Evening Republican, Volume 17, Number 38, Rensselaer, Jasper County, 13 February 1913 — KEEPS MONEY IN THE UNITED STATES [ARTICLE]

KEEPS MONEY IN THE UNITED STATES

Postmaster General Hiteheock Says $12,000,000 Less Was Sent Abroad Last Year.'

International postal money order business decreased nearly $12,000,000 the last year. The decrease was due almost wholly, according to postal authorities, to the operation in this country of the postal savings system. In the two years preceding the establishment of the system international money order business increased at the rate of $17,000,000 a year, and during the eight years previous to that period the average Increase was approximately $9,000,000 a year. These figures indicate that much f money heretofore sent from the United States to foreign countries for de posit and safe keeping now is 1 being deposited in postal savings banks. .Statistics prepared for Postmaster General Hitchcock show that comparatively little money deposited in the postal savings system was withdrawn from banks. The system, however, has drawn from hiding places large sums of money put there either through lack d confidence in banks or because lit tie encouragement was given to small savings accounts.