Ogden Evening Standard | 1910-10-29 | Page 4 | Preparing for Postal Banks

PREPARING FOR POSTAL BANKS. The treasury officials have been hard at work getting ready to put into operation the new postal savings bank law passed at the last session of congress. A sum of $100,000 was appropriated to get the system started, but this will not go far. The idea is to try the plan in only a few chosen places at first, see how it works, and then introduce it gradually throughout the country, just as the rural delivery system was introduced. To turn every postofflce into a bank is a big job, for Uncle Sam has never had any experience in the banking business, and the venture means many new safeguards, etc. The private savings banks are not pleased with the idea of having hav-ing postal banks. It would be as fair for the government to go into the grocery business, they argue, as to compete in this way with bankers. But as the government will not give as high a rate of interest inter-est as the private banks do, it is believed that the private banks will not be hurt much.