Show I A POSTAL SAVINGS PLAN Senator Kyle Has Advanced an Idea Tha Way Possibly Become Law The present financial stringency and trouble with savings banks and other institutions in-stitutions of deposit have suggested to Senator Kyle of Dakota a postal savings scheme He is of the opinion that the designation of certain postofSces in various vari-ous parts of the country as receivers for small deposits would be advantageous and a bill is now before the senate committee com-mittee on postoffices providing for the details of such a plan It is proposed to receive small deposits at money order offices for which interest inter-est at the rate of 2i per cent per annum will be paid The depositors will receive stamps in denominations ranging from I 10 cents to 1 These are to be kept as securities by the depositor and are transferable trans-ferable and redeemable on presentation at any money order office proofs of course being required as to the identity of the holder The money thus accumulated accumu-lated by the government is to be loaned to farmers on first mortgage security on lands worth 5000 and overat4 percent interest The scheme is not wholly new ot wholly impracticable Postal savings banks are a regular feature of the British Brit-ish and continental postal arrangements of Europe Mr Wanamaker was a warm advocate of the idea while he was postmaster post-master general There is little doubt but that some plan of making small deposits de-posits through the postoffice would be useful to persons far removed from savings sav-ings banks and other banking institutions institu-tions They would make the hoardings Df many people available in the interest bearing funds The banking project however of loaning money to farmers 3n real estate is a matter upon which a difference of opinion might readily exist ex-ist As a consequence it would be quite necessary to discuss this feature of the Kyle bill exhaustively It is to be hoped that n good working postal savings scheme will be developed in this country the near future While it may not be needed to the degree that it is in some foreign countries it would undoubtedly prove a great public convenience con-venience and an inducement to more general saving among persons of small incomeBaltimore Herald |