| Show Postal S Savings Banks of the Proposed System of Depositories Some of the Benefits and Safeguards o I General From a letter leter of Carter postmaster oi ot Montana to Senator Meyer which tho time do- do o- o rate of or Interest The has recommended 2 per cent that it Is not Is i annum per ncr into the nankin the to go business or to compete With existing Institutions which pay in r instances 4 per cent great many is proposed contrary it tue On annum the money which is to redeposit in national brought to tho where it is first locality in the banks it making received thus the and amid bu business for available which community to transactions 5 of the it aro belongs primary uH re-uH There attained by tho s- s bo which savings bunks of postal of habits of economy l Tho forming great mass of lImo and tb thrift by of 1 s place providing providing- The 2 people for tho above into circulation cir cir- of funds 1 bringing of money row vast here of or sent out of the country by foreigners foreigners- communities are aro many While there fortunately situ situ- states in the Eastern facilities statistics banking bankin atod Indicate as t to that the deposited deposit deposit- ed In the combined the United States but S per cent of states are lags of 35 are therefore great There the tho total people who are practically numbers of our banking facilities indeed in- in without in the South the K deed it is found that from the postoffice S to distance VS bank is 33 miles in inthe savings the the neareSt states ost of tIme u it is 66 85 miles Foreign Born Population Saving of question as to the There can bo be no encouraging the tho foreigners for for- advisability of borders to make eigners within OUT our of their savings that accrue to the tho communities communitieS some benefit will employed arc aro which tIme thoy In como from countries comm coun Most of these savings banks tries In which postal established and they have havo long been confidence In ism any deposit deposit- depository depository have havo little which Is not absolutely ory for savings the government In vouched for by ended Juno SO 20 1007 fiscal year amounting to orders money left tins this country In the calendar year 1907 1901 to replenish foreign coffers anti and In addition many millions were Avero undoubtedly sent through the agency of banks and express corn com panics to The Tho character of time tho immigration this country Is undergoing a rapid and significant change This Is a subject for serious consideration and ono one with has bus an Important bearing upon under the matter In the government to The Tho expense connection with the tho operation of postal savings banks would not bo be great In Canada where havo inive boon been In received and r turned returned to depositors time tho last 39 years and where at present time tho total ex expense ox- ox are on deposit at central establishment the tho pease pense to annually Toronto Is given as Outside of that city tIme the work Incident Is Included In time duties to of the regular system postal In time tho United States the tho work could bo be performed performed per per- by tIme the In order offices money formed clerks handling such euch orders and it In is Innot additional not believed that would bo be needed proposed contemplates Time The system time Iho to reporting of deposits the tho dally daily postmaster general who hmo would acknowledge rick ack receipt directly to the tho pa pa- which maximum amount TIme Tho would bo be received from any Individual Postal savings deposits de do- Is placed ut at demand posits would not bo be liable to seizure or detention under legal processes proc proc- asses esses against the tho depositor Deposits Absolutely Sofa department sov- sov AS the preferred creditor It Is a collateral from the tho demand would not There banks In the way of bonds would be the safeguard of the tho comptroller comp regularly regu of the currency reporting banks that the standing of the tho used on as depositories and the double are stockholders of the na national liability of the additional assurance as as- banks banko would be an of the tho of the tho deposits The Tho claim is in made that Instead of Institutions financial injuring present benefit and would groat would bo be u It strengthen their position Any depositor depos who nt at present has dealings with witha lank bank and anil Is getting 4 I per par savings a would not take his de deposit tle- tle Interest cent and thereby reduce his posit Income away one half to place it in the thu post post- office The individual who opens an account with a national or state bank or trust company liars has tIme tho advantage of ofa ofa a check book enabling him to pay ay his bills In a convenient manner and to have his bus paper and that of his customers cus cus- None of or clients discounted these advantages accrues to a depositor In the postal savings bank gain Again when the depositors depositor had accumulated to the amount of two or throe three money hundred dollars they thoy would In all probability probability ability withdraw It arid and place It In n a savings brink bank whore the they could obtain much larger returns Furthermore In times of nervous fright such as have existed in iii tIme tho past It would bo be a benefit bene should the tho fit to banking Institutions depositors place It with tho postal savings sav lags ings bank Instead of withdrawing It for the tho purpose of putting It In hiding as It would be deposited Immediately with the tho local national bank thus strengthening that Institution and the tho community with now money manor Individuals frequently call cahl nt at post post- offices arid auk asic to have their money taken caro of by the tho postmasters If In such cases mono money orders are not purchased the mono money usually goes Into hiding losing Its usefulness to the community |
