The other gentleman who somewhat later than Mr. Hamilton, and quite unknown to him, made proposals to the same effect, was Mr. John Bullar, the eminent counsel, of the Temple. Mr. Bullar himself informs us that his attention was attracted to the subject by observing the working of a Penny Bank at Putney, which was established in the year 1850. Being a member of the Committee of this bank, he was led to think much over "the then existing system of Savings Banks, and how some of the defects of the system could be remedied." After thinking the matter well over, he drew up the memorandum which we give _verbatim_:-- It is admitted that the present system of Savings Banks is defective, and that a new system is much wanted. Among the defects of the present system are:--Want of perfect security to depositors: risk of loss to trustees by defaulting clerks, and want of opportunities for the labouring classes to make deposits as soon as they have anything to deposit. Many of the present Savings Banks are only opened for two or three hours once a week; so that those who would deposit in them are forced to be their own bankers during the rest of the week, and are exposed to the constant temptation of spending what they have in their pockets; the particular temptation from which Savings Banks were intended to relieve them. In order to give perfect security to depositors, they ought to have the security of the nation. The establishment of Savings Banks for the whole of the labouring classes being a matter of national importance, they ought to be a national, and not merely a philanthropic institution. In order that they may confer the greatest amount of benefit on the labouring classes, they ought to be open during the whole of every working day. The principle of a National Savings Bank as a National institution is already admitted in the Savings Banks for the Army, the Navy, and the Mercantile Marine. The principle of Government acting as Banker for the Nation is already admitted in the Money Order department of the Post Office. That department is, in fact, a National Bank. It receives money from all comers; it retains the money for divers periods, from four-and-twenty hours to several weeks; and it pays the money to those who are entitled to demand it. It would be a mere extension in point of detail if that department received more money from more comers, retained the money for longer periods, and paid it out with the addition of interest upon it. It is therefore suggested that the Money Order department of the Post Office should be made a National Savings Bank, investing the deposits in Government securities, paying a moderate rate of interest (say two and a half per cent.) and paying interest only on round pounds deposited for not less than a quarter of a year.