detrimental to soeiety-to
the general good. 1t would be better
If money and property were more
equally distributed, and this distribu-
ton is the problem that now demands
solution.


Without attempting to solve it, we
merely desire at this time to call at
tentiOn to the suggestion of the Post
master General, that national savings
banks be organized as an adjunct to
the postal telegraph system, for the
purpose of raising money for the tele-
graph scheme, and as q means of re.
tanning in the hands of the common
people portion of the wealth that is
theirs. Whether the telegraph sys-
tenn is adopted or not, the national
savings bank ought to be, either in
connection with the pOst-offiee. or the
Treasury Department. Mr.. Boutwell,
wishes to fund a considerable portion
OF the public debt at a lower rate of
Interest. Insted of going abroad, let
him be authorized to ask the common
people of this country to put their
earnings into government bonds, in
small way, and we do not doubt that
he can get hundred millions taken
in the course of the year, that will
remain, if not the whole Of it perma-
nentiy invested, at least that the
average investment will approach that
sum- We see what large sums are
thus aggregated in the city savings
banks. Give the same opportunity to
all our people, in every country village
and city in the Union, and we shall
soon perceive what an enormous
aggregate 1t will be. The stimulus of
safety and confidence which national
guaranty would give, would induce
people OF all conditions to put their
savings or earnings into the common
fund, that 1t may be safe from being
squandered in insane moments, which
come to al, but also ffom robbery aud
crime, and that il may, also, at the
same time share in the interest which
none but the wealthy capitalist now
receives from our national indebted
ness. This would be really and truly
a popular loan, and in addition to the
benefits mentioned would give per-
sOnal interest to all classes in our gov
eminent and its finances, not now so
prevalent as it should be.


If in every considerable town in the
country (say at the money order de-
paItment of the post Office deposits
were authorized to be received, from
ten cents to any larger amount, and
when credit to to the extent of fifty
dollars were made to any individual,
let the deposition have q government
bond to that amount, with interest at
S3-65 or four per cent. per annum,
redeemable in greenbacks or national
bank currency, at any time upon i've
days notice. OF course, deposits and
redemptiOns would be very large each
day, but the average amount remain
ing on hand would be the same as q
permanent investment to the national
loan, in any other form, and would
soon be aseertained by experience.-
Then the present existing bonds could
be redeemed to the extent of the
average savings bank lOan.' We think
this would be a Syndicate that
would be permanent and popular
Every dollar Of interest received by
depositOrs would be so much saved
Habits of accommodating for the neees-
sities of the future would be induced
by many who now squander their
hard earnings, and those who create
wealth would have distributed to them
small portion of the earnings of
capital, now almost wholly denied to
them.