Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II - The postal savings bank act of 1910

Collection:: Economics Books

THE POSTAL SAVINGS BANK ACT 47 the law had four distinct merits, which may be called respectively legal, educational, political and fiscal: (1) The legal merit was that it strengthened the constitutional position of the bank as an instrument of the Federal Govern ment with which to borrow money on the credit of the United States. (2) The educational merit was that it would encourage thrift by providing a safe investment for postal savings bank deposi tors when their deposits should reach the limit of $500 then fixed by law, and that it would en courage the making of investments (as con trasted with bank deposits) by offering to the poor man perfectly safe bonds in small denomi nations which would yield an interest rate larger by one-half of one per cent than the rate paid on postal savings bank deposits. (3) The political advantage was that it would tend to place the public debt more largely in the hands of the poorer classes, as is the case in F rance, and to tie their interests more closely to those of the Gov ernment. (4) The fiscal advantages were: that it would in time presumably give the Govern ment the power to float bonds (not carrying the privilege of being used as security for national bank note circulation) at a substantially lower rate of interest than would otherwise be possible ; and that it would open a possible way for the conversion of the $63,945,460 three per cent

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