People's Pilot, Volume 6, Number 45, Rensselaer, Jasper County, 29 April 1897 — Postal Savings Banks. [ARTICLE]

Postal Savings Banks.

It has been almost a hobby with this journal that our country should have Postal Savings Banks. The argument from safety, from convenience and from adaptation to all classes and all communities—affording to rural districts the same opportunities as to cities—and the argument as to the stimulus to economy and saving which would come from an absolutely safe place for the money—all these have been presented over and over again in these columns. The failure of another savings bank in Chicago—the Globe—emphasises anew these arguments. It ought to attract the attention of our congressmen and all who have access to them. The Chicago Record has taken up the subject and says: “The case of the Globe Savings Bank is another powerful argument for the establishment of a national system of postal savings banks. The depositor in those banks would have the absolute assurance that so long as the government lasted 1 his deposit would be safe. Let the money-saving citizen have an opportunity to put his money where he can keep it.”

There is one ground for complaint against the Globe Savings

Bank beyond that pertaining to the ordinary bank failure. It was the keeper of the funds of the Illinois University. There is not only a question as to the securities on which the funds of depositors in general were loaned, but the funds of the State were left in the keeping of an official whose bond may not prove adequate. All this trouble to the University and all similar risks in the future, might be avoided by establishing United States Postal Savings Banks. - Farm, Field and Fireside.