Readings in Money and Banking: Selected and AdaptedPhillips, Chester Arthur
General
Readings in Money and Banking: Selected and Adapted
Phillips, Chester Arthur
Banks and banking; Banks and banking -- United States; Money
It is the testimony of postmasters from all over the country that they
are rejecting about as much money as they are taking in. The Postmaster
General last year recommended to Congress that one thousand dollars be
accepted with interest and that another thousand dollars be accepted
without interest, but for safekeeping. That was a practical and
reasonable recommendation--one which would meet all requirements in
ninety-five per cent. of the cases. Unfortunately the recommendation
failed.... The Postmaster General has indicated that he will repeat the
recommendation in his forthcoming annual report and I sincerely hope
that Congress will promptly recognize the urgent need of the
legislation. Millions of dollars, my friends, are spent every year by
uplift societies for the betterment of the foreigners. These foreigners,
these begrimed, hard-working foreigners, come to our post offices and
ask us to take their humble savings. How unfortunate that we cannot
accept what they offer, within reasonable bounds. What an effective
agency this would be in bettering in a most practical and permanent way
the conditions of the very people we want to Americanize as speedily as
possible.
... We have five hundred and forty thousand depositors in the United
States to-day and postal savings has a new and different story for each
of them. It is not always the big things in life that change or fix our
course. Can't you remember when a few dollars or the want of a few
dollars tipped you one way or the other in some important matter. Who
can estimate the happiness and prosperity that the starting of a postal
savings account may lead to. It is a step, and an important one, in the
right direction. Some one has well said that the immigrant who opens a
postal savings account steps unconsciously on a moving platform; one
thing leads to another, and his deposit might lead him into local
investment and investment into business and into citizenship.
Public-domain text, read in full here on John Shaqi.
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