Rensselaer Semi-Weekly Republican, Volume 19, Number 20, Rensselaer, Jasper County, 12 November 1897 — POSTAL BANKS NEEDED. [ARTICLE]

POSTAL BANKS NEEDED.

Indiana Financier Tells Why They Would Be Popular with the People. At a recent meeting of the Indiana Bankers’ Association at Indianapolis, Mortimer Levering of Lafayette, recognized as one of the best financiers in Indiana, made an address on postal savings banks in which he said: “The government is in a position to manage this thing through its present postoffice system, and will scarcely increase the expenses of that department, while it will enhance the accumulated wealth of the people throughout the whole United States. It was thought that building and loan associations would care for the savings of the mnsses, but people have become suspicious of them. It is well known that lawyers in Indiana are making as much as SIO,OOO a year out of these institutions, and officers are making much money out of them. We all know that trust companies are not organized as eleemosynary institutions. We want a system of savings banks that are for the poor people. What greater pride could a man have than to think himself a depositor of the United States?”