| Show POSTAL SA VIN6 RANKSo I 1 A Chat With the Poatrnastor General About Money and How to Savo It Oenl nor Tells Itow rte seamed that Hoary WI Earn 11Incytin III rne w Ing Clank 111111119 torlatloneIt 41 flew the P0l hook IV 11 I lllp ll > ° Ill 3Ioney of the United StateIlew POINT 4atlag Rooks I-ll ouM be I linnxg ed Most Uncle Suit Mould Ube Ullli the I Voodoo land Uw later Wd Iproto be That whln lon Oct 18 1S57H was In the lll > rarjof his new home on Con avenue that I chatted with ecUcut ai rIM pretin aP ter Gneral Gory Ibo other IM about postal I savings banks The general is I ono of the trstmasvr i llhlet as well as one of the most thrifty of our public mentic has fortune and his In large unuied a mine runs high Into the tens of thou and I oC foliate a lear Ills success la a bas inns way he largely attributes to the habits of saving which he learned through his connection with Savings Initllullons and ho thinks tonal savings banks would be oC loeal iblc value lo the people of the lulled Stales Our conversation last whole of I night covered the subject saving nnd It wits full of suggestions for Toting men I asked < Mr Clary It he had had any practical experience ollh savings banks lie replied < I have been connected with the Baltimore Pailncs flank nil my bust none life I have been one of the dlrcc ot er t lure for mom than t wentYtiro years and < l was a depositor long before that jnn first money I ever saved wait put Mo that t savings I bank As I told jou nonce before my father I took me Into I t Hi factory when I was a boy nnd paid me regular wages Jut like Ihe rest of the hands In order to teach me to do business When I had < a little money lead i he advised me to deposit It In the Fillings bank He told me Hint IT every dollar that I put In ho would pul In another for me BO that ben I came or age I would < have a rice little sum collie which lo mart He I lie tried lo show me how money < send money hut I dont think I v r lmoo1 this from whnt he Said such Ions nro only learned by ex prtoDid Did IOU get tho leenn through the swings banks Tcs Ipllcd General Cary I kept I p my deposits pulling In so much a Ok aomrilloe moro flied sometime idwas 1 e na I Ill able 10 get the moony Y father doubling my deposits ae I irdefo rclY Genf On One day after I had Loot VpOEllIng for out a year I ndllcfl Hat some figures were added to tle tcwunt representing the lnteiest for the pant lear I cant remember Just what the amount was but ns I looked ot It I realized that I lid not hue lo work for tint My money did the work and the thought clime over no that IC I could g1 enough money lit wok In this way the day might come when I foul < nol hnv In wok ot nil The Ida grew upon tae aced I wn more anxious han ever 10 IncllIse my deposits I became more careful about my peronnl expenses and the tact laugh mo ennomy and thrift I dun believe there Is a belts way In bring Ul 11 hay than hy en courngln him lo deposit In savings banks and the money that my father gave me In adding to my deposlls wan repaid lo him n hundred < fold In my education from my bank account This would be one of the great ad vantages which Ihe country would de rile front postal savings banks U would teach our young men thrift and economy The boy would deposit In moth banks They would be a school for the teaching of thrift SAVINGS BANKS AND THE GOV RUNM12NT HANKS Haie lOU Hike that your Haiti more sal Ings bank has done any good along such Iln < s7 Yen Indeed replied General Gary The savings banks have made Haiti more cue of the thriftiest towns In Ihe United Males Nearly all our deposl torn are working people We have fortynine Ihousand depositors and oui deposits amount 10 about twenltwo illllin dollars nut would not the postal savings inks hurt such Inslllutlons by taking I depositors away from them No I think not eplled General Gary You see the government would necenllll pay n much mallel I rate oC Interest The ldea would to I tu make the rate very mallnnl more than 2 or 2li per cent I should think The saving banks usually pay four per cent People Mho are now getting tour per cent for their money would hardly leave and Invest v here they would get only halt that liesldes i the savings hunk already < haw more money than they cnn well Invest aM pay Ihe interest they uro paying Within late years there has been ahig reduction In the percentage oC Interest bearing securities All kinds oC bond are now being refunded at lower rates and It to I much harder now to get aCe Investments which bear six seven or more per cent Many of the savings banks have cut down the amounts that coy lie d porlted In n week by one I person We have done It No I do not Ihlnk It 1 would hurt the sailnfa inks I Till BUILDING ASSOCIATIONS Ilow about the building linsndu lions I nuppoxe yoU have alIIe 01 theta In llHltlmoreT lo have a number of building na see Cations ret lied teen Oury Tho Ural building associations of the I United States were In Baltimore and I Philadelphia nnd I hello there are proportlonatilj more such associations In Itnsjlianla and Maryland than In other state x There is I one In ny IIIUe terra nol Baltimore which had iu 000 InO8 ha-d It will pay nut when llu euenings mount to inn < IOOO A large number oC people oho Invest In hUldll i 1 g oollaUon late borrowers Thy buy home getting Iho money front It Cram th lIoolnUoo nnd Paying It hark at the rate oC so much a month They find In this way nn amount equal 10 little more Man he tent moor playa I for their Joints lie ccault Is 1 that Philadelphia nol Boston has more pea 10 w ho own their own homes than any ether spies of the world The borrow tri oC course would not leave the nxsncln ton for the sav lnge banks On the other hand those who deposit In the aoclnllon 10 00 money gt six per octal and they would not change their Investments 10 one which woull only pay two Then who would > be Injure by pos tat ravings po-s 1 dont know of aft 3nto c ho would lose by Hum with 1 eihlp the ex option of Ihe grog shops and the 10 been stores The Inculcation of thrift n1 saving taught by match hank would lead 11 man or boy tee think twice before spending a nickel or dime foolishly fool-ishly Ills bank mount li I before him and ho will one for It He IOlghl he IT I extravagant ns 10 his clOlhc nnn other Ihlngs bat a r his onvln grow he would perhaps think ha ought to hOe better ones Hut would not this Baling take 11 great deal oC money out oC clrcula thin We Indeed replied the postmaster general The money would at onto 100 Invested This would have to be a Intrt oC Ibc theme It would nt once go hnckl Into alreuiallon and loft In such sums as would make It oC Value to the country Portal savings banks would In fad largely increase the money of the country TIIIJ DEAD IONnY OF Tim UNIT 1D STATUS Postal ravings banks Gen Gary went on would put the breath of life Into the dead money oC the United Slates Have lOU tier thought whit lend thing money Is Al hn II 1r I not In uo It is I the deadest thing In the universe Thee ate many millions oC such dead money I In the country It Is hoarded away In I stockings burled under un-der the hearthstones tucked away behind be-hind < the rafters and planted here I and there In the earth because the owners own-ers have no faith In private ravings banks They have faith In the government al hey would bring the money out and deposit II In the postal savings banks Have you any lea l < bow much oC much money there Is I In the country You can guess Jut as well as lean I have asked Il number oC men what they think the average oC the hoarded money would amount to per enllln Some have itlmaled that It would be UO others its and some less Suppose Sup-pose for instance II wa 15 Ir capita This would make the enormous sum oC three hundred nnd fifty mullen dollars I dont believe It would be less than that though I would not Ilk t pro Ihy Such hoards ari usually greater than Is RUI tpoxtd > Bum oC hum nmount to hundred and Amt to Ihouoand oC dollars i I remember the ce o f II woman In Lliiltin n who lived In 11 little house and vans eceppeeced l to be worth nothing Who rile died four thoui nnd dollais In nut wan found mewed InIle Ir Pll i low six had slept on 1100 pillow III night and locked It up In Hunk < dur In the dy time I doubt whether we I me an rating as Ihe Trelu h peoik 1 Our hoards are probably not oqurl to thefts but jou will renumber what the rremh did after the 1rini olTua Han war Germany demand d such nn Immense sum tint the ethic nations lot I the world thought that future would ehe bankrupt Not one thought mile could Per pay It Shill tin noniy I was raised wllhln a few l and Fn Is still one of the nnmclallj round nations of the worl 1 Where did the money come from 11 ramp Cm the hoards oC the common Two Tic who brought It ont tee buy the guveraat < nl bonds BUT1lm TIMES Bringing this money Inlo circula lion Would make limes bitter would 1 H not general 1 ohoull ray an replied General Gary If we had three hunlrod I and fifty million dollars thrown Into dicta lotion WI uuhl have nn HI oC Iro lelly such ns the county has I never I seen As It Is now these hoard are like the taster inn gieut deem iihkh 1 has no outlet The water Is doing nothing but let u mill race lead oft i I i faults It and < the power will run factor les I helping everyone In the neighborhood neighbor-hood Make a race out of which this dammed up money ran go and It will stall the buslmss of the country Hut are you sure that such savings bonks would bring the money outgeneral out-general Would tIle people not be art std of the government 1 No replied General Gary Ihe people of the tlnlled Stalls believe In the government Even there who ne crying loudesl against the stability of our < urelley nro Iad 10 Ket IInd srendlhrsr ail 1 soya hoord II I have en the very mn packing away greenbacks In safe deposit de-posit boxes when they were saying that greenbacks would < soon bo worth nothing The pretend that they halo no < faith In our currency but their actions ac-tions show that they tell what Is not true POSTAL SAVINGS HANKS Cnn lOU tell me general In simple words what jour postal savings bank scheme 11 I have no special scheme Bald General Gary The subject ot postal ravings hanks Is not Il new ono I only urge that the system bi organized And be put Into operation The details are 11 matter for Congress lo settle Several bills have been introduced < but I doubt whether the Ideal one has Yet hen proposed I nm now having Information In-formation upon Ibis subject collided from all pals oC the wold Nnrly very nation oC Europe > has a postal savings > 1Im uC Its own The syn terns have been In Operation for years and by looking them over we can take the best elements of each nnd form ibo nw system for oulveo that would he especially adapted to our condlllons I think perhaps the Canadian system h about as near what wo Avant its anything any-thing that Is now In existence I nm gellln 11 great deal of InCmllon from he 10lornce department there and < when Congress meets I shall bo able to nner almost any queallons blch are asked m e on the subject Jul general can ou nol give me some of the natures of such banks The Idea 1 < 1 reviled 1 Ointial Unry Would be tu make the postollli all user tinthe country honks oC deposit < schcrr the people could put their env ngs In mall amounts IInd UIon whlh interest teret Each depositor would have a hook the postmaal would l take tin money and credit the deposits on till book forwarding > the money to Wa h Inon for Inv stec cat In cne thm I man wanted hh mon I nil he woul1 hart to do Would h to roll upon Ihe postmaster rend II would be paid him I There would of course lo cellaln re Irlcllo t on OMO the olnounl s oC Ie wails the lime allo cd Cor rllhdn < I ul and other thing COULD nnrosiT NICKKLS How on all un amount would one he able to deposit The Idea would be to make U nary small In order that the poorest might be able to use the system lut how email general Would 11 deposit ot tnentjllie cents bo te celCdT II think the deposits night bee smatter than Urn We have I dime ecv In IB banks In I llalllmon w hlch orwell e or-well nlronlzcd nnd I believe there urn some ravings banks which take deposits of one nickel I In the Trench fll savings banks I deposits fe ono Crane or twenty cents are received and In older lo encourage the people to save postage stamps am accepted as n deposit when tin Ir value madies a franc In some oC the countries they hale Ianps which can Le bought and pasted upon a cold until nn amount Is I reached equal to the omalleal allowable allowa-ble deposit n franc for Instance hen II In I credited on the delllor t t book In some oC the countries Ihy have school banks catlnected nclth the savings > banks 1he1 are thousands of school buns In France In Which the children can deposit < a cent or moro at a lime A record oC the amounts Is I kept by the leather and as soon ns a 1 ere deposit have reached Il vane the cr11I Is decode on lhotpnst 1 savings bank books There ale penn honk In England which are some what similar How much would be the largest amount received T That Is a question I am not renal to answer replied General Gar I cant say how much one person will be allowed to Keep on deposit The limit mI probably lie Bomewherc between ono thousand rand Iwo thousand dollars dol-lars It would not bo brat to have Ihe limit very high as the banks are Cur mall Parings and not for the Investment In-vestment oC the money oC the rich THE INVESTMENT OF Tim FUNDS What would Uncle Ram do with no much money The sums deposited would be lery grenl The amounls In Ihe English ravings banks represent nn Inierlmenl of 10 per capita If the Sane ratio should prevail here lou would have seven hundred < and fifty million dollars on jour hands What could < the Koiernmnt do with It That Is I another serious question replied General Gary If we were like some oC the nations oC Europe mol he llend In a government debt U could be put Into government bonds < We think differently honner We do not believe l be-lieve as Hen Huller did that a national nation-al debt Is a national blessing Still even IC the debt were paId there will I Ic plenty of plnlo to IIIet the money for years 10 como There will bo state bonds city bonds n1 I other secure Investments J In-vestments Wo alt only on the edge oC oUr devclolm nl its a nation We hnvb oovpnll million people our country I will Soup poll Orton mini < million Until Un-til wo 1111 up we will Always have nceil oC great sums oC money Our lulrlI < future has pnislblllllcs beyond concep 11011 end there Is public Impmnen if dllTcrcnt kinds which will be I und r takcn the bonds of whlrh will be safe My Idea Is I thai the money should he reinvested > o that the profits would pay all the < expanses of the postal sal lags Link system 1 think we could easily do thin NO DANOnil 01 THE lOST IABf K1W SKIITINO OUT I But would there not be great danger of defalcations Gmrnmenl tiinclals would be tempted In handling so much I mony I think not replied General Gory Wo would surround the aystcm wlh sufficient fcnfraualdi In protect It I Take he national banking Bjalem See bow It Is guarded If a national bunk breaks over the rules 11 bank examiner Is I there the next ornlllg 0 10 Inquire Into he ncllon I Ihlnk Hi goiun meat could regulate the savings banks quite nn easily ns U docs the national bank Would we not have I come oC the postmasters skipping off to Canada No replied General Cary The postmasters Would bale 1 but mile money on hand l at oM limo 111 y would hale lo send the money on lo Washington almost as fast ns they re ilied It The rule might be that they would send dally accounts They ould also have In ge bonds so that there would bi no danger of loss thereWould Would not such a system require anew new clerical force No not to any extent replied the postmaster general Our postal ma chlnery Is I already organized Many oC the postmasters have more lime than they can use and It will only be In the larger places that more clerks ould be needed 00 me In a > iord < general what lOU think wool < Ire the greal < sl adVantage ad-Vantage from such banks I have not spoken of the chief 1 root that the government would < gpt Cram them replied General Gary Their grealrsl advantage to us mould be In the patriotism which thy would Inculcate among the people Eliry man who has n < dollar In the Postal Savings tank will be a belle American clllzen He will feel that he has I1n Interest In the government ac hlch hue charge oC his money and Is paying him Interest on it He will work board to support II and will fight for It The men oho have money In the tin Ino banks are not going to Join mob to burn UI property You will nt n1 them among the lclnllI and they will he careful not to Injure the government credit Such banks I III do much to break I down the feet lag beta een the rich and the pool They will make our people more thrifty thrif-ty morn sclfrespectlng and moro palrlollcTHANK THANK O CAnPENTEH |
