| OCR Text |
Show ' A postal Savings plan. Senator Kyle lias Advanced an ldeaTh May 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 postoffices in various vari-ous parts of the country as receivers for small deposits would be advantageous, and a bill is now before the senate coin-I coin-I 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 2 per cent per annum will be naid. The dennsitnrs will rppp.ivn stamps in denominations ranging from 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 $5,000 and over at 4 percent interest. s - . The scheme is not wholly new or wholly impracticable. Postal savings DanKs are a regular rearore oi tne .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 of many people available in the interest bearing funds. The banking project, however, of loaning money to farmers on 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 in 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 income. Baltimore Herald. |
